OpenAI’s ChatGPT and Google’s Bard were the talk of the town across industries in 2023. The world of marketing welcomed, debated, and criticized these tools. The age-old conversation about ‘Could machines replace humans?’ came to the fore. So did several articles, panel discussions, and forum conversations about the advantages, challenges, and concerns around Gen AI in 2023. 

Irrespective of the perspective, everyone in marketing spoke about and experimented with Gen AI with gusto, making it an inevitable part of everyday life. The realization that Gen AI is more than just tools like ChatGPT also dawned upon many. From apps used to transcribe meetings and create voiceovers to the feature that allows you to pick and choose from draft email responses — Gen AI is everywhere and has been for a while now. 2023 was a crucial year for individuals and organizations to realize and harness the power of Gen AI to save time and money.

As per McKinsey, 2023 was ‘Generative AI’s breakout year‘. Its global survey revealed a notable shift, with company leaders now focusing on Generative AI instead of relegating it to the technology departments. Confident about unlocking possibilities with advancements in Gen AI, 40% of the survey’s respondents affirmed that their organizations will increase overall investments in AI. 

CXOs willing to invest in AI, specifically Gen AI, boosted its popularity and usage significantly in 2023. This trend will be crucial to Gen AI becoming a $1.3 trillion market by 2032. The prediction by Bloomberg Intelligence further states a possible CAGR of 42% over the next ten years! Training infrastructure, large language models, digital ads, specialized software, and services will drive this growth.

Gen AI in 2023: A Timeline

Organizations like Salesforce, Anthropic, Bloomberg, and Amazon tapped into the potential of Gen AI to create Einstein GPT, Claude, BloombergGPT, and Bedrock. These Large Language Model developments followed ChatGPT’s launch, facilitating these companies to enhance customer relationship management, reduce the likelihood of harmful outfits, support natural language tasks in the financial industry, and make AI models available via API.

2023 marked a pivotal moment in the history of AI, fuelled by the massive efforts of OpenAI, Microsoft, Google, and others, and acceptance among the people. The resonance of these tools caused rippled effects across industries, taking the marketing world by storm. With the year ending with Google launching Gemini, it would be apt to assume that Gen AI is just about getting started. 

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