This is more than twice the rate of growth in overall AI spending and almost 13 times greater than the CAGR for worldwide IT spending over the same period….reports Asian Lite News
Global spending on generative AI (GenAI) software and solutions is expected to reach $143 billion in 2027 with a compound annual growth rate (CAGR) of 73.3 per cent, according to a new report.
This is more than twice the rate of growth in overall AI spending and almost 13 times greater than the CAGR for worldwide IT spending over the same period.
The forecast from International Data Corporation (IDC) shows that enterprises will invest nearly $16 billion worldwide on GenAI solutions in 2023.
This spending includes GenAI software as well as related infrastructure hardware and IT/business services.
“Generative AI is more than a fleeting trend or mere hype. It is a transformative technology with far-reaching implications and business impact,” says Ritu Jyoti, group vice president, worldwide AI and automation market research and advisory services.
With ethical and responsible implementation, GenAI is poised to reshape industries, changing the way we work, play, and interact with the world,” she added.
IDC expects GenAI investments to follow a natural progression over the next several years as organisations transition from early experimentation to aggressive build out with targeted use cases to widespread adoption across business activities.
“The rate of GenAI spending will be somewhat constrained through 2025 due to turbulence in workload shifts and resource allocation, not just in silicon but also in networking, facilities, model confidence, and AI skills,” said Rick Villars, group vice president, worldwide research at IDC.
By the end of the forecast period, GenAI spending will account for 28.1 per cent of overall AI spending, up significantly from 9 per cent in 2023. “GenAI infrastructure, including hardware, Infrastructure as a Service (IaaS), and system infrastructure software (SIS), will represent the largest area of investment during the build out phase,” the report noted.
The software and IT services segments will both see double-digit growth in 2024, largely driven by cloud spending…reports Asian Lite News
Global IT spending is projected to reach $5.1 trillion in 2024, an increase of 8 per cent from 2023, according to a new report.
While generative AI (GenAI) has not yet had a material impact on IT spending, investment in AI more broadly is supporting overall IT spending growth, according to Gartner.
“In 2023 and 2024, very little IT spending will be tied to GenAI. However, organisations are continuing to invest in AI and automation to increase operational efficiency and bridge IT talent gaps,” said John-David Lovelock, distinguished VP analyst.
The hype around GenAI is supporting this trend, as CIOs recognise that today’s AI projects will be instrumental in developing an AI strategy and story before GenAI becomes part of their IT budgets starting in 2025, he added.
The software and IT services segments will both see double-digit growth in 2024, largely driven by cloud spending.
Global spending on public cloud services is forecast to increase 20.4 per cent in 2024, and similarly to 2023, the source of growth will be combination of cloud vendor price increases and increased utilisation.
While inflation’s effect on both consumers and businesses plagued the devices market throughout 2022 and 2023, devices spending will begin to rebound modestly in 2024, growing 4.8 per cent.
“AI has created a new security scare for organisations,” said Lovelock. CIOs are experiencing change fatigue, which is often manifesting as a hesitation to invest in new projects and initiatives. This is pushing a portion of 2023’s IT spending into 2024, a trend that is expected to continue into 2025, said the report.
Google Cloud engineering director Ulku Rowe’s lawsuit claimed the company paid less-experienced male executives hired at the same time higher salaries for similar roles….reports Asian Lite News
Google will have to pay $1.1 million to a company executive who filed a complaint against the tech giant for gender-based discrimination, a jury in the US has ruled.
The lawsuit by Google Cloud engineering director Ulku Rowe had alleged that the company gave higher pay to less-experienced male executives who were hired for similar roles at the same time.
She alleged that Google also denied her promotions in response to her complaints.
The New York jury ordered Google to pay Rowe for both punitive damages and pain and suffering, reports Bloomberg Law.
In an email sent to The Verge, Attorney Cara Green of Outten & Golden said that the “unanimous verdict not only validates Rowe’s allegations of mistreatment by Google,” but that it sends a message that “discrimination and retaliation will not be tolerated in the workplace.”
Green credited “the efforts of thousands of Googlers who walked out in 2018 and demanded reforms.”
