GenAI: Millennial Shapeshifter Transforming Software Development

Generative AI offers significant savings, potentially lowering software development costs by 20-40%, according to Axis Capital. These savings are expected to be reinvested into technology, driving further innovation. Productivity gains of 26% among developers have been observed, with growing interest in AI projects noted by Microsoft GitHub Enterprise.

Generative AI could result in cost reductions of 20-40 percent in the software development lifecycle, according to a report by Axis Capital. This efficiency gain is projected to be reinvested into the business, aiming for more technological innovation.

Despite the savings, the report suggests that tech spending is unlikely to decrease, as funds will be redirected into advancing innovative technologies for improved business performance.

The research highlighted that AI enhanced productivity among developers by 26 percent across some organizations. Additionally, Microsoft GitHub Enterprise reported a substantial increase in client interest and active participation in AI projects over an 18-month period.

(With inputs from agencies.)