Why Generative AI is the Next Big Thing

The introduction of OpenAI plugins is causing another revolution in the field. Let's explore the current trend of plugins.

Retrieval Plugin ChatGPT

The ChatGPT plugin is a game-changing addition, surpassing the significance of the 4.0 upgrade to the GPT model. It enhances user interactions by integrating with various apps, such as Zapier, Uber Eats, and Duolingo.

This plugin expands ChatGPT's capabilities beyond being a simple "eyes and ears" feature, allowing it to perform real-world tasks. For example, users can request recipe generation and order groceries through the Instacart plugin, make restaurant reservations via OpenTable, and even purchase tickets and book hotels through Expedia integration.

Additionally, the search plugin overcomes ChatGPT's memory limitations by utilizing vector databases like Weaviate, enabling it to provide accurate responses based on internal data. The plugin empowers ChatGPT to interact with third-party resources, maximizing its potential and addressing its limitations.

The official OpenAI website states the following.

In line with our iterative deployment philosophy, we are gradually rolling out plugins in ChatGPT so we can study their real-world use, impact, and safety and alignment challenges—all of which we’ll have to get right in order to achieve our mission.

Users have been asking for plugins since we launched ChatGPT (and many developers are experimenting with similar ideas) because they unlock a vast range of possible use cases. We’re starting with a small set of users and are planning to gradually roll out larger-scale access as we learn more (for plugin developers, ChatGPT users, and after an alpha period, API users who would like to integrate plugins into their products).

We’re excited to build a community shaping the future of the human–AI interaction paradigm.Plugin developers who have been invited off our waitlist can use our documentation to build a plugin for ChatGPT, which then lists the enabled plugins in the prompt shown to the language model as well as documentation to instruct the model how to use each. The first plugins have been created by Expedia, FiscalNote, Instacart, KAYAK, Klarna, Milo, OpenTable, Shopify, Slack, Speak, Wolfram, and Zapier.

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The Retrieval ChatGPT plugin offers several advantages and possibilities for future utilization:

1. Expanded functionality: The ChatGPT plugin extends the capabilities of the base ChatGPT model, enabling it to perform real-world tasks. Now, ChatGPT goes beyond simple conversation and can handle various actions such as ordering, reservations, and searches.
2. Integration with diverse apps: The ChatGPT plugin supports integration with a wide range of apps like Zapier, Uber Eats, Duolingo, and more. This allows users to interact seamlessly with other apps through ChatGPT, providing a more convenient experience.
3. Personalized experience: Plugins offer a personalized experience tailored to individual users' needs and preferences. Users can choose and configure the plugins that suit their requirements, customizing ChatGPT to their liking.
4. Enhanced intelligence: ChatGPT plugins leverage different apps and resources to enhance the intelligence of ChatGPT. They provide accurate information through database connections, enable real-time actions, and offer flexibility in handling various tasks.

In the future, we can expect more integrations with additional apps, the development of diverse functionalities, and a focus on personalized user experiences. Plugins will continue to make ChatGPT a more powerful and versatile tool, enriching users' experiences.

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New Generative AI: AutoGPT

A new “self-commanding” AI named “AutoGPT” has emerged, causing excitement and anxiety in Silicon Valley. AutoGPT is based on OpenAI’s GPT-4 AI language model and was created by a single developer. It has already been used in many different areas, such as podcast production, stock analysis, and market data analysis.

AutoGPT stands out from ChatGPT in that it doesn’t require specific commands from humans. Users only need to set the goal. Artificial Intelligence (AI) will then take care of the rest of the learning process. This will produce the desired results.

For instance, when organizing a 5-year-old’s birthday party, ChatGPT would need detailed instructions for topics, budget, guest list, gifts, and decorations, while AutoGPT only needs the topic “child’s birthday” to accomplish all of these tasks automatically.

However, one potential disadvantage of AutoGPT is that it requires programming knowledge, such as Python, to use it. Therefore, it has not generated as much buzz as ChatGPT, which gained 100 million monthly active users within just six months of its debut.

Nonetheless, developers who have utilized AutoGPT are impressed by its remarkable capabilities. For example, one developer requested an application customized to their needs, and AutoGPT not only developed the app but also installed the necessary software on the developer’s computer.

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The Global Generative AI Market: Industry Insights, Key Players and Forecast

1. The Global Generative AI Market

Rising applications of technologies value the global generative AI market at $8 billion in 2021. The growing demand to modernize workflow across industries also drives this market. It is projected to grow at a CAGR of 34.6% from 2022 to 2030.

The COVID-19 pandemic has had a positive impact on the generative AI market. Businesses shifted to online work and increased digital transformation. As a result, 53% of IT professionals seeded up the roll-out of AI in response to the pandemic.‍

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Generative AI utilizes unsupervised learning algorithms for tasks such as spam detection and image compression. It also applies for preprocessing data like removing noise from visual data to improve picture quality. It also uses supervised learning algorithms for medical imaging and image categorizing. Generative AI has potential applications in various industries such as BFSI, healthcare, automotive & transportation, IT & communication system, media & entertainment, and others.

