He also underscored that India is on track to become the number one economy in the world, reiterating his comments from June this year, when Prime Minister Narendra Modi visited the US.
“2023 has been a big year for the US-India partnership. India is at a pivotal moment in its history and they will capture it, driving growth and opportunity for years to come,” Chambers said.
In a LinkedIn post on Thursday detailing his predictions for 2024, Chambers wrote, “The US and India will become the most strategic partnership in the world, driving global innovation and job creation at an accelerating pace. These opportunities and growth will be driven by initiatives like Digital and AI India, as well as India’s eagerness for and openness to building collaborative, strategic partnerships with the US and other key global players.”
On AI technologies, he said 2024 will see demand for AI-driven results for every company, which will impact everything from valuations to earnings. “Startups that don’t use AI will fail quickly, and larger companies will fail too, albeit more slowly,” he said.
Chambers also noted that AI will accelerate overall regulation and compliance needs in the tech ecosystem, especially for Big Tech companies, and said he anticipated legislation to be in place by next year’s end.
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Earlier this week, European Union (EU) officials concluded negotiations for the EU AI Act, which is set to become the first comprehensive set of laws to regulate the use of AI.The Indian government is also working on preparing a techno-legal framework for artificial intelligence.
Chambers also predicted that concerns about privacy in the context of AI will continue to emerge, in addition to “increased demand for AI-powered personalisation, for Gen Z in particular”.
He said the proliferation of good and bad AI will become evident from increased cybersecurity challenges.
“CEOs are already becoming overwhelmed with too many cybersecurity options. In 2024, we will see a shift from standalone cybersecurity products to a simple, architectural approach, which will lead to consolidation in the industry,” Chambers said.
“Among the many cyber threats, deep fakes will be the number one issue for individuals, companies, and governments, particularly as we think about the upcoming US presidential election,” he added.
