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February 23, 2024
Year Two of the AI Revolution: What to Expect for GenAI in 2024 - Workflow™
Summary
In 2023, generative AI emerged as a powerful force in the business world, drawing significant investment and interest for its advanced predictive capabilities based on large learning models (LLMs). The technology's ability to understand context and predict subsequent parts of a conversation marked a notable evolution from earlier chatbots. Investment in generative AI was robust, with companies pouring nearly $16 billion into the technology, and projections by Bloomberg Insights expect spending to soar to $1.3 trillion by 2032. Despite the considerable hype and rapid growth, experts predict that the generative AI sector won't experience a downturn in the immediate future, as enterprises are poised to further develop infrastructure and refine LLMs for enhanced performance.
Heading into 2024, industry thought leaders, including Brian Solis from ServiceNow, predict that generative AI will continue to disrupt traditional business models and drive innovation. While change in legacy businesses tends to be slow, the pressure to evolve persists as disruptive technologies like generative AI challenge conventional processes and mindsets. December 2024 may not look drastically different from the previous year, but the implementation of generative AI is expected to automate existing processes and, more importantly, sow the seeds for transformative business models. Solis emphasizes the division between companies that merely use generative AI and those that leverage it to create new possibilities, suggesting that this is a critical moment for establishing new market leaders and redefining what it means to be a business in the modern era.
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