Artificial intelligence (AI) is revolutionising the way we live, work and interact. Ready or not, the technology is here and now. The question remaining is ‘how can we maximise its potential?’
The next 3-5 years will witness a monumental shift across industries, directly attributable to advancements in AI.
Today, we are standing at the forefront of this transformative wave, having recently reached a tipping point in the evolution of AI models. This tipping point has been brought by the convergence of significant computational power, accessibility to vast datasets, and notable progress in natural language processing.
In this transformative landscape, one recent advancement stands out for its promise and potential: generative AI. A significant breakthrough in the field of artificial intelligence, generative AI enables machines to create new content. However, it is crucial to acknowledge that generative AI models are still in their infancy and not yet fully secure for business applications. It is important to address concerns and implement proper guardrails before fully embracing generative AI to mitigate any negative societal impacts. While these concerns exist, it is important to recognise that new technologies such as generative AI also offer substantial benefits and have the ability to empower the world.
This report is the first in a series of insights that take a deeper look at the opportunities, applications and considerations that organisations should be addressing as we journey into this new era where the landscape is changing on a weekly basis. Whilst we don’t have all the answers, we take a unique look at how it can assist organisations operating across various sectors.
The generative wave: How AI is transforming businesses of tomorrow
- GHD Digital estimates that advancements in generative AI have the potential to revolutionise the global economy, potentially driving a five to six percent increase in global GDP over the next ten years.
- GHD Digital estimates that the global market for generative AI to reach USD1.5 trillion in revenue by 2033 from USD50 billion in 2023.
- While 9 out of 10 executives are aware of the imminent disruptions that will arise from generative AI, only 5 out of 10 express confidence in their ability to successfully navigate and embrace this transformative technology.
- The ability of generative AI models to produce highly realistic content, such as text, images or videos, can be misused to create biased and misinformed content. According to GHD analysis, about 50% of generative AI-generated data is fabricated or inaccurate.