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June 28, 2023 | Information & Technology
The “Age of With” is where humans and machines work together. Humans, with machines, can build strategies and solve problems faster and more intelligently than one could ever imagine. In this digital artifact world, Generative AI unleashes creativity through machine learning.
Generative AI or Generative Artificial Intelligence is a form of machine learning that can create new content, including code, audio, images, simulations, text, and videos. It is a subset of AI that practices neural networks to recognize the patterns and structures within existing data to generate new content.
It has captured the attention of global media and the public, stimulating questions and debates around this transformative technology. The technology has allowed organizations to leverage many unlabeled data more easily and quickly to create foundation models. Some cutting-edge examples of Generative AI are ChatGPT, DALL-E, Bard, and others.
ChatGPT - Initial Buzz around this New Technology! Worth the Hype?
In ChatGPT, GPT stands for generative pretrained transformer. It is gaining much attention and hype right now. It was established and developed by OpenAI in November 2022. It works in the same way as automated chat services seen on customer support websites. ChatGPT attracted over a million users in just five days, making it one of history's most rapidly adopted new technology platforms. It is evident that such Generative AI models can potentially change how a range of jobs are performed. The recent boom in Generative AI has just amplified the concern of being replaced by machines in the workspace. According to the World Economic Forum and Future of Jobs Report 2023, Generative AI has the potential to automate around 18% of the total workforce, and around 23% of today's jobs will change.
Figure: ChatGPT Racing to one million
Source: DiploFoundation, Generative AI models, 2022
Market Summary of Generative AI for Comprehending the Assumption
As per Fortune Business Insights, the Generative AI market size was valued at more than USD 40 billion in 2022 and is estimated to reach close to USD 900 billion by 2030, with a strong CAGR of more than 40% over the forecast period.
Source: Fortune Business Insights Analysis
Scale of Generative AI Adoption in Business
Organizations are reinventing work to find a path to Generative AI value. As per a study conducted in 2022 by Accenture, nearly 6 out of 10 companies plan to use ChatGPT for learning purposes and over 4 out of 10 want to make a significant investment. The largest sector that had a transformative impact due to AI is banking.
Global analysts suggests that AI could add up to USD 16 trillion to the global economy by 2030. Below is the figure on how Generative AI will lead to automation across industries.
Source: Accenture, 2022
Future of VR with Generative AI is Shaping Up to be an Exciting Ride!
The era of Generative AI is opening many incredible opportunities in the gaming and 3D world. It revolutionizes game development, enhances gameplay experiences, and enables new possibilities. Some of the key ways this technology is fueling the industry are:
For instance, Roblox, a user-generated 3D experiences platform provider, is leveraging Generative AI to transform content creation for around 60 million daily users. Moreover, users can simplify VR game creation using Generative AI. Unity Software Inc., a video game development platform, plans to create a Generative AI marketplace for game developers.
Integrating Generative AI with Conversational AI – A Current Trendsetter in the AI Era
To obtain business benefits from Generative AI technology, the approach of integrating it with other technologies must not be overlooked. Generative AI is becoming increasingly popular in the field of conversational design. From predefined scripts-based traditional chatbots to responsive interactions, the technology has revolutionized in getting trained on large datasets of human conversations and generating natural-sounding responses.
Generative AI enables human expressive interactions, whereas a conversational AI system (voicebot or a chator) controls the interaction flow and ensures accuracy. A Generative AI-powered call center is a cutting-edge example of this. It frees people from rewriting text, which can be a daunting and time-consuming task for humans. Generative AI tools take the original text and quickly produce a more defined rewritten result or a summary.
In late 2022, with the release of an easy-to-use Generative AI chatbot, people began to explore its use in the creative space. From writing summaries to generating 3D structures and reinventing organizational processes, the chatbot has opened the door for lateral thinking about how Generative AI can be used. All through 2022, social media users interfered with Generative AI platforms and shared the results. Cosmopolitan magazine was the first to publish a cover page created by an AI-based image generation tool. Thus, this results in a promising application of this technology.
Converging Generative AI with Blockchain Technology to Construct New Opportunities
Technology is advancing exponentially, with announcements and launches of breakthrough solutions almost every week. The transformative impact of such technologies has become vital across various fields ranging from entertainment to healthcare. However, the convergence and merging of emerging advanced technologies can create significant potential benefits and advantages.
By combining Generative AI with blockchain technology, enhanced systems can be created that are not only secure but also intelligent and adaptive. Generative AI could benefit blockchain solutions by automating the creation of smart contracts and improving digital asset management. Moreover, this technology aids in the management of digital assets or crypto. It enables the development of new cryptocurrencies resulting in a more competitive crypto market. In addition, the metaverse world also benefits from the convergence of such technologies. Generative AI can develop virtual worlds, characters, and gaming objects. Users, with the help of AI tools, can develop, design, and invent their avatars within the metaverse world and utilize them to access distinctive collections of in-game objects.
Inherent Risks Involved – Some Known and Some Unknown
The outputs that generative AI models produce may often sound extremely convincing. However, the long-tail effect of them is yet to be seen. Generative AI models are typically resource hungry and large. Creating such models require terabytes of GPU-enabled high-quality data and high-performance computing clusters. Some known limitations of the current Generative AI are:
Thus, organizations relying on and depending on generative AI models should consider the reputational and legal risks of unintentionally publishing offensive, biased, or copyrighted content.
Innovative Breakthroughs in the Field from Different Regions/Countries
Major Initiatives by Government are Ramping Up to Scale Generative AI
Governments around the world are taking initiatives in artificial intelligence and searching ways to encourage and apply its applications. For instance,
Will Investment or Funding by Key Companies/Competitors help Bolster the Market?
Major Generative AI companies, such as Google LLC, Microsoft Corporation, Amazon, IBM Corporation, Accenture, and Salesforce, are rapidly building capabilities on advanced Generative AI that gives success rate and also the potential of platforms for transforming businesses. For instance,
As per global industry analysts, 38% specified that customer experience and retention is the prime object of their Generative AI investments. This was compiled by cost optimization of 17%, business continuity of 7%, and revenue growth of 26%.
Source: Fortune Business Intelligence Desk Research
As per our analysis, companies should look for innovative ways to be prominent among the competitors, achieve customer satisfaction, and grow sales. Companies can create exceptionally targeted suggestions based on customer purchase history, preferences, and browsing patterns by leveraging Generative AI. This methodology not only increases customer satisfaction but also considerably boosts sales of organizations. Additionally, companies should focus on different strategies such as investments, innovations, partnerships, and acquisitions to drive the market and increase productivity. Thus, the above recommendation will help SMEs and large enterprises to boost their sale with the help of Generative AI in the coming years.