28 Nov, 2023 Companies invest in and integrate GenAI to advance applications or products, finds GlobalDataPosted in Business Fundamentals
The rise of generative artificial intelligence (GenAI) has spurred a debate on its risks and benefits among companies. Simultaneously, a wave of adoption is observed, with companies delving into advanced language models like ChatGPT. As discussions around transformative technologies intensify, businesses grapple with navigating the potential and challenges presented by GenAI, marking a pivotal moment in the integration of cutting-edge AI solutions, according to GlobalData, a leading data and analytics company.
An analysis of GlobalData’s Company Filings Analytics Database reveals that companies are centering their discussions on GenAI-driven product development. While some are investing in and enhancing existing products, others are introducing entirely new offerings powered by GenAI.
Misa Singh, Business Fundamentals Analyst at GlobalData, comments: “Companies are embedding Gen AI technologies into their platform. Meanwhile, they also seem to be considering ChatGPT to be useful in a variety of applications such as chatbots, virtual assistants, customer service, and content creation.”
For instance, Samsung unveiled its Generative AI model “Samsung Gauss” which it plans to launch in the coming months. Thomson Reuters Corp is implementing GenAI into legal research products. It will create a single AI capacity for legal research. Alphabet Inc’s new product studio uses GenAI to create tailored eye-catching imagery for free. This product can be beneficial for medium-sized businesses to create high-quality images.
Accenture Plc announced a $3 billion investment in AI. It has GenAI technology-related projects across all industries with banking, public service, consumer goods, and utilities leading the activity. Additionally, it is collaborating with Telefonica Brazil, popularly known as Vivo, to provide GenAI solutions.
NVIDIA is spending and investing billions in R&D to optimize generative AI for training and inference scale. Microsoft is investing in AI across the entire company and integrating GenAI capabilities into its consumer and commercial offerings. The tech giant is also increasing the use of GenAI models in its internal systems to create a new attack method for adversaries.
Meta is making significant investments in AI initiatives, including GenAI. It has introduced AI Sandbox, which is a testing playground for GenAI-powered tools like automatic text variation, background generation, and image outcropping.
Singh concludes: “Companies are not only investing and enhancing existing products but also venturing into uncharted territories with new GenAI-powered offerings. This era signifies a transformative shift where businesses, fueled by adaptability and innovation, navigate the uncharted waters of advanced AI solutions.”