Artificial intelligence, machine learning can be as big as $177bn IT services industry: Kris Gopalakrishna

NEW DELHI: Kris Gopalakrishnan, co-founder Axilor Ventures and former executive vice chairman of Infosys, said emerging technologies such as artificial intelligence and machine learning would impact the Indian economy like the $177 IT services sector.

The IT services sector veteran said use of AI and ML in industries and every aspect of life would significantly increase the use of these technologies, and it could form up to 40% of the government’s estimated $1 trillion digital economy in the next 20-30 years.

“If I look back and see the introduction of digital computers in India, the best example is IT services industry, which is today $177 billion and around 4 million people employed. It had significant impact and AI and ML will have similar significant impact,” said Gopalakrishnan, the chairman of India Innovation Summit organised by industry body CII.

The IT services industry has grown to $177 billion during the past three decades as companies globally have outsourced their software maintenance and application development work to Indian companies. The sector, which saw consistent growth, created thousands of jobs every year.

He also announced the 15th edition of the Summit would focus on creating a “game plan” to drive innovation using such technologies. The two-day conference (August 21-22) will see participants from industry, academia and government organisations.

Gopalakrishnan said increasing use of devices across industries and people would create huge data and such new-age technologies could create actionable insights from them.

The former Infosys vice chairman said CII is setting up an AI forum this year and he would chair it.