The types of tasks that generative AI can achieve in different application spaces are also rather varied. Generative AI offers a range of benefits to these industries, among which, increased accuracy and efficiency of predictions take priority. This spans from creative industries to fields such as banking and healthcare. The application space of generative AI is large. In the case of generative AI, algorithms use data to generate new and unique content such as text, images, videos, and code (hence the name generative AI). That is, algorithms process data and provide analytical insights, often at a volume and efficiency that cannot be achieved by humans. Machine learning and artificial intelligence have conventionally been used for analytical tasks. In this article, we scope out the generative AI landscape and particularly look at the role of generative AI in the software and coding space. However, in a short span of time, generative AI tools have produced impressive outputs, which is indicative of promising results in the future. There are many questions being raised: How accurate are the results produced by generative AI? Will these tools replace humans? What are the ethical implications of using AI to generate content? Since generative AI is still in its primitive stages, it is difficult to give definitive answers to most of these questions. ChatGPT has sparked various conversations across the AI industry on the emerging role and capabilities of generative AI.
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