Generative AI is a form of artificial intelligence that generates content based on inputs, such as text, voice, and images. Generative AI models use neural networks to understand the literal meaning of the input as well as its intent.
Generative AI became a household name with the launch of ChatGPT in November 2022. The free version of ChatGPT allowed anyone to explore the possibilities with generative AI. It also elevated awareness of all solutions in the space, including those designed for business or trained for particular domains. Some examples include:
- OpenAI – OpenAI products include ChatGPT and image generation solution DALL-E.
- Google Product Studio – This tool helps merchants create product imagery for e-commerce.
- Bard – Google has also developed Bard, an AI tool that uses natural language processing to provide quick, contextual responses.
- Jasper – A top choice for marketers, Jasper assists with blog and email writing and SEO optimization.
- Glean – This tool makes searches of internal workplace data easier to help employees find information quickly.
- ChatSonic – WriteSonic offers this AI chatbot that can understand content and nuances of language.
Generative AI Statistics
The generative AI market will grow from $11.3 billion in 2023 to $51.8 billion by 2028, a 35.6 percent CAGR. Source: MarketsandMarkets
The Asia Pacific market is the fastest growing for generative AI. Source: Acumen
VC firms invested more than $1.75 billion in generative Ai over three years. Drug discovery and software coding received the biggest investments. Source: Gartner
By 2025, 30 percent of outbound marketing messages will be synthetically generated. Source: Gartner
By 2025, 10 percent of all data will be generated by AI. Source: Enterprise Apps Today
By 2030, a blockbuster film will premiere, with 90 percent of the file generated by AI. Source: Gartner
Gen Z leads generative AI adoption in the workplace in 2023 with 29 percent, followed by Gen X at 28 percent, and millennials at 27 percent. Source: Statista
The majority of U.S. adults, 62 percent, believe AI in the workplace can save time, and 47 percent say AI should replace redundant tasks to increase productivity. Source: Insider Intelligence
Marketing and advertising leads generative AI adoption in the U.S. by industry in 2023 at 37 percent. Technology follows at 35 percent, consulting at 30 percent, teaching at 19 percent, accounting at 16 percent, and healthcare at 15 percent. Source: Statista
Marketers are using generative AI to produce content: 55.4 percent use it to write short-form content for social media or product descriptions, and 57 percent use it for long-form content like blogs, white papers, and e-books. Additionally, 88 percent of marketers say it saves their companies time and money. Source: Insider Intelligence
Men are more likely than women to trust generative AI, 60 percent vs. 40 percent, respectively. Source: Insider Intelligence
Despite economic uncertainty, 63 percent of U.S. tech professionals plan to increase AI spending in 2023, driven by changes in business strategy, digital transformation, and inflation. Source: Verta
According to research for the State of AI in the Enterprise, 5th Edition, 94 percent of respondents says AI is critical to business success, 82 percent say AI increases job satisfaction, but 47 percent say AI is a concern. Source: Deloitte
The top barriers to AI adoption are: Lack of skills, Unclear ROI, Complexity, Lack of governance, Fear of job replacement. Source: CompTIA
The majority of workers, 82 percent, are concerned about hackers using generative AI to create scam emails. Source: IT Pro
Among U.S. adults, 56 percent believe that AI-generated content may contain bias or inaccuracies. Source: Insider Intelligence
The majority of workers, 82 percent, are concerned about hackers using generative AI to create scam emails. Source: IT Pro
