Generative AI: The Future of Enterprise
Generative Artificial Intelligence (AI) is making waves in the enterprise market, with a projected investment of over $450 billion across twelve different sectors in the next seven years. While generative AI has gained traction in the business-to-consumer (B2C) market with applications like ChatGPT and Bard, its true economic potential lies in the enterprise sector.
According to Reece Hayden, Senior Analyst at ABI Research, generative AI is already disrupting job roles in content-heavy verticals like marketing and education. However, this adoption wave is just the beginning. The second wave will bring more external services into the enterprise market, allowing companies to build products and services around generative AI.
Industries such as healthcare and legal are expected to increasingly rely on generative AI for essential services like managing patient health trends and developing chatbots for healthcare queries. The third wave of adoption could be the most significant, as sectors like manufacturing and logistics embrace generative AI to automate and streamline processes. However, this also comes with inherent risks, including possible adverse outcomes of AI hallucinations.
To ensure successful deployment of generative AI in enterprises, ABI recommends a careful and measured approach that includes a defined corporate strategy encompassing usage, governance, legal policy, and expected business outcomes. With global regulations anticipated to take effect within the next two years, it remains uncertain how the generative AI market will evolve. Nevertheless, given its existing use cases and potential value creation opportunities, generative AI is set to become an integral part of verticals and business processes over the next seven years.
