31 JULY 2023
By: NIDHI BHARDWAJ
What is Generative AI?
Generative AI (GenAI) is a specific form of artificial intelligence (AI) technology that can create various types of content, including text, images, audio, and synthetic data. It is a subset of deep learning. GenAI can create extremely intricate and lifelike content that resembles human ingenuity.
GenAI offers a wide range of benefits, such as increased creativity and efficiency in automating numerous repetitive tasks that otherwise require manual labor. As a result, it is completely transforming the way business operations are carried out.
In 2022, the global market for generative AI was valued at US$10.3 billion. Looking ahead, IMARC Group projects that the market to increase at a compound annual growth rate (CAGR) of 20.01% from 2023 to 2028, reaching US$ 30.4 billion.
The ChatGPT program created by OpenAI is among the most well-known examples of GenAI. This AI tool swept the internet within the first week of its release, handling anything from producing authentic answers to customer inquiries to making blogs, creating apps, and writing codes.
Customer data can be analysed by generative AI to offer recommendations and customised experiences. To increase consumer engagement, an e-commerce platform, for instance, could utilise this technology to suggest products based on a customer's past purchases and browsing behavior.
Technological enablers like Oracle, SAP, Salesforce, and Zoho, along with several IT giants, including TCS, Infosys, Wipro, Cognizant, and Accenture, are collaborating with Microsoft and Google to launch their generative AI efforts.
GenAI supports individuals in their job by assisting with the creation of fresh material and simulating decisions, as opposed to merely automating activities. Gartner's study predicts that by 2025 genAI may produce 90% of online content.