Digital Lifescapes

Artificial Intelligence (AI) is a powerful tool to drive digital business growth, make better decisions, and personalize offerings to customers. As a result, forward-thinking CEOs are now actively pursuing AI investments to gain a competitive advantage. Generative AI apps originated with tools such as ChatGPT and Stable Diffusion. According to the latest worldwide market study by ABI Research, Generative AI is forecast to add more than $450 billion to the enterprise market across twelve different vertical industries over the next seven years. Gen AI already has hundreds of compelling use cases across these enterprise verticals. But accuracy, performance, and enterprise readiness will mean that use cases will come in three distinct waves. Generative Artificial Intelligence Market Development "Content-heavy verticals like marketing and education are already seeing disruption across a range of job roles in the first wave of adoption," said Reece Hayden, senior analyst at ABI Res...

Chatbots are now integrated within messaging software, mobile apps, websites and online services that use Digital Assistants as a form of communication. Chatbots can also be hosted on APIs in a variety of digital channels such as Over-the-Top messaging apps and telecom provider Rich Communications Services platforms. According to the latest worldwide market report by Juniper Research, global retail spend over chatbots is forecast to reach $12 billion in 2023 -- that's growing to $72 billion by 2028. AI Chatbot Market Development Increasing by 470 percent over 5 years, much of this growth will be driven by the emergence of cost-effective open language models, most notably ChatGPT, in regions such as North America and Europe. Open language models consist of large neural networks that are trained on substantial quantities of online information and learn through low levels of human supervision. According to the Juniper assessment, they are implemented into chatbots to automate function...

ChatGPT is trained to follow instructions in a 'prompt' and provide a detailed response. Prompt Engineering is a concept in artificial intelligence (AI), particularly natural language processing (NLP). While this topic has gained much attention, it's merely a sub-sector of the greater AI market upside. According to the latest worldwide market study by International Data Corporation (IDC), global spending on AI -- including the software, hardware, and services for AI-centric systems -- will reach $154 billion in 2023, that's an increase of 26.9 percent over 2022. The ongoing incorporation of AI into a wide range of products will result in a compound annual growth rate (CAGR) of 27 percent over the 2022-2026 forecast period, with spending on AI-centric systems expected to surpass $300 billion in 2026.   AI-Centric Systems Market Development "Companies that are slow to adopt AI will be left behind – large and small. AI is best used in these companies to augment human ...