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Generative AI: DALL·E to ChatGPT, what marketers should ​watch out for

Wavemaker India’s report Spotlight 2023 spotlights what Generative AI can do for brands and what marketers should be careful about.

By  Storyboard18Jan 19, 2023 10:01 AM
Generative AI: DALL·E to ChatGPT, what marketers should ​watch out for
The Global Generative AI Market Size accounted for USD 7.9 Billion in 2021 and is projected to occupy a market size of USD 110.8 billion by 2030 growing at a CAGR of 34.3% from 2022 to 2030, as per a report by Acumen Research and Consulting. (Representational Image: No Revisions via Unsplash)

Generative Artificial Intelligence (AI) is the talk of the town. Marketers and advertising agencies are excited and cautious about it at the same time. Generative AI is a subset of AI that focuses on making new content, such as text, images, and sounds, based on the input it receives. It can be used in many ways, from producing images and writing blog posts to writing codes or composing music.

Generative AI is also the next watering hole for venture funds. According to Pitchbook, Venture Capitalists have increased investment in Generative AI by 425% since 2020 to $2.1 billion. The Global Generative AI Market Size accounted for USD 7.9 Billion in 2021 and is projected to occupy a market size of USD 110.8 billion by 2030 growing at a CAGR of 34.3% from 2022 to 2030, as per a report by Acumen Research and Consulting. Are creative jobs at risk? The answer at the moment is ‘no’. Experts believe Generative AI tools will add value to creative processes.

One of the things that WPP-owned agency Wavemaker India’s latest report Spotlight 2023 focuses on is what Generative AI can do for brands and things marketers should be careful about. In 2022 DALL·E stunned the world with its ability to create images with a simple text prompt. Soon Google and Meta followed suit with Imagen, and Parti, among others. ChatGPT was launched on November 30, 2022, by San Francisco-based OpenAI, the creator of DALL·E 2 and Whisper. According to Open AI CEO Sam Altman, ChatGPT generated 1 MN+ users within 24 hours. As forecasted by Gartner, Generative AI will account for 10% of the data that is produced, up from less than 1% now in the next 3 years.

How will this help brands? This unprecedented scale could give personalized communications, more fire-power. This could solve challenges in customer service, content creation, entertainment, e-commerce, etc. This could increase productivity in creative and content production, states Wavemaker India’s report.

However, the report also highlights things that marketers should be careful about. Like any other immersive technology, Generative AI comes with its attendant risks like Security issues, concern over data privacy, limitations in creativity, and copyright issues. New data laws, organizational protocols, and governance would change basis this.

First Published on Jan 19, 2023 10:01 AM