Tech Invention Of The Decade!
Generative Artificial Intelligence (AI) came into the limelight during a turbulent market phase, reminiscent of blockchain's prominence two years ago. During that period, sceptics predicted the rise of cryptocurrency and the potential disruption of traditional finance, currency systems and the broader economy. Similarly, the tech industry was abuzz with discussions on the Metaverse just last year, only to witness a significant shift towards Generative AI following the mammoth debut of ChatGPT in November 2022. However, in the case of Generative AI (GenAI), it is evident that this is not merely another fleeting trend. But why?
*Quick ROI
Anup Purohit, CIO at Wipro, distinguishes between GenAI and other trends like blockchain and the metaverse, pointing out that Generative AI offers quick Return on investment (ROI) without the need for massive investments in development. Instead, companies like Wipro can leverage solutions from industry leaders like Nvidia and VMware.
"Unlike some technologies, Generative AI is readily available and doesn't require a complete ecosystem overhaul," Purohit said during the VMware Explore (Singapore) event. He emphasised the role of companies like Wipro in delivering business solutions to customers across various sectors, making Generative AI a practical and accessible tool. With its readiness and adaptability, Generative AI, in Purohit's perspective, is not a passing fad but a significant and enduring presence in the technology landscape.
"Generative AI offers a quick ROI without the need for heavy investments" - Anup Purohit, CIO at Wipro
A McKinsey & Company study suggests that generative AI has the potential to contribute between $2.6 trillion and $4.4 trillion annually to the global economy, which is a figure that surpasses India's current GDP, which stands at $3.75 trillion in 2023.
At VMware Explore, Deb Goswami, Head of Developer Programs for Big Data & Analytics in the ASEAN and ANZ regions, explains that Generative AI has established use cases with clear ROI and does not disrupt existing development processes to the extent that other technologies do. "The path to adoption is clearer with Generative AI in comparison to other emerging technologies," he says.
Generative AI is poised to profoundly impact various sectors, such as banking, high tech industries and life sciences. In banking, its full implementation could yield an annual value ranging from $200 billion to $340 billion. Similarly, in retail and consumer packaged goods, GenAI’s potential impact ranged from $400 billion to $660 billion per year.
Courtesy: McKinsey & Company
Talking to BW Businessworld, Raghu Raghuram, CEO at VMware, highlights the adoption curves of various technologies, emphasising that accessibility and the range of use cases play crucial roles. "Generative AI's rapid growth is attributed to its accessibility; anyone with a browser can harness and benefit from the technology individually. This stands in contrast to the metaverse and blockchain, which require more specialised setups," he says.
"Moreover, Generative AI offers a vast array of enterprise-relevant use cases, with the potential to significantly boost developer productivity by 30-40 per cent, making it highly appealing for addressing contemporary business challenges," says Raghuram.
Goldman Sachs research suggests that the integration of tools utilising advancements in natural language processing into various sectors and communities has the potential to boost productivity growth by 1.5 percentage points globally over the span of a decade.
"I think generative AI is foundational. It's more of an infrastructure and building block for the next generation of applications." — Raghu Raghuram, CEO at VMware
*Generative AI To Boost Metaverse
In 2022, amid a tumultuous year for tech stocks, payroll concerns and layoffs, Meta Platforms faced a significant financial challenge in the form of metaverse. Following the pandemic, during a time when the world was deeply immersed in the online realm, Meta's founder and CEO, Mark Zuckerberg, introduced metaverse as the next major frontier, positioning Facebook as its primary pioneer.
He had committed wholeheartedly to crafting an immersive realm accessible through virtual reality (VR) headsets and specialised glasses, albeit one with an eerie element of floating torsos. This endeavour necessitated a brand and name alteration and absorbed billions of dollars in investment. However, when Meta made a significant shift away from the metaverse to refocus on AI, it became clear that the world was not yet prepared for the full realisation of the metaverse concept.
