It appears that leading companies in construction, travel, retail, healthcare, and energy production have acknowledged the importance of generative artificial intelligence (AI) in enhancing productivity and shaping consumer behavior. Despite recognizing its potential benefits, these companies are struggling to bear the high costs associated with this technology and the accompanying challenges.
According to a report in The Wall Street Journal, AI generative technology has gained significant attention this year as a groundbreaking technology across various economic sectors, promising to elevate productivity to unprecedented levels by performing various tasks and improving work methods. However, due to the high costs of AI and the ongoing need for specialized engineers in the field, along with legal risks and concerns about data privacy, progress in this field is still limited. Many organizations are cautious in experimenting with these new solutions.
Nevertheless, there is no doubt that generative AI will completely transform the landscape in economic technologies. Some companies have started incorporating AI into their operations for coding, programming, creating marketing content, and providing customer support. By the end of 2023, global spending on generative AI reached $19.4 billion, and this figure, including generative AI software and associated equipment and services, is projected to jump to $151.1 billion by 2027, with an annual growth rate of 86.1% over four years.
The author notes that most companies are currently testing the limits of this technology, expanding their investments in generative AI and cloud computing to better organize their databases and assess cybersecurity. Many experts and pioneers in the field anticipate that 2024 will be the year where generative AI proves its significance and justifies the substantial investments made in it.
The author highlights five companies that have successfully integrated generative AI into their products. Among these companies are travel agency Expedia, healthcare system Mass General Brigham, and construction software firm Bentley Systems.
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