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Dr. Kavita Ganesan, Founder of Opinosis AnalyticsWatch Now
11:39 Minutes The average reading duration of this insightful report.
By acquiring 100+M users in first 3 months of launch, ChatGPT has brought the field of Generative AI (GenAI) into mainstream awareness. The adoption of ChatGPT and similar applications have positioned Generative AI (as well as “Deep Learning”) as the newest disruptive tech after cloud computing.
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After the internet, mobile and cloud, GenAI could become the next platform for the coming decade. It will improve productivity and base line the quality of output.
Generative AI, a field of Artificial Intelligence, refers to computational models that are trained on massive amounts of input data (300bn words in the case of ChatGPT). They can synthesize data, draw inferences and create new outputs in the form of text, images, video, audio, new data and even code.
Two architectures have made GenAI immensely valuable
ChatGPT, for instance, uses the transformer model along with Human Feedback Reinforcement training to generate high quality outputs. Training a model requires intensive computational power (supercomputers were used to train GPT3) and significant investments (OpenAI being a key example). But once a model is trained, it can be optimized for a larger user base. Download Complete Research
The market is expected to grow from $8B in 2022 to $109B in 2030 at a CAGR of 34.6%. Key facts as follows
Need for content synthesis
We generate ~2.5 quintillion bytes of data every day on the internet. This not only makes searching for information tough but also makes inferring tougher, for regular users. GenAI tools can search, synthesize and compose an answer.
Democratization of content creation
We are moving from a search and retrieval economy to an infer and compose economy. People used to prompt algorithms to search and retrieve information but now they can prompt algorithms to infer and compose information.
Digital natives prefer tools that enable instant creation of content e.g. Tik Tok. ChatGPT can generate a word in 350ms after processing database of 300B words.
Access to massive computational power
The ability to instantly process and compose information using cloud computing.
Evolution of deep learning neural networks
Large Language Models have become openly available. These models help organize much of the internet’s information and develop patterns to mimic human decision-making.
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GenAI will fundamentally change several functions in enterprises leading to improved productivity and performance of employees. A Few areas of business where it will have the biggest impact are as follows:
Gen AI will lead to more automation in content creation. It will not only reduce the cost of content creation but also increase the quality & variety of content created. Generative AI based DIY Apps are expected to emerge for marketing and design functions.
Marketing touchpoints like newsletter, websites, videos, metaverse etc. will get hyper-personalized. This will improve brand engagement and conversion ratio of the sales funnel.
Drug Discovery is a time-consuming process that can extend to 5-12 years. Gen AI can help identify potential drug candidates and test their effectiveness using computer simulations, thus saving time in the process. It has already led to tremendous real-world value, when the first mRNA covid vaccines were developed by programming mRNA molecules to express the specific antigen response. By 2025, more than 30% of new drugs and materials could be systematically discovered using GenAI techniques, up from zero today.
IT products and services could see the biggest impact. Below are some scenarios that may unfold.
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Healthcare transforms with a focus on accessibility, prioritizing IT, the global market is projected at USD 975 billion by 2027. AI and machine learning, expected in 90% of US hospitals by 2025, streamline chronic condition diagnoses. Emerging technologies drive change, influencing preventive and home care in the healthcare landscape.
Healthcare IT is a top priority for providers. Nearly 80% of healthcare providers consider it one of their top 5 strategic priorities, with investments in software including revenue cycle management, security and privacy, patient intake/flow, clinical systems, and telehealth. AI, ML, and IoMT are rapidly developing and expected to be used in 90% of US hospitals by 2025. The global mHealth apps market is growing, primarily driven by the adoption of fitness and medical apps. Technology can improve patient care, reduce medical errors, and expand hospital boundaries. However, data interoperability and regulations are necessary, and patient engagement is crucial for a better healthcare system. Download Complete Research
Empowering customers through GenAI
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Discover the revolutionary world of Web3 in this compelling paper, where we delve into its fundamental building blocks and crypto tokens that underpin this decentralized paradigm shift. Explore the exciting enterprise use-cases harnessing the true potential of Web3 technology, revolutionizing industries and unlocking unprecedented opportunities.
Web3 represents a decentralized web powered by blockchain, enabling decentralized participatory communities. It promotes user control over data, governance, and transactions. The transition from Web2 to Web3 encompasses decentralization of user data and content, finance and currency systems, and immersive user experiences. Web3 leverages crypto tokens, digital assets issued on blockchains, and utilizes smart contracts for decentralized finance. These tokens are essential for Web3 and its growth. Web3's potential lies in building digital communities, disrupting economic representation, and co-creating value within token networks. Blockchain underpins Web3, ensuring secure transactions and smart contracts. Non-Fungible Tokens (NFTs) play a role in ownership and provenance of digital assets.
The growth of crypto markets until 2021 was remarkable, but the web3 community remains relatively small. By November 2021, about 7 million people were using token wallets monthly. Crypto is volatile, with fundamental flaws and regulatory challenges. The complexity of web3 poses risks in regulation, technology, and security. EU, USA, and China may not fully support crypto. However, digital tokens can still find a counterculture of users valuing crypto custody and communities. Web3's potential to benefit the public is uncertain. Adoption paths vary, and tokens could disrupt traditional systems, but regulatory hurdles and fraud might impede progress. VC investments in web3 exceeded $18 billion in H1 2022, indicating significant interest and potential. Download Complete Research
Tokens are most impactful when they unite micro-communities to create long-term value. However, many token projects remain immature and fail to generate value due to the absence of robust economies. Centralized enterprises and their brands could play a significant role in web3 by building token ecosystems around their communities, blurring the line between utility and investment. Brands can use NFTs for reinvented customer loyalty programs and create DAOs for crowdsourcing productivity. Successful token development depends on an engaged community, and brands can incentivize fans to participate actively. Notable brands like Nike and Starbucks are already exploring web3 and NFTs. Mainstream and decentralized brands are recognizing the potential of engaging with digital-native fan communities in the web3 space. Download Complete Research
Web3's tokens hold enormous potential but also significant risks. Users are responsible for token custody and must secure them cryptographically. Cybercrimes can lead to substantial financial losses. Token fraud and money laundering are concerns due to anonymity. Regulatory challenges are growing, with potential impacts on tax codes and transactions.
Author@lab45: Ankit Pandey
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