Even though Zuckerberg has begun delivering on his commitment to make 2023 a "year of efficiency" for Meta, he has not entirely abandoned the metaverse, and perhaps rightly so. It's essential to understand that the metaverse is poised to significantly transform the human experience, introducing an additional layer of perception to our daily world. This became evident through the overwhelmingly positive and awe-inspiring reception of Meta's collaboration with EssilorLuxottica in September when they unveiled the Ray-Ban Meta smart glasses collection, reaffirming the potential impact of metaverse.
Although the $299 glasses were presented as a means to liberate users "from the limitations of a handheld camera" by enabling direct photo and video capture from the glasses, they effectively serve as both a conduit and a gateway to the metaverse. If a substantial number of people embrace these glasses, it could empower Meta to further advance its metaverse endeavours, potentially introducing enhanced features beyond mere photo and video capabilities.
In fact, these glasses are actually designed for a purpose beyond mere moment capture, a sentiment underscored by Mark Zuckerberg himself. During the launch, Zuckerberg affirmed, "We consider this a significant milestone on the path to creating the ultimate Augmented Reality glasses."
The Ray-Ban Meta smart glasses are integrated with Meta AI, Meta's cutting-edge conversational assistant, optimised to deliver a hands-free, on-the-move experience. With a simple "Hey Meta," users can interact with Meta AI to ignite creativity, access information and command various features using only their voice.
During Meta Connect 2023, Zuckerberg unveiled an upcoming update for the glasses, promising multi-modal capabilities that will enable them to perceive your surroundings when you pose questions. This groundbreaking advancement has the potential to redefine the concept of search, potentially sparking a fresh competition in the realm of AI-powered glasses and search engine.
While Meta's Quest 3 undoubtedly boasts superior power, it's foreseeable that we'll reach a juncture where devices like the Ray-Ban glasses can provide comparable capabilities. Furthermore, the integration of AI and Generative AI will unquestionably play a pivotal role in shaping the Metaverse journey, contributing significantly to its evolution.
VMware CEO Raghuram points out that Generative AI would significantly reduce the cost of content creation, be it images, scenes, characters or dialogues. This affordability enhances a wide range of scenarios, including crafting virtual and real-world experiences. "I think generative AI is foundational. It's more of an infrastructure and building block for the next generation of applications," he says.
*Privacy – a Concern Irrespective of Technology
Regardless of which technology emerges as the dominant force in this decade or the next, the discourse will increasingly revolve around the topic of privacy. Heightened anxieties regarding data have already compelled nations to formulate strict regulations, particularly in a world where cybercriminals continually enhance their data theft techniques, deploying them for elaborate and large-scale malicious campaigns. However, Generative AI amplifies these concerns, bringing to the forefront more profound worries related to deep fakes and voice scams, which demand heightened vigilance and scrutiny.
As data becomes increasingly integral to facilitating services and solutions, it is accompanied by a growing concern for privacy, particularly at the enterprise level. This heightened awareness has motivated both large and small companies to venture into the realm of privacy and introduce services with a strong privacy focus. For instance, VMware recently joined forces with Nvidia to introduce the VMware Private AI Foundation. This solution is aimed at empowering enterprises to refine large language models, create more secure and private models for internal use. In the time ahead, more such developments will prevail.
The question that looms, irrespective of the technology at hand, is: To what extent should personalisation be pursued and at what cost to individual privacy?
Kit Colbert, CTO at VMware, revealed to a group of journalists at VMware Explore that concerns about risks, including data leakage and IP contamination, emerged early in discussions about Generative AI at VMware. These concerns led to a deliberate examination of how to handle GenAI properly. Subsequently, these internal discussions resonated with customer feedback, demonstrating that the same concerns were shared in the broader industry. “This came up naturally in the intervening months since ChatGPT came out and crystallised into the ‘Private AI’ announcement that we made,” he said.
As we venture into the metaverse-era fueled by AI, the issue of privacy will persist as a paramount concern. Companies such as Meta, Twitter, Google and even enterprises will undeniably leverage the capabilities of devices like Ray-Ban glasses to facilitate interactions with the world from the comfort of your living room along with other services. This implies that these companies could potentially identify and collect data about objects within your home, as well as behaviours and more, for the sake of advancing the next level of personalisation. The question that looms, irrespective of the technology at hand, is: To what extent should personalisation be pursued and at what cost to individual privacy?
