The rapid pace of advancements in AI technology is truly stunning. Anyone expecting the interest in—or possibly the obsession with—the various iterations and implementations of of generative AI (GenAI) to die down placed a bet on the wrong team. We now confront a reality in which the opposite is true. News about new developments, new use cases, new companies, new discoveries, and new, well, just about everything related to AI, and not just GenAI, is escalating at breakneck speed.
According to Grandview Research, “The global artificial intelligence market size was estimated at USD 196.63 billion in 2023 and is projected to grow at a CAGR of 36.6% from 2024 to 2030. The continuous research and innovation directed by tech giants are driving adoption of advanced technologies in industry verticals, such as automotive, healthcare, retail, finance, and manufacturing” (grandviewresearch.com/ industry-analysis/artificial-intelligence-ai-market).
McKinsey, in its latest Global Survey on the current state of AI, confirms the explosive growth of GenAI tools. Some one-third of survey respondents reported that their organizations are using the technology regularly in at least one business function. Looking at executives in the C-suite, almost a quarter of them are personally using GenAI tools for work, and more than a quarter say that their board of directors has GenAI on their agenda. Investment in AI is increasing, according to 40% of survey respondents. McKinsey has concluded, from survey results, “The expected business disruption from gen AI is significant, and respondents predict meaningful changes to their workforces. ... Yet while the use of gen AI might spur the adoption of other AI tools, we see few meaningful increases in organizations’ adoption of these technologies (mckinsey.com/capabilities/quantumblack/our-insights/ the-state-of-ai-in-2023-generative-ais-breakout-year).....more here