Unleashing the Potential of Generative AI: ChatGPT and Google Bard have the potential to add value to economy on an annual basis

Customer operations, marketing and sales, software engineering, and research and development are estimated to generate 75% of this value.

McKinsey & Company predicts that generative artificial intelligence (AI) will add trillions of dollars in value to the global economy. For reference, generative AI technologies like OpenAI's ChatGPT and Google's Bard are ready to pump an incredible $2.6 trillion to $4.4 trillion yearly across 63 various use cases into the thriving economy, which is $3.5 trillion.

The report noted that about 75 percent of this value creation is expected to occur in four key areas: customer operations, marketing and sales, software engineering, and research and development (R&D). Industries such as banking, high tech, and life sciences are set to experience a significant impact as a percentage of their revenues. For example, within the banking sector alone, generative AI could unlock an additional $200 billion to $340 billion annually if the use cases were fully implemented.

Both Chat GPT and Google Bard are excellent for rough manuscripts. They're reasonably dependable when it comes to structured data and carefully prepared prompts. They're ideal for projects that don't demand legal responsibility or creative imagination. They're reasonably trustworthy when it comes to offering responses about objective truths that have been proven throughout history.