January 22, 2024
Artificial Intelligence is not a new concept, but it is constantly evolving. Generative AI, in particular, is gaining prominence. It’s the technology capable of generating text, images, sounds, animation, 3D models, or other media types, using generative models. This evolution is significant because it simplifies the complexity of machine learning (ML) and artificial intelligence (AI), making them more accessible and understandable for daily business decision-making.
The popular examples of Generative AI are ChatGPT, Google-Bard, Dall-E, & GitHub Copilot. A report by Bloomberg states that the generative AI market is estimated to reach $1.3 trillion by 2032. Another report by McKinsey states that generative AI has the potential to reduce the average worker’s workload by 60% to 70%. This equates to 40% of all working hours in the day. According to Glassdoor, The average Generative AI engineer salary in India is 11 lakhs per annum & in the United States, it is $153,000 per annum. Companies like Amazon, Netflix, & Meta are paying salaries as high as $800,000 for a Senior Director role with a generative AI tools skillset.
