Generative artificial intelligence (AI) has become increasingly popular in the global IT scene throughout the last year or two.This is mostly because of its inventive capacity to transform how organizations and people approach innovation, problem-solving, and decision-making.In reality, as evidenced by its fast growing market size, the efficiency and variety of generative AI applications have led to their acceptance across a wide range of industries, from healthcare to entertainment.The global generative AI industry was estimated to be worth $12.1 billion in 2023, while some forecasts indicate that this amount might increase to $119.7 billion by 2032.
Furthermore, generative AI startups raised $2.6 billion through 110 deals in 2022, when the topic had not yet gained widespread attention. By 2023, that amount had nearly doubled to $50 billion, with notable firms like OpenAI, Anthropic, and Inflection AI securing several billion dollars each.The fact that more and more searches are being made using the term “generative AI” is another obvious sign of growing interest in this field.The graph below shows how interest in the technology increased sharply after the launch of OpenAI’s ChatGPT platform, especially in nations like Singapore, China, Hong Kong, India, and Israel. Interest peaked in June.
As a result, more businesses are incorporating AI-enabled technologies into their operations as the field of this technology develops and its application range grows.Cointelegraph spoke with Ilan Rakhmanov, the founder and CEO of ChainGPT.org, an AI infrastructure provider for Web3 projects and blockchain companies.“Most well-known brands can now afford to engage with generative AI and use it as a competitive edge. Also, we know what generative AI is capable of, but we still have a limited understanding of how it will evolve in the long-term future as more and more organizations and individuals leverage the technology and as a growing number of models train on its associated data sets.”
A generative large language model (LLM) designed for multimodal document understanding, DocLLM was released at the beginning of the new year by JPMorgan.It is said to be able to handle and analyze data related to a variety of business documents, such as contracts, reports, and invoices, which frequently have intricate text and layout combinations.The distinctive operational design of DocLLM distinguishes it from other multimodal language models, as it does not heavily depend on image encoders.It integrates spatial layout structures more successfully by concentrating on bounding box information instead.This is made possible by an innovative disentangled spatial attention mechanism that improves upon the attention mechanism found in traditional transformers.
Additionally, Amazon has improved its generative AI capabilities by including a new tool to support its platform’s sellers.It greatly streamlines the process of listing new products by producing precise and interesting product descriptions.Most Amazon sellers already find it to be popular.