AI’s Potential in Revolutionizing Industries and Business Functions Gains Attention

AI’s role in development and acceleration of growth has been in focus for a long now. However, markets have now started pricing in bets about artificial intelligence revolutionizing industries and businesses. In an interview with the Wall Street Journal,  Hemant Taneja, chief executive and managing director of General Catalyst explained how AI’s role remains crucial in the development of business giants.

AI to Likely Revolutionize Markets

According to the WSJ interview with Hemant Taneja, the majority of AI’s value will come from its ability to revolutionize markets and corporate processes. Research has also been propelling to understand what part AI plays in fields like healthcare, customer service, and marketing.

The interview further highlights that a possible control on artificial intelligence might be a downturn in the overall established industry. Hemant believes that AI regulation shouldn’t happen too fast.  With real regulation, which is difficult to unwind, a slow-approaching strategy will be very crucial. However, one may support governance principles for the use of technology and exercise self-regulation concerning a few fundamental norms.

Tech Firm’s AI Revenue Key for Outlook

Most publicly listed companies have some or other exposure to AI-related tools and integration at present. However, according to research firm Radio Free Mobile’s founder, companies like Google, Meta, and China’s Baidu don’t have generative AI as a significant revenue contributor today. Present predictions estimate that 2024 should be the year when generative artificial intelligence should start creating traction, traffic, and revenue for big technology companies. This will also be a key observation for markets in the upcoming year.

AI Growth: What to Expect?

Investors have long been wagering on the artificial intelligence revenue models of different companies. Future financial markets are anticipated to be more impacted by artificial intelligence than by stocks or businesses. Currently, nations all around the world are setting prices in monetary terms to incentivize the production of more AI imports and exports. Between 2023 and 2030, the global artificial intelligence market is projected to increase at a CAGR of 37.3%. China is expected to benefit from AI the most, according to Forbes. The GDP of the country will have grown by 26% by 2030. During that same period, North America’s GDP will have grown by 14.5%.