It's been little more than a year since the latest iteration of artificial intelligence (AI) went viral, and we're only just beginning to see the fruits of this breakthrough technology. Early indications suggest one of the biggest benefits will be the time and money savings from increases in productivity, as AI automates mundane and time-consuming chores. Businesses of all kinds are exploring how to best adopt this technology, but it's still early days.

Micron Technology (NASDAQ: MU) CEO Sanjay Mehrotra was clear about the long runway ahead. "We are in the very early innings of a multiyear growth phase driven by AI as this disruptive technology will transform every aspect of business and society," he said.

That's a bold assertion but one that's increasingly being echoed by the brightest minds in technology, though estimates of its value are diverse. Generative AI is expected to be a $1.3 trillion market by 2032, according to Bloomberg Intelligence. Global management consulting firm McKinsey Company is more bullish, estimating a range of between $2.6 trillion and $4.4 trillion annually. What is pretty clear, however, is that the opportunity is vast.

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Source Fool.com