Around 20,000 Googlers had protested in 2018 against the Internet giant’s handling of sexual harassment and, more broadly, its workplace policies around equity and transparency.
The protest followed an article in The New York Times that spoke about sexual misconduct allegations against senior executives, specifically against Android creator Andy Rubin.
He later denied the claims.
In Rowe’s case, the jury decided that Google did commit gender-based discrimination.
Rowe had 23 years of experience when she started at Google in 2017.
After the acquisition, Musk laid off more than 80 per cent of 7,500-strong Twitter staff, including its Indian-origin CEO Parag Agrawal, and even dissolved the trust and safety council….reports Asian Lite News
Elon Musk acquired Twitter for $44 billion in October last year after a months-long tumultuous phase.
One year on, controversies associated with the platform (now called X), amid the non-stop spread of disinformation, is far from over.
From a surge in anti-semitic tweets that more than doubled over the months since Musk took charge to the European Commission formally opening a probe into X over spreading of illegal content and disinformation, the Twitter bird is yet to be freed.
On October 26, 2022 as he bought Twitter, Musk arrived at the company’s headquarters in San Francisco carrying a bathroom sink, while sharing a post: “Let that sink in!”
After the acquisition, Musk laid off more than 80 per cent of 7,500-strong Twitter staff, including its Indian-origin CEO Parag Agrawal, and even dissolved the trust and safety council.
Earlier this month, reports surfaced that Agrawal, former policy lead Vijaya Gadde and other executives finally won $1.1 million in legal fees from the Musk-run company.
In November last year, he said that “people have spoken and former US president Donald Trump will be reinstated” on Twitter.
In August this year, Trump signalled his return by posting his mugshot from Fulton County Jail in the US on charges of election interference.
Musk retweeted his post, saying “Next-level”.
In February, amid reports that Twitter was losing $4 million a day, the tech billionaire said that the platform will soon share ad revenue with creators for ads that appear in their reply threads.
The social media platform finally started paying creators in July for a share of the ad revenue they earned from ads served in the replies to their posts to other verified users.
Last month, X CEO Linda Yaccarino revealed that the platform paid nearly $20 million (more than Rs 166 crore) to creators.
In April, Twitter announced it would remove the verification badge from the legacy accounts to promote its Twitter Blue subscription.
Elon Musk.(photo:IANS/Twitter)
It now charges $8 a month from verified users, and is soon launching other paid membership tiers.
In June, Musk created a sensation by posting that he is up for a cage match with Meta founder and CEO Mark Zuckerberg — a fight that never took place.
Zuckerberg later launched a competitor to Twitter called Threads on Instagram.
In July, Twitter announced a name change to X.com, to make the platform an “everything app” from live-streaming events and movies, live sports, digital payments and more.
“Twitter was acquired by X Corp both to ensure freedom of speech and as an accelerant for X, the everything app,” said Musk.
This month, the European Commission opened an investigation into the X owner Musk over an alleged spreading of illegal content and disinformation, in particular, the spreading of terrorist and violent content and hate speech in the wake of an ongoing Israel-Hamas war.
Yaccarino responded, saying the company is actively working with partners, governments, regulators and policymakers to combat misinformation.
Last week, a new study claimed that verified users with Blue badges are the ones spreading the vast majority of misinformation about the Israel-Hamas war on X.
During the first week of the conflict (October 7-14), US-based for-profit organisation NewsGuard analysed the 250 most-engaged posts (likes, reposts, replies, and bookmarks) that promoted one of 10 prominent false or unsubstantiated narratives relating to the war.
The results revealed that 186 out of these 250 posts — 74 per cent — were posted by accounts verified by X.
X Corp lost over half a billion user visits last month, and the platform dropped to seventh place on the global ranking, behind Instagram, according to new SimilarWeb data.
GITEX Global facilitates the biggest public-private partnership projects, with 250 government entities looking to collaborate on e-government and digital government initiatives….reports Asian Lite News
Last year, the UAE announced the “UAE Net Zero by 2050 Strategic Initiative”, a national drive to achieve net-zero emissions by 2050, making the Emirates the first Middle East and North African nation to do so. At GITEX Global 2023, Faisal Ali Rashid, Senior Director, Energy Demand Side Management, UAE’s Dubai Supreme Council of Energy, highlighted the successes in executing this mission.
