AI adoption soars to 72% across industries, with gen AI use doubling. Multimodal AI and SLMs emerge as key trends. Increased investment expected, with AI projected to add $15.7T to global economy by 2030.
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As we navigate through 2024, AI adoption has transcended its status as a mere trend to become a transformative force across industries. McKinsey’s latest survey underscores this shift, revealing that 72% of organizations now harness AI—a substantial increase from 50% over the past six years.
Generative AI \(gen AI\) stands out as a pivotal innovation, with 65% of organizations regularly employing it, nearly doubling in just ten months. Marketing, sales, product development, and IT sectors are leading this charge, leveraging gen AI to push the boundaries of innovation.
Professional services are at the forefront, revolutionizing marketing and product development. Healthcare follows closely, with AI enhancing diagnostics and patient care. In manufacturing, AI is autonomously managing supply chains and accelerating prototyping. IT sectors are utilizing AI to bolster cybersecurity and streamline operations.
Two emerging trends are shaping AI’s future trajectory: Multimodal AI and Small Language Models \(SLMs\). Multimodal AI, exemplified by ChatGPT-4, interprets and generates diverse content types, offering more comprehensive solutions. SLMs, requiring fewer resources, are driving user-friendly AI applications for compact devices.
Customization is becoming increasingly crucial, with tailored AI models addressing specific market needs and enhancing privacy in sectors like healthcare, legal, and finance.
Investment in AI is set to surge, with two-thirds of professionals anticipating increased AI spending over the next three years. By 2030, AI is projected to contribute $15.7 trillion to the global economy, cementing its role in business strategies.
Consumer acceptance of AI in marketing and customer service is high, driving further business investment. Despite economic uncertainties, 72% of US CEOs are prioritizing generative AI investments.
In essence, 2024 marks AI’s transition from potential to necessity, driving efficiency and growth across diverse sectors.
