Press release Highlights:
- Plans to Scale up the business to 2x
- Artificial Intelligence (AI), Machine Learning, IoT & Game Development will be the Focus
New Delhi, June 2020: Xencov Software, a technology start-up announced that it is venturing to new-age technologies such as Artificial Intelligence, Machine Learning & IoT. This initiative is a result of several enterprises taking steps in incorporating new-age technologies in business operations as a result of the Covid-19 pandemic. This helps enterprises to save money, boost efficiency, generate insights, and create new markets. With a focus on product development based on Artificial Intelligence, Machine Learning, IoT & intuitive Design, Xencov Software aims to scale up the business to 2x.
Today, it is imperative for enterprises to tap opportunities in data analytics, Artificial Intelligence (AI), Machine learning, IoT, etc. to remain relevant & stay ahead.
The sector has a more prominent role in the future with the increased dependency on these technologies & will have a greater impact on the businesses.
According to Suroor Wijdan, Founder of Xencov Software, “In the near future given the current pandemic situation, there will be an increased dependency on digital tools. Moreover, technology companies and start-ups have realized the need for AI, Machine Learning & other new technologies in solving the business needs. “
He further added that with changing trends, Xencov started working on these technologies which are a growth opportunity for us.
According to a report, the global artificial intelligence (AI) market size will grow by US$ 75.54 billion during 2019-2023. McKinsey predicts that AI will boost productivity way
more than the steam engine was able to in the 1800s. AI’s impact on the global economy is that it will have generated US$13 trillion in economic activity across the world by 2030, says McKinsey. It also expects that AI will add about 1.2 percent of additional GDP growth per year through to 2030.