Generative AI is expected to reshape multiple industries starting in 2024, according to a recent report from Deloitte. However, some enterprise customers may be resistant to paying additional fees for Generative AI features.
"Generative AI is poised for a breakthrough in 2024, as it begins to follow through on its promise of improving productivity, creativity and enhancing the way enterprises engage with their ecosystems. Expect to see Generative AI integrated into enterprise software, giving more knowledge workers the tools they need to work with greater efficiency and make better decisions. New, high-powered Generative AI chips will accelerate analysis, and as more companies train Generative AI models on their own data sets, they'll get specific insights and even more value. It certainly is an exciting moment in time for the industry and the world. The way we work will be vastly different from this moment on," says Paul Silverglate, vice chair, Deloitte LLP and U.S. technology sector leader.
Key takeaways:
- Software vendors and IT departments will figure out the right price for Generative AI, ranging from free to $50 per month. In fact, enterprise software companies will experience a revenue uplift at a run rate of $10 billion by the end of 2024.
- Agricultural technology (AgTech) will play a critical role in tackling both food security and environmental sustainability.
