When the concept of generative AI first emerged in the 1960s by its creator Joseph Weizenbaum, perhaps nobody then knew of its meteoritic rise as a revolutionary and transformative technology in the future. Today, experts hail it as a groundbreaking technology, considering its power to translate a user’s imagination into its realistic manifestation.
This blog discusses generative AI use cases, but let me start with some statistics about this technology.
What Does Statistics Say About Generative AI?
The Financial Times reviewed in its analysis that Generative AI investment, in the year 2022, catapulted beyond the threshold of $2 billion. World’s leading data gathering and visualization online platform, Statista has reported that the anticipated market growth of generative artificial intelligence (AI) to be around 900 billion U.S. dollars in 2023 and more than 1.3 trillion U.S. dollars in 2032.
The platform has attributed the rise of ancillary technologies, such as Google’s Bard, OpenAI’s ChatGPT, Midjourney, and other related technologies to the rise of generative AI worldwide.
The Wall Street Journal has also come up with its analysis of the OpenAI’s valuation concerning the company’s potential sale of certain shares to be around a whopping $29 billion, indicating the magnitude of interest from corporations and investors in generative AI technology.
Why is Generative AI Revolutionary?
The statistically represented revenue upshot of generative AI above lays the solid foundation for why this technology poses infinite possibilities. In fact, it is seen as being on the cusp of paving the path for building self-sustaining, autonomous, digital-only enterprises that would rule out any chance for active human interaction while interacting with humans.
Generative AI is a revolutionary technology based on its capability to help enterprises and businesses around the globe handle various tasks, including sales, customer service, marketing, learning, and client relationships.
From the health industry to real estate, a major section of business segments is in for cashing on the opportunities posed by this type of artificial intelligence. Moreover, it can generate pitch documents and product ideas, create marketing content, and help users create custom-driven advertising campaigns to ensure better conversion rates, and inflow of more venues.
In fact, the statistics above indicate the immensity of popularity and positive impacts Generative AI holds amongst worldwide investors, businesses, and people.
Use Cases For Generative AI As A Revolutionary Technology
Custom Software Engineering
Though it is still a hypothetical scenario, generative AI is set to eliminate the need for expensive human programmers in near future. The robust AI-assisted technologies will handle every aspect of software development. It will create a future of AI-powered automated software engineering to help businesses and people with innovative digital solutions.
Even in current scenarios, technology is lending immense help to enterprises. For instance, GitHub is using CoPilot which leverages OpenAI’s advanced machine learning models, such as GPT-3 and Codex for code generation.
Autonomous Content Generation Management
GANs (Generative Adversarial Networks), one of the generative AI models, is a powerful technology for creating new content, such as images, videos, and music. Dall-E, Stable Diffusion, or Midjourney are some of the most powerful and popular generative AI models.
AI tools with proven track record for generative impressive content, and to make the quality and diversity of generated content even better. Therefore, people in the creative field can leverage this revolutionary technology of generative AI to generate visual and informational content.
Generative AI models can convert text into human-like speech, meaning they are efficient in performing tasks, such as reading out texts, creating voice assistants, and so on. Google is already leveraging AI efficiency to empower its text-to-speech solutions, like translating text into natural-sounding speech in more than 200 voices across 40+ languages.
Recommended Read – What Is Q* (Q-star) AI?
Generative AI Use Cases Across Different Industries
- Logistics and Transportation – From converting satellite images into map views, generative AI helps logistics and transportation companies discover unknown places or navigate new areas more efficiently.
- Travel Industry – Generative AI technology can help travel companies easily identify and verify the identity of travelers, thanks to its ability to create a comprehensive image of travelers from pictures taken from different angles.
- Retail – The retail industry makes use of generative AI to improve its customer experience and offer personalized services to shoppers. The technology can also be used to study customer messages or related communication for cues, paving the path for easy discovery of phishing attempts or related fraudulent activities.
- Supply Chain – Businesses in the supply chain can leverage generative AI to predict demand for their specific products and services. This way, they can better optimize their supply chain functions. As it turns out, the use of the technology would mean greater productivity in business, in terms of reduced inventory costs, streamlined order fulfillment times, lower waste, and maintaining inventory aligned with the demands.
- Energy Sector – By leveraging generative AI, companies in the energy sector can efficiently control the variability of energy resources, optimize grid integration, and improve the distribution and transmission of electricity. In addition, the technology can also be useful in predicting energy market prices or optimizing trading strategies based on AI-curated historical data and market trends.
Based on the use cases for generative AI in different sectors intended to benefit people and enterprises around the world, it goes without saying that technology is positively impacting the world. From helping people improve their creative efficiency to enabling organizations to increase their business productivity, profitability, and decision-making, generative AI has been an instrumental part of these advantages.
If used smartly, the technology is profoundly useful in helping people reduce time and money, optimize efficiency, generate new ideas, solve critical problems, build new products, and do more beyond imagination.