Generative AI has generated a lot of hype in the past few months. A relentless propaganda regarding its utility was accompanied by an equally loud anguish over its perceived perils. Do we let these anticipated risks blind us to the real value of generative AI?
Let us look at some Generative AI predictions from Gartner.
- By 2025, 30% of outbound marketing messages from large organizations will be synthetically generated, up from less than 2% in 2022.
- By 2030, a major blockbuster film will be released with 90% of the film generated by AI (from text to video), from 0% of such in 2022.
These statistics clearly show that Generative AI is set to be a huge influence in the future. The value of Generative AI is no longer limited to industry-wide or societal transformations. It will be interesting to see how this technology will open up new avenues of interaction with Big Data and information.
Let us look at 5 use cases for Generative AI in different industries.
Drug Design
According to a 2010 survey, the average cost of taking a drug from discovery to its market is $ 1.8 billion. This process takes 3 to 6 years, but using Generative AI reduced the discovery timeline to a few months. Consequently, the cost was reduced considerably.
Material Science
Have you heard of a process known as Inverse Design? This process defines the properties required for an automotive, defense, aerospace, medical, energy, defense, or electronics project and then discovers materials likely to have these properties. Rather than relying on serendipity, Generative AI uses this technology to compose new materials specific to the required physical properties.
Chip Designing
By using a process called reinforced learning(a machine learning technique), Generative AI can optimize component placement in the chip design of a semiconductor. This will reduce the product development life-cycle from weeks to hours.
Synthetic Data
All of us know about data and the need to keep it secure. Synthetic data refers to generated data, those that are not derived from regular observations of the real world. Thus, the original data sources stay protected. This synthetic data is of great help in the healthcare industry. By generating synthetic data for research and analysis, the identity of patients whose medical records have been used can be kept a secret.
Generative Design
Certain industries like manufacturing, automobile, aerospace and defense can use Generative AI to design parts based on specified goals and constraints. For example, automakers can use generative design to make vehicles more fuel efficient by innovating lighter designs.
Other industries where Generative AI is already making quite an impact include BFSI, entertainment, gaming, life sciences, and healthcare. In the BFSI segment, it is used to detect financial fraud, automate customer services, and develop personalized plans. In gaming and entertainment, it is being used to improve game mechanics by creating immersive and realistic virtual environments. Generative AI contributes further to healthcare by predicting disease outbreaks, diagnosing serious medical complications, and developing personalized medicine.
What the future holds?
The advent of ChatGPT marks a significant milestone in generative AI. Despite the growing popularity of ChatGPT, it is crucial to note that the applications of generative AI extend well beyond ChatGPT.
Prominent generative AI tools, including Murf, Assbly AI, DALL.E-2, StockAI, Jasper, Grok and more, are leading the way as early adopters of this technology. These tools showcase the diverse range of applications made possible by generative AI, fueling innovation and presenting numerous use cases.
The momentum gained by Generative AI is tremendous. It is almost unstoppable and expected to grow in the near future. While legal and ethical issues are yet to be resolved, a growth in Responsible AI Principles like transparency, ethics, and accountability is expected to guide future Generative AI developments. This will result in some spectacular applications like improved drug discovery, quick language translations, efficient document processing, and almost human-like virtual assistants.
Generative AI is expected to do more than just write essays. They will impact all aspects of our lives by rendering such services as making hotel reservations, planning travel routes, suggesting insurance plans, setting up medical routines, and much more. Personalized content generation will constitute an important part of the future of Generative AI. by generating content based on individual preferences and likings, it will revolutionize how we consume media. The possibilities are endless, and there is much to look forward to from this futuristic technology.
To conclude
We are looking at revolutionary transformations in data analysis and innovative idea generation using Generative AI. With ongoing advancements in Generative AI, we can expect even more disruptive changes in the years to come.
