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Generative AI is a type of AI that generates new and unique content drawn from the data available. It falls in the broad category of machine learning that analyzes prompts and uses various permutations and combinations to provide relevant and contextual results. The technology has existed for many years with the first popular example dating back to 1966 when MIT revealed Eliza, a chatbot that simulates talking to a therapist. Generative AI has gained significant popularity in the recent past buoyed by the successful launch of OpenAI’s ChatGPT and Google’s Bard among others. It is in high demand due to its wide range of applications across various industries, and is expected to reach a market capitalization of $109.37 billion by 2030 as per Grand View Research, a significant leap from its $10.14 billion value in 2022 at a CAGR of 35.6%.
8 business benefits of Generative AI
Microsoft plans to introduce Generative AI capabilities into its Microsoft Office offerings. Salesforce plans to integrate Generative AI into its CRM solution while HubSpot plans to utilize Generative AI to further boost its platform’s capabilities. As per Tech Crunch, Industry leaders are loosening their purse strings to invest big in Generative AI. The time is rife for businesses looking to explore the capabilities of AI to take the plunge using Generative AI and utilize the many hues of this transformative technology.
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