The year 2023 has seen a boom in the world of generative artificial intelligence (AI). These tremendous advancements in the global technology sector are largely focused on solving individual and business problems with innovative approaches. The efficiency and versatility of generative AI-related applications have laid the foundation for widespread adoption.
Currently, most people are unaware of the potential future evolution of this field. Most individuals and organizations are reaping the benefits of AI because its models are being trained in large numbers. Recently, JPMorgan announced the introduction of DocLLM, a generative large language model (LLM). The company has reportedly adjusted this to enable document understanding in various modes.
Big Tech Innovation Drives Top Technology: Generative AI Surges
Accordingly, the market size of industries such as entertainment and healthcare is rapidly expanding. Last year, the global market size for generative AI reached up to $12.1 billion. Nonetheless, the respective figures could reach nearly $119.7 billion by 2032, as some experts predict. Moreover, there are several discussions centered around this technology in 2022 when it has not yet entered the mainstream.
At the time, several ventures in the space had effectively earned $2.6 billion through 110 contracts. This figure rose to approximately $50 billion the previous year. Additionally, top companies including Inflection AI, Anthropic, and OpenAI have secured billions of dollars. Moreover, the growing interest in this field is also reflected in the number of searches surrounding generative AI.
OpenAI’s launch of ChatGPT paves the way for a dramatic increase in interest in this field. This interest peaked in June last year, especially in several far-flung countries. These include Israel, India, Hong Kong, China and Singapore. The evolution of technology companies dealing with AI has expanded the scope of AI applications.
JPMorgan’s DocLLM seeks to facilitate the processing and analysis of complex corporate documents.
According to the report, it can process and analyze data linked to multiple corporate documents. These documents consider reports, invoices and contract forms, which often consist of complex layouts and texts.DocLLM has a unique operational design and avoids strict dependence on common image encoders. Besides, much attention is paid to bounding box data to more efficiently integrate the three-dimensional layout structure.
Another tech brand that has entered the generative AI race is Amazon. It has reportedly integrated proprietary tools to help agents sell within the company. It provides significant convenience in listing exclusive products by creating attractive and accurate product descriptions. The SMoE model Mistral is an exclusive and rarefied combination of specialists that has gained significant attention throughout the developer community due to its efficiency and speed.
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