Over the past year, generative AI – artificial intelligence that creates text, audio, and images – has moved from the “interesting concept” stage to the deployment stage for retail, healthcare, finance, and other industries.
By generating new content in seconds, identifying patterns in large datasets, automating repetitive tasks, improving customer interactions, and reducing costs, GenAI can improve any company’s bottom line.
As a result, enterprise spending on GenAI solutions is on the rise, predicted to reach $151.1 billion by 2027, according to a forecast by IDC, which translates to an annual growth rate of 86.1% over the three-year period.
