Infosys AI Announcements: 2024 Year in Review

Infosys AI Announcements: 2024 Year in Review
Indian technology services and consulting company Infosys has announced the development of new Gen AI experiences and solutions aimed at enhancing operational efficiency, optimising customer experiences, and accelerating digital transformation for clients throughout 2024 by leveraging its artificial intelligence (AI)-first offerings and solutions. Throughout the year, Infosys has made several developments and announcements related to AI. Here’s a quick 2024 year-in-review of the AI announcements made by Infosys:

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Also Read: Infosys and Its Recent Advances in AI Partnerships

1. European Firms Struggle to Generate Value from Generative AI, Yet Will Double Spending in 2024

Before we dive into the announcements from January 2024, let’s take a moment to highlight a report released by Infosys on December 5, 2023. It forecasts that European companies will increase their investments in Generative AI by 115 percent in 2024, reaching USD 2.8 billion. These investments are based on projections for Year 2024.

However, the report also noted that the pace of investment is slower than in North America, where spending is expected to reach nearly USD 6 billion. This more cautious approach is largely due to concerns surrounding ethics and bias, driven by the more regulated European market. For the Generative AI Radar 2023 – Europe report, the Infosys Knowledge Institute (IKI) surveyed 1,000 respondents from companies across 11 Western European countries (Belgium, Denmark, Finland, France, Germany, Iceland, Luxembourg, Netherlands, Norway, Sweden, and the United Kingdom).

Balakrishna D R (Bali), Executive Vice President and Global Head of AI and Industry Vertical at Infosys, said “Generative AI is driving phenomenal transformation across industries, and investment is happening at a rapid pace.”