Transforming Industries: Real-world Applications of Generative AI Technology

Artificial intelligence is everywhere, quite literally! Whether you’re scrolling through social media, shopping online, or using an investment or financial platform, there are crumbs of AI almost everywhere in one way or another!

Generative AI applications have emerged as a driving force behind transformative changes in various industries. Its ability to generate content, simulate human creativity, and make predictions based on vast datasets is revolutionizing how businesses operate.

In this blog, we’ll explore real-world applications of Generative AI across different sectors, backed by accurate statistics and examples.

• Healthcare

Healthcare is one of the prominent industries where generative AI holds massive potential. Whether it’s speeding the drug discovery process, simplifying clinical trials, bringing more privacy to patient data, enabling early detection of disease, or creating realistic medical images, generative AI is already being used in many areas.

According to MarketsandMarkets, AI in the healthcare market is projected to grow at a CAGR of 47.6%, reaching the mark of 102.7 billion by 2028.

Examples of AI-driven healthcare platforms include:

PathAI: Leveraging AI for improving patient outcomes.

IBM’s Watson for Oncology: Utilising various medical guidelines, data, and literature to give treatment recommendations, powered by AI.

• Finance

The finance or fintech sector is currently under a transformation, thanks to AI’s advanced algorithms and machine learning capabilities.

In the financial sector, Generative AI is being employed for tasks like algorithmic trading, fraud detection, and risk assessment.

A report by PwC estimates By 2030, AI has the potential to add a staggering $15.7 trillion to the world economy, surpassing the combined current economic output of China and India.

The influence of AI on the fintech sector is truly groundbreaking, ranging from transforming customer service through AI-driven chatbots to revolutionizing investment management practices.

Examples:

JP Morgan Chase is currently leveraging AI for fraud detection. It’s also one of the first banks to roll out an AI chatbot for its users.

• Marketing and Advertising

Generative AI is already a widely recognized term, thanks to platforms like ChatGPT, Bard, Dall-E, and more. Numerous industries are harnessing the power of this technology, and marketing and advertising are certainly no exception.

Generative AI is transforming the way content is created and personalized for target audiences. OpenAI’s GPT-3, for instance, can generate human-like text, making it a powerful tool for content marketing.

A survey by Hubspot found that 90% of CMOs find generative AI extremely useful for content ideation and content generation.

Examples:

Shopify’s store owners are encouraged to use generative AI for creating SEO-friendly content to attract customers.

Coca-Cola is using generative AI to add a touch of personalisation to their product packaging.

• Entertainment and Gaming

In the entertainment industry, Generative AI is used to create realistic computer-generated imagery (CGI) and generate scripts. For instance, in the video game industry, AI is used to create non-player characters (NPCs) with human-like behaviours.

Also, according to a prediction by Gartner, by 2030, a major blockbuster film will be released with 90% of it produced with AI! Astonishing, isn’t it?

Example:

Streaming platforms like Netflix are using AI algorithms to enhance their content delivery.

These are some of the prominent industries that can hugely benefit from implementing AI. Generative AI is not just a technological advancement; it’s a game-changer across industries.

From healthcare and finance to marketing and entertainment, its applications are reshaping how businesses operate, innovate, and interact with their customers.

The statistics and examples provided demonstrate the tangible impact Generative AI is having on these sectors. As this technology continues to advance, we can expect even more groundbreaking applications that will further redefine our industries and the way we conduct business.

Having said that, the role of AI development companies is going to get even more prominent in the future. For industries looking to grow and scale, choosing the right development partner will be crucial.

Systango is a leading AI development company with the right expertise and industry experience. We have helped our clients across different industries build customized solutions leveraging the power of generative AI.

If you’re also interested in developing custom AI solutions, you can get in touch with us here:

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