Industrial Use of Generative AI : Opportunities and Risks
1 OVERVIEW
Since the launch of ChatGPT in late 2022 , Generative AI has emerged as a focal point of technological innovation , drawing broad and intense interest from businesses , governments , and the public . Investment banking firm Goldman Sachs estimated that Generative AI could potentially boost the annual global GDP by 7 % 1 . Similarly , McKinsey ' s latest research suggests that Generative AI might add up to $ 4.4 trillion to the global economy annually 2 . An estimate by Hootsuite indicates that over 110 million Americans could be directly interacting with generative AI by 2025 3 . These projections provide a glimpse into its transformative power and prospective impact on global economies .
At its core , Generative AI offers more than analytics or task automation ; it can produce novel content , solutions , and insights , making it a powerful tool in a myriad of domains . From the creation of art , music , and literature , to the design of complex pieces of software , equipment and even therapeutic proteins , Generative AI is reshaping the boundaries of what is possible through machine-driven creativity .
The economic and societal implications of this technology are profound . Businesses stand to benefit from unprecedented efficiencies , cost savings , and the ability to tackle previously insurmountable challenges -- from personalized product designs to the rapid prototyping of new medicines . The comparisons by MIT researchers , who liken the potential of Generative AI to the monumental shifts witnessed during the Industrial Revolution , offer perspective on how significant this AI wave is for the workforce 4 . An overwhelming 98 % of global executives surveyed by Accenture affirm their belief in the crucial role of generative AI in shaping their organizations ' future strategies 5 . Gartner ' s independent findings further validate this sentiment , with 45 % of executives crediting ChatGPT as a catalyst for heightened AI investment 6 .
1
https :// www . goldmansachs . com / intelligence / pages / generative-ai-could-raise-global-gdp-by-7- percent . html .
2
https :// www . mckinsey . com / capabilities / mckinsey-digital / our-insights / the-economic-potential-ofgenerative-AI-the-next-productivity-frontier #/
3
https :// blog . hootsuite . com / artificial-intelligence-statistics /
4
https :// www . cnbc . com / 2023 / 05 / 10 / mit-data-show-industrial-revolution-level-leap-for-workers-usingai . html
5
https :// newsroom . accenture . com / news / accenture-technology-vision-2023-generative-ai-to-usher-in-abold-new-future-for-business-merging-physical-and-digital-worlds . htm
6
https :// www . gartner . com / en / newsroom / press-releases / 2023-05-03-gartner-poll-finds-45-percent-ofexecutives-say-chatgpt-has-prompted-an-increase-in-ai-investment
Journal of Innovation 3