Innovation around artificial intelligence (AI) is at the heart of Cognizant technology solutions as customers demand AI-based services. The company's advanced AI lab has already produced 53 AI patents, with more pending.
S. Ravi Kumar, CEO of an American software company with a large employee base in India, said seven new AI patents were approved and granted to his company in the March quarter alone. “In the first quarter, we announced a series of new partnerships and co-innovations behind the strategy we announced last year to invest $1 billion in generative AI over three years, including: “This includes our collaboration with Microsoft,” he told analysts while discussing first-quarter financial results.
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According to a report by US-based Grand View Research, the global AI market size is estimated at $197 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. Continuous research and innovation by technology giants is driving the market growth. Implementing advanced technology in industries such as automotive, healthcare, retail, finance, and manufacturing. For example, in December 2023, Google LLC launched the large language AI model “Gemini”, which is available in three sizes: Gemini Nano, Gemini Pro, and Gemini Ultra. Gemini stands out from its competitors due to its unique multimodal properties.
Demand for AI
Cognizant's Kumar said there is growing demand for AI services across four key areas. First, the customer and employee experience as clients aims to achieve improved interactions through hyper-personalization. The second is insight into content summarization to enhance decision making. The third is content generation, and finally leveraging GenAI to accelerate innovation and technology development cycles, he said.
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“We continue to see strong interest from clients evaluating the proof of concept and return on investment of these opportunities. These efforts are supported by the recently launched Advanced Artificial Intelligence Lab in San Francisco, and our company is investing there on behalf of Artcore AI Research, which aims to be at the forefront of industry innovation. It has a network of AI innovation studios in London, New York, San Francisco, Dallas, and Bangalore. “It’s built on,” he said.
Clinical research AI
By leveraging GenAI-powered models, clinical researchers can quickly sift through extensive datasets, more accurately predict interactions between drug compounds, and create viable new drug development pathways.
Cognizant also expanded its partnership with Google Cloud. Cognizant is bringing Gemini, a multimodal AI model that can infer text, images, audio, video, and code, to Google Cloud in two ways. First, we will train Cognizant employees to use Gemini to support software development, and second, we will integrate Gemini's advanced capabilities into Cognizant's internal operations and platform.
With Gemini for Google Cloud, Cognizant developers can write, test, and deploy code faster and more effectively with the help of AI-powered tools to support client applications. more reliable and cost-effective to build and manage.
Over the next 12 months, Cognizant plans to power more than 70,000 cross-functional employees with Google Cloud's AI services. He said this is another milestone in his Synapse initiative for the company to scale up to 1 million individuals worldwide by 2026.
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