JP Morgan has stated that the impact of ChatGPT on the Indian IT sector could be severe
The report suggests that the tech sector in India should take necessary steps to adopt chatGPT or GPT3 applications to stay competitive in the industry. It also suggests that the Indian IT companies should focus on creating new services and innovative use cases to counter the probable deflationary effect of chatGPT. Moreover, the report advises IT companies to invest in training and retraining staff to keep up with the pace of the technology.
Analysts at JP Morgan believe that the impact of chatGPT on the Indian IT sector can be severe, especially in the short term. To counter this impact, businesses in India should look at adapting chatGPT or GPT3 applications in order to stay competitive in the industry. Additionally, IT companies should focus on creating new services and use cases as well as invest in staff training and retraining. With these strategies, the Indian IT sector can successfully counter the negative impact of chatGPT.
Investors have been eagerly awaiting the release of chatGPT, with Microsoft investing a hefty $10 billion in the AI chatbot. Meanwhile, other tech giants, such as Alibaba, Baidu and Alphabet, have announced their own AI chatbot counterparts. In response to chatGPT, Google released its own AI chatbot, BardAI.
Despite the excitement and promise of AI chatbots, experts have warned that they are still far from being able to replace human tasks. They are designed to provide the best web search experience through their strong language and grammar command of human language, as well as deliver contextually relevant information. However, AI chatbots have been known to deliver hallucinations and incorrect facts, making it difficult for companies to rely solely on them.
Nonetheless, tech companies are continuing to invest heavily in AI chatbots. And as generative AI is implemented more broadly, analysts at JP Morgan have suggested that consulting firms may have an edge over Indian IT firms in terms of market share.
