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Indian technology company, Infosys, registered the highest volume of generative AI citations within its public filings in July 2023 (up to and including July 25), according to research analyst GlobalData.
India’s second largest software services exporter registered 33 mentions of generative AI in its public filings during the month of July 2023.
Data source: GlobalData
The company is reportedly cashing in on the generative AI boom. On July 18, Reuters reported that Infosys had signed an agreement with an existing client to provide AI and automation services in a five-year deal said to be valued around $2bn.
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US marketing and communications company Omnicom Group ranked second in July 2023 for generative AI mentions with 22 mentions of the theme across all public filings captured by GlobalData. And India’s RS Software ranked third with 14 mentions of generative AI in July.
AI and automation-related development, modernization and maintenance services are included in the agreement, the company said in an exchange filing.
GlobalData predicts the the AI market will grow from $81bn in 2022 to $909bn by 2030, with a 35% compound annual growth rate between 2022-30.
The mass appeal of generative AI lies in its potential to perform tasks that existing AI applications have not yet been able to master, according to GlobalData.
In an executive briefing on the topic on 1st June, 2023, the analyst said: “The ability to write code, generate training data, or create natural-sounding text opens the door to a range of potential horizontal and industry-specific applications yet to be discovered.”
GlobalData defines generative AI as a category of AI techniques and algorithms that are designed to generate new data or content that is similar to what it has been trained on. This can include text, images, videos, music, and other types of content. Examples of generative AI include image and video synthesis, text generation and music composition.