The hot technology of the moment is Generative AI, also known as GenAI. This technology is gaining traction among both enterprises and individual users. The generative AI market is expected to grow dramatically over the next 10 years, reaching $1.3 trillion from a market size of $40 billion last year.
Generative AI is advancing rapidly, with 75 percent of US executives identifying it as a top-three emerging technology over the next 12 to 18 months. This technology has various use cases, including chatbots and virtual assistants, content development, data analytics, design and development, and predictive maintenance.
Companies like Avanade and Anaqua are leveraging generative AI to increase productivity and streamline operations. Avanade uses generative AI to integrate large language models with its data to discover insights and improve sales account planning. Anaqua, on the other hand, uses generative AI for rapid prototyping, testing, and market validation, as well as reducing manual and redundant work.
Generative AI has also led to advancements in code generation tools, allowing developers to automate some aspects of coding. This frees up developers to focus on more creative and innovative tasks. SAS, for example, is exploring code generation capabilities to deploy marketing content generation and create a chatbot for customers to interact with their tools using natural language.
Looking ahead, generative AI holds promise for technologies like digital twins, synthetic data generation, and large language models. The role of CTOs is crucial in managing expectations and deploying generative AI with caution. It’s important to experiment, learn, and develop an AI strategy that aligns with business objectives.
In conclusion, generative AI is a game-changing technology that is set to revolutionize industries across the board. From increasing productivity to automating coding tasks, the possibilities are endless. CTOs play a critical role in navigating the hype and successfully adopting generative AI for the benefit of their organizations.
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