GenAI’s Language Models: From Chatbots to Revolutionary Industry Solutions

GenAI’s Language Models: From Chatbots to Revolutionary Industry Solutions

In a recent report released by Strategy& Middle East, a part of the PwC network, Generative AI [GenAI] has been highlighted as a technology with the potential to change the world and bring about significant economic impact. However, the report also addresses regulatory concerns such as deepfakes, harmful content, economic inequality, and bias.

According to the report, widespread adoption of GenAI is expected to continue across the corporate world in the next 6 to 12 months, with rapid progress in the field. The report conservatively estimates that the Gulf Cooperation Council [GCC] region could experience approximately $23.5 billion in annual economic impact by 2030, with every $1 invested in GenAI yielding $9.9 in economic growth.

Leading the way in this transformative journey are Saudi Arabia and the United Arab Emirates [UAE], projected to experience the most significant impact, with annual impacts of $12.2 billion and $5.3 billion, respectively. Other countries in the region, including Qatar, Kuwait, Oman, and Bahrain, are also expected to benefit from estimated economic gains ranging from $0.6 billion to $2.6 billion.