Rashid said the UAE is transitioning from a linear to a circular economy. As part of this transition, the UAE has established a Circular Economy Committee comprising public and private sector members to promote investments in circularity and accelerate the adoption of circular economy practices.
Reimagining Public Services in the Digital Age
GITEX Global facilitates the biggest public-private partnership projects, with 250 government entities looking to collaborate on e-government and digital government initiatives. The Smart Government market was estimated to be worth nearly US$30 billion in 2022, with an anticipated value of $110 billion by 2029 at a 21 percent annual growth rate.
In a session titled “Reimagining government in the digital age: Transforming public services for the future”, Lord McNicol, Member of the House of Lords, UK Parliament, was joined by other panellists, including Alby Bocanegra, Founder and Former CTO of NYC, The Urban Futurist, Kristina Ishmael, Deputy Director, Office of Educational Technology, U.S. Department of Education and Mikko Rusama, Former Chief Digital Officer at the City of Helsinki.
They spoke on the role of digital technologies in transforming public services for the future and emphasised the need for a proactive, data-centric approach to public service provision. The panellists highlighted the benefits of Open Data policies which allow organisations to collect data, monitor it, and make well-informed decisions on the services they provide and how they work for the citizens.
Quantum Computing Heralds new Age of Productivity
Integrating AI and quantum computing into hybrid cloud workflows is heralding a new frontier in digital transformation. Headline exhibitors at GITEX Global 2023, including IBM, Dell Technologies, Microsoft, AWS, HPE and Canadian-based startup Xanadu, say quantum computing – an area of computer science that uses qubits (quantum bits) instead of classical computing bits, delivering huge leaps in processing power – can address the world’s biggest problems.
While still in development, quantum computers’ mind-boggling calculation ability can transform multiple industries, from cybersecurity, telecommunications, and healthcare, to mobility, finance and defence. Boston Consulting Group, a management consultancy, estimates quantum computers could improve the operating income of their users by between $450 billion and $850 billion a year by 2050.
Mohammed Amin, Senior Vice President at Dell Technologies for Central Eastern Europe, Middle East, Turkey, and Africa, said to fully capitalise on this transformative technology, businesses must invest in quantum computing and empower their data. “By piloting quantum computing and integrating it strategically into their operations, businesses can stay at the forefront of technological progress and seize the unparalleled opportunities it presents in propelling innovation and advancing processes,” he added.
Peter Oganesean, the Managing Director of HP Middle East, said recent advances in quantum computing, along with its increased accessibility, will have significant implications in sectors such as cybersecurity, medicine, finance, and many more. “Representing the next breakthrough in IT, this technology holds the promise of finding answers to some of our most pressing scientific challenges, such as genome profiling and finding treatments for disease at incredible speeds,” he added.
Xanadu Founder and CEO Christian Weedbrook Weedbrook said that the company is working with car brands such as BMW and Volkswagen on quantum chemistry to develop the next generation of EV batteries. He estimates quantum computing will be, in the next couple of years, where ChatGPT is today in investment and interest. “It really will change the world and I am looking forward to being part of that,” he stated.
To demonstrate its technical capability, Xanadu’s quantum computer Borealis went head-to-head last year with Japanese Fugaku, the world’s fastest supercomputer, to solve a complex mathematical formula. It would have taken Fugaku 7 million years to solve this problem. Borealis cracked the same problem in two minutes.
The Connected Home of the Future at Your Fingertip
In collaboration with etisalat by e&, Samsung introduced the Family Hub Refrigerator on the fourth day of GITEX Global. Its “View Inside” internal camera lets users view the fridge’s contents via smartphones, check food item expiration dates, and purchase groceries directly from the Etisalat Smile grocery platform. Additionally, it seamlessly connects and controls smart devices in users’ homes, serving as a central hub.
