A lot of businesses re-written their product and technology strategies in this race mode. Within the technology's first few months, generative AI (gen AI) features stand to add up to $4.4 trillion to the global economy—annually.

DGTL Team prepared a summary of top articles and reports on the subject describing the sentiment and direction of GenAI into 2024.

Gen AI finds its legs

The advanced machine learning that powers gen AI–enabled products has been decades in the making. But since ChatGPT came off the starting block in late 2022, new iterations of gen AI technology have been released several times a month. In March 2023 alone, there were six major steps forward, including new customer relationship management solutions and support for the financial services industry.

The road to human-level performance just got shorter
For most of the technical capabilities shown in next chart, gen AI will perform at a median level of human performance by the end of this decade. And its performance will compete with the top 25 percent of people completing all of these tasks before 2040. In some cases, that's 40 years faster than experts previously thought.

Full automation of knowledge work is now in sight

Previous waves of automation technology mostly affected physical work activities, but gen AI is likely to have the biggest impact on knowledge work—especially activities involving decision making and collaboration. Professionals in fields such as education, law, technology, and the arts are likely to see parts of their jobs automated sooner than previously expected. This is because of generative AI's ability to predict patterns in natural language and use it dynamically.

Some industries will gain more than others

Gen AI's precise impact will depend on a variety of factors, such as the mix and importance of different business functions, as well as the scale of an industry's revenue. Nearly all industries will see the most significant gains from deployment of the technology in their marketing and sales functions. But high tech and banking will see even more impact via gen AI's potential to accelerate software development.

Here are some stats and facts about current trends and heading of GenAI. Gen AI is a big step forward, but traditional advanced analytics and machine learning continue to account for the lion's share of task optimization, and they continue to find new applications in a wide variety of sectors. Organizations undergoing digital and AI transformations would do well to keep an eye on gen AI, but not to the exclusion of other AI tools. Just because they're not making headlines doesn't mean they can't be put to work to deliver increased productivity—and, ultimately, value.

Stay tuned for the next updates in this GenAI space – especially as they are coming almost constantly.