Generative AI Use Cases for Industries and Enterprises

ChatGPT has fueled the hype around AI leading to tech giants competing to release better tools including Google’s Bard and Microsoft’s new AI-powered Bing. “The technology is set to become an increasingly essential part of IT spending, ad spending, and cybersecurity as it develops,” Singh added. Hardware revenue will come from AI servers, AI storage, computer vision AI products, as well as conversational AI tools, which will be worth $108 billion.

The top three verticals gaining foothold in the generative ai market are media & entertainment, BFSI and retail & eCommerce. These verticals are the top 3 among many owing to the high demand for personalization and creativity, need for enhanced customer experience and data-intensive operations. European governments have recognized AI’s potential and launched initiatives to support its development and adoption.

Moreover, legal ownership of both machine-generated content and the data needed to train these algorithms is also a major apprehension with Generative AI. The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains.

Collaboration between Academia and Industry

Over the past few years, generative AI technology has branched out to other industries and it has multiple applications in fields including music, art, gaming, and healthcare, which appeals to a wider audience. The latest developments in deep learning algorithms and hardware, such as Graphics Processing Units (GPUs) and Tensor Processing Units (TPUs), have been the primary driving forces of generative AI. These developments have made it possible to produce generative models that are more sophisticated and complicated. Generative AI utilizes deep learning algorithms and neural networks to discover patterns and generate new outcomes based on them.

Reach out to us for plentiful insights on digital innovation and developing low-risk solutions. As you are reading this article, it’s very likely that several more AI applications are being registered and making their debut in the market. Yakov Livshits Let’s delve into the notable ones that have already made a significant impact on the advancement of generative AI. Generative AI has come to various industries, reshaping the realms of creativity, productivity, and problem-solving.

The regional generative AI market is also projected to increase due to the existence of key market participants, including the U.S.-based Microsoft, Meta, and Google LLC, as well as sophisticated technology companies and the availability of specialists. Although the usage of generative AI will result in reduced human efforts in creating content, experts believe that increased adoption of the technology will generate new jobs. Moreover, jobs like editing and reviewing the content generated for the correctness of facts are other important tasks that need to be performed by humans. “In content marketing, AI helps in generating content in an efficient way, but I believe it lacks creativity. We need human resources to write something creative, says Shanza Riaz of Eritheia Labs.

Generative AI Market Map: From History and State to Trends and Applications [With Infographic]

With a strong industrial base, Europe makes many of the world’s industrial and professional service robots and tools in health, transportation, security, farming, and energy. Artificial intelligence is often used in almost all-important businesses, such as manufacturing, healthcare, transportation, e-government, and space technologies. Europe’s Generative AI market trend is continuously evolving and is expected to grow quickly in the coming years.

• These models significantly enhanced the accuracy and efficiency of NLP-based generative AI applications, propelling the growth of the segment.
• In line with this, they are introducing several models, such as the image and music generation model, to attract a wide consumer base.
• A new wave of AI systems may also have a major impact on employment markets around the world.
• Midjourney models enable fine-tuning and adaptation of existing models to specific tasks or domains, providing more control and flexibility in generating desired outputs.
• These models learn the underlying patterns & structures of the training data, followed by the generation of new content based on knowledge extrapolation.

The region’s advanced technological infrastructure, intense research and development activities, and the presence of leading AI companies contribute to its market growth. Several major technology companies in North America have invested in developed generative AI capabilities. Companies like IBM, Adobe, and Microsoft have developed and deployed this tool and platform. These companies leverage this AI for various purposes, including image manipulation, content creation, and design automation. Further, a collaboration between industry players, research institutions, and startups is essential for market growth in North America. The growth can be ascribed to the significant role of transformers in NLP and other Generative AI applications.

Yakov Livshits
Founder of the DevEducation project
A prolific businessman and investor, and the founder of several large companies in Israel, the USA and the UAE, Yakov’s corporation comprises over 2,000 employees all over the world. He graduated from the University of Oxford in the UK and Technion in Israel, before moving on to study complex systems science at NECSI in the USA. Yakov has a Masters in Software Development.

The use of generative AI technology could result in several new business hazards such as false information, plagiarism, copyright violations, and hazardous content. Additional problems that businesses need to address include a lack of transparency and possibility of labor displacement. These kinds of unexpected accidents could have serious negative effects on patient or customer trust and have legal repercussions. In addition, generative AI systems consume large amounts of data that can be biased, poorly controlled, of dubious origin, or used without authorization. Generative AI presents a significant opportunity for businesses to create and personalize content at scale. For instance, it can be used in the entertainment industry to generate realistic virtual characters or in the e-commerce sector to create personalized product recommendations based on customer preferences.

Getting an outline created for an article and creating images or videos to add value to the marketing efforts with the help of machines can save considerable time for the marketing teams, which can be utilized for other strategic tasks. Generative AI Market size was valued at USD 10.3 billion in 2022 and is anticipated to grow at a CAGR of 29% between 2023 and 2032. The rising demand for generative AI applications is expected to drive workflow modernization in various industries. The evolution of Artificial Intelligence (AI) in BFSI permit easy data access is driving market growth.

Again, please be aware that the market is dynamic, and the landscape may have evolved since my last update in September 2021. For the latest information, I recommend consulting more recent reports and sources dedicated to the Generative AI market. We will customize the research for you, in case the report listed above does not
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In addition, the energy consumption of training these models can be considerable, leading to environmental concerns. Thus, overcoming this restraint involves ongoing research into model optimization, efficient parallelization techniques, and cloud-based AI services that can make generative AI more accessible to a broader audience. Despite the numerous benefits of generative AI, the technology also raises ethical concerns, particularly regarding the misuse of AI-generated content. The ability to create highly Yakov Livshits realistic deepfakes and manipulated media has significant implications for misinformation campaigns, identity theft, and damage to an individual’s reputation or privacy. Addressing these concerns requires a multi-faceted approach, involving collaboration between technology developers, policymakers, and society at large. Implementing strict regulations, ethical guidelines, and responsible AI practices are essential to mitigate potential harms and maintain the trustworthiness of generative AI applications.

Generative AI Market 2023 Scenario of Top Manufactures: Synthesia, Genie AI Ltd, MOSTLY AI Inc., IBM

• The extensive spectrum of analysis regarding the impact of these advancements on the future of market growth. Our market research methodology is designed to provide the clients with comprehensive and accurate information
on various industries and markets. It includes data collection, primary interviews, macro-economic factor analysis,
country-level data analysis etc. Continuously evaluate how well AI-generated content is performing by monitoring engagement metrics, conversion rates and audience comments to spot areas that need development.

NLP is a powerful generative AI tool with numerous text and speech generation applications. Deep learning advances have resulted in the development of neural NLP models, such as Recurrent Neural Networks (RNNs), and transformer models, such as BERT, developed by researchers at Google AI Language and GPT-3, developed by OpenAI, a U.S.-based AI company. These models significantly enhanced the accuracy and efficiency of NLP-based generative AI applications, propelling the growth of the segment. In addition, various startups are developing applications that are based on OpenAI’s ChatGPT or related conversational chatbots that take images or text as input and generate text. Such solutions resolve common issues, automate routine customer inquiries, and offer personalized support to develop customer satisfaction. GenAI-powered conversational bots accelerate customer data analysis and provide insights to improve business processes.

Transformers have shown impressive performance in capturing long-range dependencies in sequential data and have been widely used in various language generation applications. The generative adversarial networks (GANs) segment is expected to dominate the generative AI industry with a CAGR of 23.1% from 2022 to 2033. At S&P Global Market Intelligence, we understand the importance of accurate, deep and insightful information.