India’s leading software exporter TCS has lined up for the first quarter ending June 30, 2024, and has $1.5 Billion in AI Generative projects. The CEO and MD K Krithivasan has revealed that nearing Accenture’s $2 billion in cumulative Gen AI revenue. It was reported that in the previous quarter ending March 31, 2024, TCS had $900 million worth of AI and Gen AI projects in its pipeline.
TCS Aims for $1.5 Billion in AI Initiatives Amid Growing Market Demand
In summarising the TCS’s earning conference that takes place on July 11, Krithivasan highlighted that “we are actively managing 270 AI projects across TCS. Our Gen AI pipeline has doubled to $1.5 billion this quarter, driven by ongoing investments in research and innovation”.
“Our WisdomNext platform, facilitating enterprise-wide adoption of Gen AI, has received strong client interest”, he added. Not only this Krithivasan has noted that while many engagements are short-term, there are some projects which are expanding in evolve around use cases.
In addition to this, TCS came up with an increase in projects that are moving ahead toward the production field 154 patents in Q1, with 277 patents granted.
As per the Accenture report, last month over $900 million was involved in new Gen AI bookings for the quarters, bringing their fiscal year total to $2 billion.
At the Nasscom Technology and Leadership Forum 2024, Krithivasan remarked, “Generative AI is still in the experimentation phase. It’s premature to deem it mainstream or a cause of workforce reduction”.