Indian small and medium-sized enterprises (SME) in the tech industry are likely to generate revenue of $35-40 billion by FY30, up from $15-20 billion in FY23, according to a report "Indian Tech SMEs" released by industry body Nasscom on Tuesday. Digital tech SMEs, which offer cloud services, advanced analytics, and AI solutions, will account for 35- 40% of the overall tech SME revenue by FY30 up from 21% in FY23, the report added. The overall tech industry in India is expected to double its revenue to $500 billion by FY30. According to Nasscom, 60% of the tech SMEs are BPOs, while 20-25% of the SMEs are in IT services, and 15% offer software products and software as a service (SaaS). The industry body defines tech SMEs as firms that predominantly offer legacy IT, BPM, and subcontracting services, while digital tech SMEs are those that offer cloud and digital transformation services and have also ventured into advanced analytics and AI/ML.

WASHINGTON, Feb 1 (Reuters) - U.S. investors including the investment arms of Intel Corp (INTC.O) and Qualcomm Inc (QCOM.O) accounted for nearly a fifth of investments in Chinese artificial intelligence companies from 2015 to 2021, a report showed on Wednesday. The document, released by CSET, a tech policy group at Georgetown University, comes amid growing scrutiny of U.S. investments in AI, Quantum and semiconductors, as the Biden administration prepares to unveil new restrictions on U.S. funding of Chinese tech companies. According to the report, 167 U.S. investors took part in 401 transactions, or roughly 17% of the investments into Chinese AI companies in the period. Those transactions represented a total $40.2 billion in investment, or 37% of the total raised by Chinese AI companies in the 6-year period. It was not clear from the report, which pulled information from data provider Crunchbase, what percentage of the funding came from the U.S. firms.

China has entered the top tier of artificial intelligence capabilities for the first time and the gap with the US is narrowing, according to a recent research report. China has been inducted into the first class of the'Artificial Intelligence Index Report 2021' due to continuous improvements in the comprehensive strength of the country's AI technology, said the head of the research team at the Institute of Scientific and Technical Information of China. In the previous two years that the report was compiled, only the US made this class. Although the US still comes top with a score of 59.42, China ranks second for the second year running with a score of 50.14, and the gap between the two is closing, Xu Feng, who is also executive deputy director of ISTIC's Artificial Intelligence Development Research Center, told Yicai Global.

CFA Institute, a global association of investment professionals, released the fourth report in its Future of Work series, exploring the Context, Culture, and Content of Work in the investment industry. Advancing technologies and hybrid working continue to change the shape of careers in finance. The Future of Work in Investment Management: The Future of Skills and Learning draws on CFA Institute survey data to identify the skills and learning equation for building talent and careers in a rapidly transforming investment industry. The report highlights current gaps between the supply and demand for skills in the investment industry, examines learning trends, and proposes changes to investment teams to better leverage diverse talent and the combined power of discrete but complementary skills. Fewer than half of survey respondents receive support from employers to develop the new skills they need.

Artificial intelligence, machine learning (a subset of AI), and predictive analytics top the list of hot, planned technology investments for banks in 2022, due to their ability to aid strategic business decision-making, help build applications that can serve customers in a personalized manner, and drive revenue growth, according to market research firm Forrester. Hot technologies for banks also include 5G, natural language processing (NLP), microservices architecture, and computer vision, according to Forrester's recent Top Emerging Technologies in Banking In 2022 report. The report, based on survey responses from tech decision makers in banks and their technology vendors, categorizes 30 different technologies into three main categories: "hot," "on-the-radar," and "hype." Technologies are considered hot if banks have lined up a planned investment in them in the next 12 months, Forrester said, adding that these new investments are expected to shape the future of the banking industry and customer experience. Among the hot technologies, artificial intelligence and machine learning -- a subset of AI that that makes more accurate forecasts and analysis as it ingests data -- continue to be of high interest as banks keep a strong focus on costs while trying to boost customer experience and revenue.

The past two years of the pandemic have been marked by a period of rapid technological change. Amidst supply chain disruptions and changes in consumer behaviours, organisations have turned to digital transformation strategies to stay agile and resilient. The COVID-19 crisis has made it clear that technology is the lynchpin of organisational resilience and agility. As the pandemic disrupted global supply chains, forced employees to work from home and triggered a massive shift of consumer behaviour to online channels, digital technologies have played a pivotal role in keeping organisations afloat. According to Google's State of the API Economy 2021, digital transformation was the leading business imperative of 2020, based on a survey of 700 IT decision-makers from around the world.

Artificial intelligence is getting cheaper, better at the tasks we assign it, and more widespread--but concerns over bias, ethics, and regulatory oversight still remain. At a time when AI is becoming accessible to everyone, Stanford University put together a sweeping 2022 report analyzing the ins and outs of the growing field. Here are some of the highlights. The number of publications alone on the topic tell a story: They doubled in the last decade, from 162,444 in 2010 to 334,497 in 2021. The most popular AI categories that researchers and others published on were pattern recognition, machine learning, and algorithms.

With dedicated regulation now emerging for fintechs and digital banks in some jurisdictions, it's a case of adapt or die for incumbent players. But banks have one asset on their side – data. With around a billion credit card transactions every day, banks have access to one of the largest volumes of customer data of any industry. Using AI, banks can harness this information to unlock unparalleled insights and growth. It's estimated that AI technologies could deliver up to $1 trillion of additional value each year for the global banking industry, combining a deep understanding of customer needs with the composable cloud architecture to roll out hyper-personalised services at scale.

With dedicated regulation now emerging for fintech and digital banks in some jurisdictions, it's a case of adapt or die for incumbent players. But banks have one asset on their side - data. With around a billion credit card transactions every day, banks have access to one of the most significant volumes of customer data of any industry. Using AI, banks can harness this information to unlock unparalleled insights and growth. McKinsey estimates that AI technologies could deliver up to $1 trillion of additional value each year for the global banking industry, combining a deep understanding of customer needs with the composable cloud architecture to roll out hyper-personalised services at scale.

US federal agencies are planning to expand use of facial recognition systems, according to a report by the Government Accountability Office (GAO) despite continuous backlash over the technology's application for more than a year. The report, published Tuesday, assessed the use of facial recognition systems by federal agencies, and how they plan to expand the use of the technology in the future. Eighteen of the 24 surveyed agencies, including the US Departments of Justice, Defense, Education, Housing and Urban Development, reported using facial recognition technology (FRT) for one or more purposes, the GAO report said. The survey also found that 10 of the agencies plan to broaden their use of the technology by 2023, with two of them investing in its research and development. While most of the facial recognition systems used by the federal agencies are government owned, the report says six such systems come from commercial vendors like Clearview AI, and Acuant FaceID.