GenAI may generate 20-40% productivity gains, no risk to tech spends: Axis Capital report

Generative AI (GenAI) could generate savings of 20-40% in the software development lifecycle, and savings from efficiency gains will likely be ploughed back into the business to chase more tech innovation, according to Axis Capital report. Given that savings are expected to be infused back into innovative tech for better business, GenAI is unlikely to compress tech spending.