The Future of generative AI and its impact on our lives 

In recent years, generative AI has found its way into numerous everyday tools, revolutionizing our daily productivity. Prominent examples include ChatGPT, GitHub Copilot, Stable Diffusion, and other applications that have garnered significant attention.

The funding landscape for generative AI has witnessed substantial growth, surging to an impressive $12 billion in the initial five months of 2023 alone. VC investments in generative AI have exhibited a remarkable average compound annual growth rate of 74 during the recent five years.

However, it’s important to note that we are merely at the beginning of the generative AI era and its practical applications:

  • Generative AI has the potential to contribute an astounding annual value ranging from $2.6tn to $4.4tn. To put this into perspective, the entire GDP of the United Kingdom in 2021 was $3.1tn.
  • Approximately 75 percent of the potential value is concentrated in four key areas: customer service, marketing and sales, software engineering, and research and development.
  • Generative AI holds the power to reshape the nature of work by enhancing the abilities of individual workers through the automation of many of their tasks. Present-day generative AI technology can automate activities that currently consume 60% to 70% of employees’ time.
  • Generative AI has the potential to significantly boost labor productivity throughout the economy, projecting an annual increase of 0.1% to 0.6% through the year 2040.

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