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2、s does and seeks to do business with issuers covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Investors should consider this report as only a single factor in making their investment d

3、ecision.Refer to important disclosures on page 39 to 41.12844759 Global IT Services IT services in AI age#2:Rise of AI agents Industry Overview Two years on:AI adoption rates are still soaring AI investments by enterprises have soared over the past two years,in a quest to be involved in the GenAI mo

4、vement.Two-thirds of the enterprises spent more than 10%of their digital budgets on AI in CY24 while 38%of digital services contracts had an element of AI.The progress has been real for the assist categories like document scraping,content generation,and code generation.Progress on driving growth/rev

5、enue generation has been slow,while the enterprise asks on ROI have been higher.The next phase-rise of AI agents In our view,there have been two significant advancements that make the case for the next phase of AI adoption:(1)a drop in cost of models/AI infrastructure and(2)tech advancements that ca

6、n now harness generative AI capabilities to automate tasks i.e.behave like a digital workforce(AI agents).Together,we think they make the case for leveraging AI in tasks that are 1-2 notches higher in complexity vs.the current reach.IT services:Rising TAM despite AI efficiency We update our assessme