However, the market is at a developing stage which requires a skilled workforce and high investment in implementation for development. This may slow down the pace of development.

2. End-use Insights

The global generative AI market is segmented into media & entertainment, BFSI, IT & communication system, healthcare, automotive & transportation, and others, with the media & entertainment segment accounting for the largest revenue in 2021 and expected to grow at a CAGR of 33.5%.

The BFSI segment is expected to witness the fastest growth rate of 36.4% during the forecast period, due to the increasing implementation of AI & ML in the sector to prevent fraudulent activities, secure data and meet the dynamic needs of various stakeholders in financial services.

3. Key Companies

The generative AI market is competitive with many global and regional players investing in R&D to gain a competitive edge. They are also entering into partnerships and M&A as the market is rapidly changing. IBM acquired SXiQ, a digital transformation company, in November 2021 to improve its AI strategy and hybrid cloud capabilities. Deepbrain AI, Synthesia, Mostly AI Inc, Genie AI Ltd, Amazon Web Services, IBM, Google LLC, Microsoft, Adobe, Rephrase.ai, and D-ID are key players in the generative AI market.

The generative AI market is highly competitive and is expected to reach $38.8 billion by 2026, growing at a CAGR of 36.2% during the forecast period. Many global and regional players are vying for a share of the market. Among these players, DeepBrain AI stands out as a leader in the field, providing a broad range of AI-based products and services, from chip design to cloud services.

With a strong presence across multiple sectors, companies are taking advantage of the growth opportunities in the market. These sectors include text, audio, image, chatbot, and video. Their expertise in these areas gives them a competitive advantage over other players in the market. Additionally, their ability to stay on top of industry trends also gives them an edge. For instance, companies that are investing in natural language processing (NLP) and computer vision (CV) are expected to have a competitive advantage in the market.

As a result, companies are actively taking advantage of the growth opportunities in the generative AI market. They continue to drive its growth by capitalizing on these opportunities. The increasing adoption of AI in various industries, such as healthcare, retail, and finance, is driving the growth of the generative AI market. Furthermore, the increasing demand for personalization and automation is also expected to drive the market growth.

4. AI-generated video

In April 2023, CB Insights, a well-known global market research firm, classified AI-generated videos and identified DeepBrain AI as the market leader, while Synthesia was placed in the challenger group, often cited as a competitive player.

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Emergent Capabilities and Risks of Generative AI Systems

1. Emergent capabilities of generative AI systems

Generative AI is a powerful tool that people use for a wide range of tasks beyond traditional natural language processing. OpenAI released ChatGPT, which people already use for a variety of applications including search engine optimization, creating personalized therapy bots, and explaining complex algorithms.

Text-to-image programs such as DALL-E and Stable Diffusion are transforming the way art, animation, and other industries are being created. Generative AI aids in the creative process for artists and designers and also has transformative capabilities in complex sciences such as computer engineering.

2. What are the risks?

n conclusion, generative AI models have the potential to revolutionize creativity and workflows. However, it is crucial that society is aware of the potential downsides and actively works to mitigate them. This includes addressing issues of job displacement, biased and false content generation, and ensuring responsible use and governance of these powerful tools. It is important for society to strike a balance between the benefits and risks associated with generative AI, to ensure that the technology is used for the betterment of society.

3. Who governs generative AI?

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FAQs

Q. What is the market for generative AI?

The market for generative AI is growing rapidly. According to a report by Grand View Research, the global generative AI market size is anticipated to reach USD 109.37 billion by 2030, expanding at a CAGR of 35.6% from 2023 to 2030. Generative AI refers to a type of artificial intelligence that is focused on generating new content, whether it be text, images, music, or other forms of media.

Q. How big is generative AI market?

The market for generative AI is growing rapidly and offers significant value-creation opportunities to both incumbent tech companies and new market entrants. The global generative AI market size was valued at USD 10.14 billion in 2022 and is expected to grow at a compound annual growth rate (CAGR) of 35.6% from 2023 to 2030. According to another report, the Global Generative AI Market Size accounted for USD 7.9 Billion in 2021 and is projected to occupy a market size of USD 110.8 Billion by 2030 growing at a CAGR of 34.3% from 2022 to 2030.

Q. How much is the generative AI market worth in 2023?

According to a report by Demand Sage, the generative AI market is worth $13.17 million as of 2023. Another report by MarketsandMarkets states that the global generative AI market size is anticipated to grow from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, at a CAGR of 35.6% during the forecast period.

Q. Who is the leader of the generative AI market?

The generative AI market is dominated by key players such as Adobe, Inc., Amazon Web Services, Inc., Deepbrain AI, Genie AI Ltd., Google LLC, IBM Corporation, Microsoft Corporation, and MOSTLY AI Inc. Microsoft is one of the most dynamic leaders in generative AI today, developing many of its own generative AI tools while supporting and funding new technologies from OpenAI.