Beyond ChatGPT: How Will Generative AI Change the World
The global generative AI market size reached US$ 10.3 Bn in 2022. The market Expected to reach US$ 30.4 Billion by 2028 | (CAGR) of 20.01%
SHERIDAN, WYOMING, UNITED STATES, April 25, 2023 /EINPresswire.com/ — 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 relies on generative adversarial networks (GANs) and has a simple and modern user interface for generating high-quality content within a short time. It assists in providing optimization, offering personalization, and facilitating prediction and decision-making in various organizations. It 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.
According to the latest report by IMARC Group, the global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.
Generative AI Market Trends:
• The rapidly evolving artificial intelligence (AI) field possesses the immense potential to help organizations spontaneously generate content, improve customer service, and develop new products, which otherwise require an extensive planning process. It also enables businesses to save time and expenses associated with hiring appropriate employees for composing content and creating graphics that are used in marketing campaigns and other projects.
• GenAI is considered a major game-changer for businesses, as it has the potential to increase efficiency and productivity, reduce costs, and create new opportunities. Businesses that are capable of effectively leveraging technology are likely to gain a significant competitive advantage.
• One of the most popular examples of GenAI is ChatGPT, developed by OpenAI, which took the world by storm when it was initially released. It can produce authentic content in response to queries by collecting data via interactions with users. It can develop blogs, sketch package designs, create applications, write computer codes, and present solutions for production errors.
• It contributes unique value, especially in the area of media creation. It assists designers, writers, artists, and composers in overcoming creative barriers while creating something novel. It also enables creators in producing accurate artistic expression and operating as the head of their own studio.
• GenAI, when used skillfully, helps creators of all kinds to iterate faster, not just in the early brainstorming stages but also in the high-stakes development stages.
• It holds the potential to become the best assistant for writers by providing concise and authentic material and eliminating the hassle of researching an extensive amount of content from numerous websites.
• GenAI technology makes it feasible to create films of different ages and mimic their original voice and match with a lip-sync by utilizing voice cloning and face synthesis.
• It is widely adopted by enterprises to utilize it for a variety of tasks, including marketing, customer service, sales, learning and client relationships.
• GenAI is also employed for performing numerous basic tasks, such as writing generic emails, finding recipes, and creating basic prototypes of designs.
Conclusion:
Although GenAI presents an immense amount of ethical and practical challenges to education institutions, it is still considered a revolutionary tool around the world for achieving opeportation, fashion, and construction. Consequently, the generative AI market is experiencing remarkable growth. For more information, visit: https://www.imarcgroup.com/generative-ai-market
Elena Anderson
IMARC Services Private Limited
+1 631-791-1145
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