Over the past year, generative AI – artificial intelligence that creates text, sound and images – has moved from being an “interesting concept” to being deployed in retail sectors, health, finance and others.
By generating new content in seconds, identifying patterns in large data sets, automating repetitive tasks, improving customer interactions and reducing costs, GenAI can improve the bottom line of any business.
As a result, enterprise spending on GenAI solutions is increasing, expected to reach $151.1 billion by 2027. according to an IDC forecastwhich translates to an annual growth rate of 86.1% over the three-year period.
