New gold rush: $100 billion Artificial Intelligence wave awaits tech companies

BENGALURU: Artificial Intelligence is expected to generate $100-120 billion by 2025 in productivity-led gains for the global ITBPM service providers, particularly in areas of consulting, engineering services, application development and others, a report by the Boston Consulting Group said. The report added that artificial intelligence could open up more than $400 billion in new addressable market over the next seven-to-ten years. "AI will completely redefine what is considered core, mid-or back-office ANIMI and help IT-BPM players penetrate'heart of the business' processes within verticals through BPaaS and domain-led solutions," BCG said. "This translates into 5-7 percentage points EBITDA impact for IT-BPM service providers" Indian IT players have already started investing in artificial insurance. Tata Consultancy Services has the the Ignio platform, Wipro has its Holmes platform, Infosys has the MANA platform, and HCL Technologies has a platform called DryICE. The consultancy, which put out the report in conjunction with the National Association of Software and Services Companies, outlined steps that companies should take to do well in the AI wave.