At the launch, Burcin Arabul, Director of the Home Appliances Division at Samsung Gulf Electronics, highlighted how the smart fridge elevates the experience for UAE families. “We are excited to partner with Etisalat for GITEX Global and launch our Family Hub refrigerator at the event. Embracing GITEX’s theme of ‘Imagining AI in everything,’ the Family Hub showcases the future of connected homes and heralds a new era of smart connectivity,” she added.
The 43rd edition of GITEX Global takes place from 16th-20th October, 2023, the blockbuster tech show-piece once again reaching full capacity at the Dubai World Trade Centre as it hosts more than 6,000 exhibitors. GITEX Global and Expand North Star comprise a combined 41 halls spanning 2.7 million sq. ft of exhibition space, a 40 percent growth year-on-year with 1,800 startups across Expand North Star and GITEX Global. The events converge the best minds and most visionary companies to scrutinise, challenge, define, and empower the digital agendas of the world.
The company brought all-new Pixel 8 and Pixel 8 Pro smartphones with next-gen AI capabilities, and Pixel Watch 2 in India earlier this month…reports Asian Lite News
In a fillip to ‘Make in India’ initiative, Google on Thursday said it aims to start manufacturing/assembling Pixel smartphones in the country and export it to other nations as well early next year, as the tech giant announced several localised AI features at its flagship annual event here.
Rick Osterloh, Senior VP of Devices and Services at Google, said the company aims to start the local manufacturing with the current Pixel 8 smartphone in the country and expects to export those starting next year.
Google has shipped nearly 40 million Pixel smartphones since 2016 and 10 million units in the last 12 months alone, as its newly-launched Pixel 8 series gain initial traction globally, including in India, according to third-party reports.
The company brought all-new Pixel 8 and Pixel 8 Pro smartphones with next-gen AI capabilities, and Pixel Watch 2 in India earlier this month.
Late last month, PC and printer major HP announced a collaboration with Google to manufacture its Chromebooks in India.
At the flagship ‘Google for India 2023’ event, the company also announced several generative AI-focused features in the country.
“We are making Search Generative Experience more visual and local, by bringing images and videos into many overviews,” said the company.
Users in India will soon be able to get summaries of more than 100 government-led schemes in the country in both Hindi and English.
In August, Google expanded the search generative experience (SGE) to India with a toggle for users to switch from Hindi to English without leaving the results page.
“Generative AI in Search will soon help users explore local places and things to do in a city more seamlessly. Search Generative Experience will also help you with specific details about certain places (such as whether it is wheelchair accessible) by incorporating users reviews,” the company announced.
Narayen wrote that AI will help us do things that we couldn’t have imagined a decade ago…reports Asian Lite News
AI and generative AI have enormous potential and we believe that these disruptive technologies will drive further accessibility and adoption of our products, Adobe Chairman and CEO Shantanu Narayen has stressed.
According to him, AI is an accelerant for idea generation and refinement among the world’s creative minds and for businesses, “it presents opportunities for greater automation, productivity, and personalisation”.
In a latest November-December issue of Harvard Business Review, Narayen wrote that Adobe has invested in these technologies for more than a decade, and delivered hundreds of innovations across portfolio through Adobe Sensei, which helps customers improve the precision, ease, and speed with which they do their work.
“Our ongoing R&D investments have also enabled us to develop and deploy Firefly, our generative AI technology — a copilot that augments rather than replaces human ingenuity— with impressive speed,” he mentioned.
According to him, every disruptive technology presents exciting opportunities for Adobe to innovate and increase its addressable market.
This has been true for cloud computing, mobile, and, most recently, artificial intelligence.
“But with any hot technology trend, the leadership challenge is to distinguish between hype and reality so that you can make an informed decision about its potential for your business,” said Narayen.
At the recently-concluded creativity conference ‘Adobe MAX 2023’, the company unveiled over 100 new features across flagship Creative Cloud applications, including new Firefly-powered features and web-based workflows in Illustrator and Photoshop, new AI-powered editing capability in Lightroom, plus new AI-first Generative Fill and Text to Template features in Adobe Express.
Narayen wrote that AI will help us do things that we couldn’t have imagined a decade ago.
