Globe Group's cloud services firm Cascadeo shared its predictions of generative artificial intelligence (AI) technology dominating industries and the local business landscape in 2024.
In a statement, Cascadeo Founder, President, and Chief Technology Officer Jared Reimer forecasted this year as a “time to fully embrace generative AI across every role and aspect of business as a part of each organization's key strategy."
Generative AI pertains to a kind of AI technology that is utilized to create content such as text, images, audio and videos, according to global techco Google.
Businesses are able to harness the capacities of generative AI particularly for enhancing customer services and experiences such as automating client-customer interactions and support tasks. It can also contribute to ease in procedures in marketing and sales; research and development (R&D); and supply chain operations among others.
“We foresee generative AI refocusing— but not necessarily replacing— the digital transformation and managed services that power our customers’ success in the cloud. As use of generative AI increases, businesses must learn to adopt instead of resisting the changes,” said Reimer.
Given the rapid advancements in technology, Cascadeo asserted that industries and enterprises must be able to adapt to generative AI to avoid being left behind.
“The earthquake has already happened, and the tsunami has already formed. It is racing towards shore and there is nothing that can be done to slow or stop it. Either you learn to ride the wave or you will find yourself flattened by it. This is going to happen much faster than most people realize or appreciate. 2024 will be the year AI becomes prevalent in all we see and do, both at work and in our personal lives,” he added.
The cloud service firm cited a study from tech research company Gartner stating that more than 80 percent of enterprises would be using generative AI in their business operations by 2026, namely in application programming interfaces or models or production chains.
As of October last year, around 55 percent of organizations have also been testing generative AI, added Gartner.
Reimer said Cascadeo is prepared to support enterprises adopt and develop generative AI safely with the right tools, and at appropriate costs. Its cloud management platform has been able to provide businesses the ability to "monitor, manage, and optimize" its cloud services for customers.
“With our industry-leading tech and expertise, Cascadeo is ready to help companies take their first steps into adopting generative AI and guide them through implementation. We will be there to guide them in migrating to a cloud environment that’s scalable and adaptive as AI evolves,” he said.
In a June 2023 report from media entity Bloomberg Intelligence (BI), the generative AI market is seen to boom worldwide up to $1.3 trillion over the next 10 years "from a market size of just $40 billion in 2022."
"Rising demand for generative AI products could add about $280 billion of new software revenue, driven by specialized assistants, new infrastructure products, and co-pilot that accelerate coding. Companies like Amazon WebServices, Microsoft, Google and Nvidia could be the biggest beneficiaries, as enterprises shift more workloads to the public cloud," it said.
BI Senior Technology Analyst and lead author of the report Mandeep Singh emphasized how the growth of the generative AIs ector may "fundamentally change the way the technology sector operates."
"The technology is set to become an increasingly essential part of Information technology (IT) spending, ad spending, and cybersecurity as it develops," said Singh.