Global market for generative AI expected to reach US$1.5tn in revenue by 2033, up from $50bn

“In the water sector, generative artificial intelligence (AI) can be used to simulate water usage scenarios under different conditions, such as climate change, population growth and policy changes. This is becoming crucial to ensure adequate supply, manage peak demand and establish equitable water distribution strategies,” said Kumar Parakala, president, GHD Digital. The global digital transformation business estimates that advancements in generative AI have the potential to drive a 5-6% per annum increase in global GDP over the next 10 years.

GHD Digital released a new report titled ‘Beyond AI: Generative AI and the next wave of disruption’, which explores the potential of generative AI across multiple sectors, emphasising the need for organisations to act decisively to harness its exponential growth.

“The advancements in generative AI are a turning point for humankind. Still in its infancy, the progress being made every week is exponential,” added Parakala. “Visionary leaders understand that focusing on AI goes beyond acknowledging its current state of maturity; it is about recognising its immense potential to shape the future. The question remaining is ‘how can we maximise this potential while managing the risks in an ambiguous and complex ecosystem?”

The report provides guidance on how organisations could embrace this evolving technology. The potential for innovation and progress across sectors is immense, ranging from environment and water, to energy and transportation. But Beyond AI also cautions, underscoring the risks accompanying its rapid advancement. Hallucinations, ethical dilemmas, and bias are among the challenges. Furthermore, regulatory frameworks have yet to catch up with the pace.

The report calls on governments, industry leaders, and policymakers to collaborate in developing regulatory frameworks that strike the balance between innovation and safeguarding the public interest. It advocates for an inclusive and participatory approach that considers perspectives and anticipates societal impacts. “The exponential nature of AI evolution today will impact society in the next five years. The future is generative and it is ours to create,” said Parakala.

GHD Digital announced the launch of its AI Centre of Excellence (CoE) designed to empower clients to harness the potential of AI, building on research, testing, and trialling in this space. The CoE team combines GHD industry expertise with AI technology and data science.

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