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Generative AI, an advanced subset of artificial intelligence, is transforming traditional practices and unlocking new capabilities. From enhancing productivity in manufacturing to revolutionizing content creation in media and entertainment, generative AI's applications are broad and impactful. Here, we will explore the industries leading in generative AI adoption, highlighting their innovative uses and the benefits they reap.
The manufacturing sector stands out as a prominent adopter of generative AI, leveraging the technology to drive significant improvements in productivity, efficiency, and product quality. Generative AI is actively used in various manufacturing processes, including product conceptualization, predictive maintenance, supply chain optimization, and process refinement.
One notable example is Tech Mahindra’s partnership with Anyverse, a hyperspectral synthetic data generation platform. This collaboration aims to accelerate the development of computer vision-based solutions for autonomous applications in the automotive sector.
By using synthetic data to train, test, and evaluate AI systems, Tech Mahindra and Anyverse are advancing the capabilities of AI in manufacturing. Generative AI’s ability to automate and enhance various facets of production from design to quality assurance enables manufacturers to streamline their operations and foster innovation. This results in faster production cycles and improved operational effectiveness, making manufacturing a key leader in adopting generative AI technologies.
The BFSI sector is poised for a revolution due to generative AI’s transformative capabilities. This technology enhances productivity in financial services and streamlines banking operations, with notable applications in content creation, risk assessment, fraud detection, and process automation.
In September 2023, the McKinsey Global Institute (MGI) projected that generative AI could contribute US$200 billion to US$340 billion in value to the banking, wholesale, and retail sectors. Almost all of this value arises from the effects that spearhead productivity and efficiency.
For instance, generative AI for corporate & investment banking (CIB) systems enhances the initial draft creation and understanding of the current content in the system which greatly propels Natural Language Processing (NLP) solutions. Nevertheless, risks are inherent when it comes to the adoption of generative AI in the BFSI sector. There is nothing that insurers can do about these challenges other than ensuring accountability and compliance to regulations.
The generative AI is geared towards changing the face of the healthcare industry by increasing capacity, patients’ experience, and customer-centeredness. Its applications are found in data gathering, decision making, risk evaluation, and fraud prevention, the relief of clinician burnout and enhancing patient outcomes.
In December 2023, less than one quarter (25%) of healthcare organizations integrated the generation of AI solutions. Nonetheless, it is forecasted to increase dramatically in the following year as CEOs see the possibilities and opportunities of AI in automating the process of codification and improvement of communication with patients.
The application of generative AI to advance the discovery of new drugs, deliver precise medical treatments, and implement quality control describe why it is a fundamental instrument of development in the health care sector. Despite the hope provided by ethical review, ethically sound AI is necessary to check the appropriate deployment of the technology, especially in the assessment of diagnostics.
The telecommunications sector is rapidly embracing generative AI, recognizing its potential to revolutionize various aspects of the industry. Applications include personalized content creation, network optimization, improved customer service, and predictive maintenance.
A survey conducted by KPMG in August 2023 revealed that 72% of telecommunications executives foresee generative AI fostering innovation within their workforce.
Additionally, 60% believe that companies harnessing generative AI will gain a competitive edge. This optimism reflects the technology’s ability to drive significant advancements in efficiency and customer satisfaction. Generative AI helps telecom companies optimize network infrastructures and enhance operational efficiency, positioning telecommunications as a leader in adopting this transformative technology.
In the Media and entertainment space, generative AI is a game-changer due to its ability in changing how contents are generated and consumed. This technology applies in generation and development of different types of Media such as image, video, music and narrative.
Generative AI’s capability to streamline routine tasks, enhance audiovisual effects, and deliver tailored, interactive experiences is redefining the media and entertainment landscape. As of December 2023, Capgemini reported that 53% of companies planned to provide generative AI training to their marketing teams in the next six months.
Businesses in the Netherlands, India, Australia, and the US, along with sectors such as media, insurance, automotive, and life sciences, are showing a heightened commitment to this initiative. This growing interest underscores the sector's drive toward more personalized and immersive entertainment experiences.
There is significant advancement of generative AI in the professional services industry; it is widely adopted to improve business operations, effectiveness, and customers’ relations. These are features such as performing repetitive work, producing papers, and enhancing organizational decision-making.
In contextual requested professional services, generative AI is helpful in the automation of various tasks and management of large volumes of information. This allows the firms to embark on value adding activities that will in turn benefit their clients by providing superior services. The utilization of generative AI in this sector has been in line with the trends of integrating the latest technologies into the processes to advance operations and gain competitive edge.
It is, therefore, widespread and is adopted in manufacturing industries, banking and finance, the healthcare industry, communication, media, professional service industries, among others. Such areas are leveraging the applications of generative AI in creating content as a way of unlocking creativity and productivity in the use of the interface.
With the advancement in generating content using Artificial Intelligence, its impacts are expected to grow in these fields which will in turn provide more opportunities for developments in these industries. The ability to continually incorporate content-generating AI deals with its ability to constantly innovate on traditional approaches and generate new possibilities in various fields.