“Adobe is at the forefront of its development and use because we have always been, and always will be, focused on enabling art through technology. Before launching Firefly, we talked to hundreds of customers, including those who were concerned that generative AI would hurt their careers, and enlisted their help in making our product the best it could be,” he explained.
“Of course, we don’t expect everyone to like the way we use generative AI, and that’s OK. But our approach to building it puts accountability, responsibility, and transparency at its centre, the Adobe CEO emphasised.
Adobe has been a beacon of innovation, had been profitable since its first year, and was on track to announce $3.16 billion in revenue later that year.
Today, the company has more than 29,000 employees and more than $18 billion in annual revenue.
As the festive season approaches, realme is gearing up for a surge in demand….reports Asian Lite News
The Indian festive season is upon us, and the country is gearing up to celebrate its favourite festivals. For many, it’s also a season of anticipation, as they eagerly seek out new and exciting products to enhance their lives.
Among the brands they trust and turn to is realme, a name synonymous with innovation, quality, and affordability. realme is all set to make it even more special.
As the festive season approaches, realme is gearing up for a surge in demand. The festive period holds immense significance in India, bringing people together to celebrate and seek out new products that enhance their lives.
This year, realme anticipates a moderate increase in sales, driven by the positive sentiment among consumers, the brand’s innovative offerings, and the competitive market conditions. The festive season is the perfect time for consumers to invest in products they trust, and realme aims to be their go-to choice.
To elevate the festive spirit and ensure that realme products are accessible to all, the brand has crafted a range of enticing offers, discounts, and promotions.
During the upcoming realme Festive Days sale, customers can look forward to a staggering Rs 800 crore in offers on smartphones and AIoT products. These offers are designed to bring smiles to the faces of Indian customers, making their festive celebrations even more delightful.
realme has set an ambitious sales target of 5 million smartphones this festive season. The brand also expects an increase in the market share of its 5G devices during this period.
realme is planning to increase its smartphone inventory for 2023 by an additional 6 million devices, with a strong focus on meeting the demands of the festive period. This growth projection reflects realme’s commitment to consistently improving and serving its customers better.
realme understands that its distributors play a pivotal role in bringing its products closer to consumers. As the festive season approaches, realme’s distributors are equally prepared to ensure a seamless and joyful shopping experience for customers.
These partners have meticulously strategized to meet the surge in demand, meticulously stocking up on a wide range of realme products to cater to the diverse preferences of consumers.
Kamal Ahuja, Partner at Prakash Electronics in Bhopal, said: “In this festive season, realme is offering substantial consumer incentives, including exciting new product launches, which are sure to captivate all consumers. Plus, live demos across various platforms, coupled with an extensive presence of our entire product range in every corner of the market, guarantees an unparalleled experience for our valued customers.”
“This festive, realme has done a lot to support retailers. From price offers and free gifts for customers to tie up schemes for retailers, the focus on the mainline markets has significantly increased. Retailers are really excited with realme this festive,” added Ankit Jain, Partner, SGS Marketing.
Also, the partners are ready to facilitate hassle-free transactions, ensuring that customers can take advantage of the exciting offers and discounts with ease.
Kunal Agarwal, Director, Vishal Video and Appliances Pvt Ltd, said: “In collaboration with realme, we are thrilled to bring to the market the most exciting Diwali offers! realme is bringing unparalleled joy to customers this festive season with incredible discounts and exclusive deals. Our strategic partnership ensures realme’s top-notch products are available at all retail outlets, promising a delightful and accessible experience for all consumers. Celebrate Diwali with realme, where innovation meets affordability.”
With its remarkable milestones, commitment to customer joy during the festive season, and a strong outlook for the future, realme is all set to shine bright this festive season. As the brand continues to innovate, create, and cater to diverse budget considerations, it remains a brand that customers can trust and rely on.
The partnership comes four months after the historic India-US joint declaration on strengthening semiconductor supply chains…reports Asian Lite News
The Ministry of Electronics & Information Technology (MeitY) and IBM entered into a partnership to collaborate in quantum, AI and semiconductors to shape the future.
