Artificial intelligence is infiltrating every aspect of our life. It applies equally to software-as-a-service (SaaS) and information technology (IT). According to a survey published by investment firm WestBridge Capital and SaaS startup Upekkha, $1.3 trillion in Gen AI-related income is expected by 2023. This stems from both SaaS and IT services.

According to the AI Saas India Opportunity research, Gen AI-related income would be less than $10 billion by 2023. "The Gen AI India opportunity is 10 per cent of the global market share, which will stand at $130 billion at the same time period," according to the paper.

Aakrit Vaish, Co-Founder & CEO of Haptik, stated in the report, "With Gen AI, Silicon Valley is again becoming the center of gravity." To compete with this, we must quickly adjust our attitude to be at the forefront of this technological shift, and both founders and investors must reconsider what they are doing."

Similarly, Gaurav Sharma, CEO & Founder of SaaS LabS, stated in a statement, "Generative AI, like every technological shift, elicits both optimism and dread. It provides a context for readily merging data throughout organizations, which will lead to a reimagining of how they interact with customers. No enterprise will appear too large or impersonal, resulting in extreme and accurate customization."

Artificial Intelligence Challenges

To incorporate AI, many R&D and engineering centers would be established in India to "rewrite the previous technology stack used by SaaS companies," according to the research. However, the report claims that the path to using AI is fraught with biases, privacy concerns, and unanticipated effects.

"Addressing some of these risks in accuracy, reliability, regulation and security will be key for fast adoption of Gen AI," according to the paper.