Global market for generative AI expected to reach $1.5 trillion USD in revenue by 2033, up from $50 billion in 2023

GHD Digital estimates that advancements in generative artificial intelligence have the potential to drive a 5 to 6 percent per annum increase in global GDP over the next 10 years

HOUSTON, Aug. 2, 2023 /PRNewswire/ -- GHD Digital, a leading global digital transformation business, today released a new report titled Beyond AI: Generative AI and the next wave of disruption. The report explores the immense potential of generative AI across multiple sectors, emphasizing the need for organizations to act swiftly and decisively to harness its exponential growth.

"Artificial intelligence is already revolutionizing the way we live, work, and interact. I believe the recent advancements in generative AI are a turning point for humankind. Still in its infancy, the progress being made every week is exponential," said GHD Digital President Kumar Parakala. "True visionary leaders understand that focusing on AI goes beyond acknowledging its current state of maturity; it is about recognizing its immense potential to shape the future. The question remaining is 'how can we maximize this potential while managing the various issues and risks in an ambiguous and complex ecosystem?"

The report highlights generative AI's transformative capabilities and provides guidance on how organizations could embrace this rapidly evolving technology. The potential for innovation and progress across sectors is immense, ranging from healthcare and finance to energy and transportation.

Beyond AI sounds a note of caution, underscoring the significant risks accompanying the rapid advancement of generative AI. Hallucinations, ethical dilemmas, and bias are among the pressing challenges that must be addressed. Furthermore, regulatory frameworks have yet to catch up with the pace of technological development.

The report calls on governments, industry leaders, and policymakers to collaborate in developing comprehensive regulatory frameworks that strike the delicate balance between innovation and safeguarding the public interest. It advocates for an inclusive and participatory approach that considers diverse perspectives and anticipates potential societal impacts.

"The rise of generative AI signals a pivotal moment in human history. It's an opportunity to reimagine how we solve societal and organizational challenges, deliver value and drive growth. The exponential nature of AI evolution today will impact our entire society in the next five years. The future is generative and it's ours to create," said Parakala.

GHD Digital recently announced the launch of its AI Centre of Excellence (CoE) designed to empower clients to harness the full potential of AI and related technologies, building on extensive research, testing, and trialling in this space. The CoE team combines GHD's deep industry expertise with state-of-the-art AI technology and data science.

About GHD Digital

GHD Digital is GHD's digital transformation business, dedicated to helping clients unlock innovation, embrace the future and change communities for good. Our diverse and talented team of more than 600 people include data scientists, design thinkers, immersive digital consultants, project managers and innovators. With the combined global and local expertise of GHD's 11,000 engineering, advisory, architectural, environmental and construction experts, we help navigate and solve complex challenges with advanced technology.

About GHD

GHD is a leading professional services company operating in the global markets of water, energy and resources, environment, property and buildings, and transportation. Committed to a vision to make water, energy, and communities sustainable for generations to come, GHD delivers advisory, digital, engineering, architecture, environmental and construction solutions to public and private sector clients.

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SOURCE GHD Digital