IBM signed MoUs with the Government of India on Semiconductors, AI and Quantum. Union Minister of State for Entrepreneurship, Skill Development, Electronics & Technology Rajeev Chandrasekhar was present at the occasion.
This body of work will aim to accelerate India’s comprehensive national strategy for AI, strengthen efforts to be self-reliant in Semiconductors and advance its National Quantum Mission.
The partnership comes four months after the historic India-US joint declaration on strengthening semiconductor supply chains.
“Just 4 months after the historic India-US joint declaration by @POTUS@JoeBiden & PM @narendramodi ji, @GoI_MeitY has entered into a partnership with @IBM in #Quantum, #AI & #Semiconductors – technologies that are set to shape the future,” Rajeev Chandrasekhar said.
These MoUs will help MeitY access IBM’s expertise to build and advance India’s Competency and scale its growth mission in the AI, semiconductor and quantum industries.
“IBM will support the #FutureSkills program with @NIELITIndia and partner with #FutureDESIGN startups in the areas of Quantum and AI,” added Chandrasekhar.
He said that collaborating with IBM will significantly expand capabilities in the Indian Semiconductor, AI, and Quantum Innovation Ecosystem.
Union Minister Rajeev Chandrasekhar said, “This is certainly a very important day because three of the four technologies that are going to shape the future of tech and innovation in the coming years – AI, Quantum and Semiconductor and the fourth…represent for us tremendous opportunities for our academic ecosystem, for the startups and innovation ecosystem in particular and of course, the broader opportunity of creating global standard talent in India that can take advantage of the opportunities in Quantum, Semiconductors and AI…”
The plans under which IBM would work with IndiaAI, ISM and C-DAC to focus on skill development, engaging the ecosystems and accelerating R&D efforts in semiconductors, AI and quantum are envisioned to advance and accelerate India’s innovation in these areas.
Digital India Corporation intends to collaborate to establish a world-class national AI Innovation Platform (AIIP) for India that will focus on AI skilling, ecosystem development, and integrating advanced foundation models and generative AI capabilities to support India’s scientific, commercial, and human-capital development in this technology.
IBM would be a knowledge partner of India Semiconductor Mission (ISM) for a semiconductor research centre. IBM may share its experience with ISM on intellectual property, tools, initiatives, and skills development, aimed at promoting innovation in semiconductor technologies such as logic, advanced packaging and heterogeneous integration, and advanced chip design technologies, using modernized infrastructure.
IBM and the Centre for Development of Advanced Computing (C-DAC) will also explore opportunities for working together to support the advancement of India’s National Quantum Mission by building competency in quantum computing technology, applications in areas of national interest, and a skilled quantum workforce. (ANI)
In Europe and Israel, 40 per cent of new unicorns were in generative AI, whereas 80 per cent were in the US…reports Asian Lite News
Tech giants like Apple, Microsoft, Google-parent Alphabet, Amazon, Nvidia and others added $2.4 trillion to their market capitalisations in a year marked by the buzz surrounding generative artificial intelligence (AI), a new report has shown.
According to the venture capital firm Accel, the share price values of these big technology firms grew by an average of 36 per cent (year-over-year).
For the first time, Nvidia entered the trillion-dollar club, with the US chip-maker now valued at more than $1 trillion. Nvidia’s high-performance CPUs enable many advanced generative AI models, which generate new content from huge amounts of training data.
The report also mentioned that cloud and software-as-a-service (SaaS) firms, such as Salesforce, Palantir and Unity, rose by 29 per cent in the year to date. Last year, the outlook for cloud and SaaS was down.
According to the report, companies’ values were reduced by $1.6 trillion as investors exited high-growth tech stocks.
Moreover, the report showed that the tech-heavy Nasdaq Composite returned to 80 per cent of its all-time high within 18 months. It took the Nasdaq about 14 years to reach that milestone.
Funding for cloud and SaaS firms has also returned to pre-Covid levels in Europe, Israel, and the US. Further, the report stated that the number of unicorn companies has returned to pre-Covid levels, with AI accounting for a substantially larger proportion of new billion-dollar companies.
In Europe and Israel, 40 per cent of new unicorns were in generative AI, whereas 80 per cent were in the US.
