While AI innovations have the potential to turn Big Tech upside down, it’s more likely we’ll see a race between existing champions over which suite of tools will become commonplace for marketers. Here are five charts showing the state of generative AI.
Both companies are competing for the AI-powered search crown. In the process, they’ve both traded accuracy for speed. Despite Microsoft’s head start, Google has the upper hand, given that the platform will account for more than half (53.9%) of US search ad revenues this year compared to Microsoft’s 5.2%, according to our forecast.
No matter which company wins this chess match, publishers and advertisers will be in trouble if chat-driven search replaces visiting websites.
About 3 in 5 US adults strongly or somewhat agree that generative AI can save time and resources at work, according to Ipsos.
Marketers should use generative AI for brainstorming, creating first drafts, and producing product descriptions at scale. But they may want to hold off on assigning generative AI to a customer-facing role for now, as 47% of US adults don’t believe AI can generate better work than a person.
Funding for AI has erupted since just three years ago, when US venture capitalists invested just $200 million in the tech, according to PitchBook. Last year, that figure hit $1.4 billion, with ChatGPT, Dall-E, Midjourney, Jasper, and more making headlines.
A lot of these systems are already partnering with Big Tech companies, where marketers can expect generative AI to become prevalent over the next year.
Some 63% of US tech professionals plan to increase or maintain AI spending due to current economic conditions, according to Verta. Despite layoffs and an ad spend downturn, tech professionals may be focusing on the money-saving potential of increasing automation rather than the short-term costs.
For generative AI in particular, the cost of experimentation is still pretty low since most tech has no or minimal fees. But as generative AI takes off in marketing, expect to see the prices associated with implementation rise.
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