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Generative AI is driving revolutionizing innovation across India's technology sector, and TCS stands right at that juncture.
According to Sreenivasa Chakravarti, Corporate VP of IoT and Digital Engineering at TCS, “TCS reduced product development cycles for their engineering clients by up to 20%.”
Currently, the technology uses generative AI to generate code, do testing, and perform quality assurance-the so-called "low-hanging fruits," according to Chakravarti. He added that clients were relocating budgets, and shifting product features to how AI reshapes this fast-growing niche.
For executives, such as Dr. Harrick Vin and Sankaranarayanan "Shanky" Viswanathan of TCS, the embedding of GenAI is revolutionizing businesses by automating tasks, and bringing in more agility. The core stays around accelerated innovation with GenAI, higher productivity, and knowledge-first enterprise. This digitization of tacit knowledge opens up enormous opportunities for competitive advantage in unlocking value in unique ways across functions, reshaping workstreams in unique ways, and upping human-AI collaboration to a new dimension.
Engineering, research, and design services-serving industries such as automotive and sustainability solutions for oil and gas make up about one-sixth of India's US$254 billion technology industry. This category may grow up to 7.5% in FY 2024. This business could go up to US$170 billion by 2030, according to an estimate by the National Association of Software and Service Companies.
Top-of-the-line IT companies such as Infosys and Wipro are not behind the curtains in making an investment foothold in this space. The recent deal of Cognizant buying out Bouchard Akras Bulgan at US$1.3 billion and Infosys acquiring the German digital engineering firm in-tech at US$480 million underlined the potential in the engineering and design niche, where growth is being witnessed given headwinds faced by India 'is core software services against its macroeconomic headwinds and cautious client spending.
Generative AI is going to change core engineering services and also place India in the front row of AI-driven innovation across the world. Continuous investment by tech giants such as TCS, Infosys, and Wipro in the development of AI-driven tools and acquisitions is going to give unprecedented growth and global leadership to the Indian tech industry in engineering, research, and design.
