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Generative AI Facts that you Have to Know in 2024

In this post:

  • Generative AI isn’t new technology; it’s been here since the 1960s and has gained widespread adoption in late 2022.
  • AI is a growing market, currently valued at $298.25 billion and is expected to grow four-fold within the next decade.
  • AI and automation is the perfect duo in tackling repetitive tasks and it makes sales operations more effective.

Generative AI or artificial intelligence is everywhere. It has been one of the most widespread topics since late 2022. It became a vital part of almost every industry worldwide. It is changing how organizations operate and how people work. For example, it’s used in creating content and images for marketing purposes and it makes handling large sets of data easy. In addition, it compliments automation perfectly.

Brief history of artificial intelligence

Generative artificial intelligence has existed since 1964. The German American computer scientist and professor at MIT Joseph Weizenbaum created the first chatter bot or chatbot named Eliza. He used natural language processing computer software to create the chat bot. The goal of the project was to have a method of communication between humans and machines.

Fast forward to now generative AI has gained massive adoption especially in the tech sector. This adoption was driven by the release of ChatGPT from Open AI on November 30th of 2022. ChatGPT has achieved massive success, and broke the record of gaining 1 million users in less than seven days. According to Reuters, ChatGPT gained around 180.5 million users by last August. 

Some of the popular generative AI tools include MidJourney, Hugging Faces, Quillbot, Character.AI and CapCut. According to the number of site visitors, ChatGPT takes the first place with 14.6 billion visitors from 2022 to August 2023. Character.AI takes the second place with 3.8 billion visitors while QuilBot has 1.1 billion visitors. Midjourney comes in fourth place with 500.4 million visitors.

Economic facts

According to a recent report, the artificial intelligence market size is currently valued at $298.25 billion. The AI market has achieved a 43.46% change over the previous year. By 2032 the AI market size is expected to reach $1.3 trillion. The market comprises three areas, including hardware, software and services. This means that AI could generate income that surpasses the GDP of entire nations. Statista reported that the total revenue of the generative AI market in 2024 is standing at $137 billion. 

Generative AI and automation facts

Generative AI works perfectly with automation. Anybody today can use programming that automates prompting ChatGPT. At a bigger scale, generative AI makes process automation more powerful in various sectors. For example focusing on specific tasks that deal with text and image creation can be easily automated for marketing purposes. Other tasks that require extensive paperwork like data management in HR or legal departments could be automated too. 

According to a report from Goldman Sachs, AI could automate 44% of legal tasks and 46% of administrative tasks. Physical intensive work like construction and maintenance could be automated by 6% and 4% respectively. A total of 18% off work around the world could be automated using AI.

Generative AI and sales facts

The sales sector Is flooded with tools that depend heavily on generative AI. According to a HubSpot survey, 85% of sales people say that AI makes prospecting more effective and 79% say AI helps them work on the actual sales cycle more and generate positive outcomes. Another 72% of sales people said that AI makes building rapport way fast. 

To sum things up we understand that generative artificial intelligence is becoming a vital part of almost every industry around the globe. It’s a growing industry that will have a gigantic market share of $1.3 trillion within the next 8 to 10 years. It is making work easy for marketers, sales peoples, lawyers and almost all other professions. 

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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