Since ChatGPT’s debut in 2022, Gen AI platforms have undergone rapid evolution. Initially designed for text-based interactions, demand for processing image, audio, and video inputs spiked across sectors such as banking, healthcare, and retail. To meet these demands, vendors augmented their platform capabilities with multimodal data processing, industry-specific customizations, and long context windows. Additionally, these vendors are integrating LLMs into smart devices, including smartphones, laptops, and industrial robots, to cater to diverse application areas.
The supply-side trends are covered in Avasant’s Generative AI Platforms Q2 2024 RadarView™. The report presents a comprehensive study of Gen AI platform providers and closely examines the market leaders, innovators, disruptors, and challengers in this space. It also provides a view of key market trends and developments impacting the generative AI platforms space.
Avasant evaluated 18 platform providers across two dimensions: product maturity, and market adaptability. Of these 18 providers, we recognized 14 that brought the most value to the market over the past 12 months.
The report recognizes platform providers in four categories:
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- Leaders: AWS, Google Cloud, and Microsoft
- Innovators: Alibaba Cloud, IBM, and OpenAI
- Disruptors: Anthropic, Baidu, Databricks, and Meta
- Challengers: AI21 Labs, Cohere, Mistral AI, and xAI
Figure 1 below from the full report illustrates these categories:
“Gen AI platform vendors are actively advancing emotional intelligence and context awareness, integrating these capabilities with smart devices to create enriched user experiences,” said Anupam Govil, managing partner and digital practice lead at Avasant. “This integration is paving the way for autonomous agents to enable straight-through processing of business workflows.”
The reports provide a number of findings, including the following:
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- Multimodal AI use cases are being explored by 80% of enterprises across sectors, offering a massive opportunity to enhance productivity and gain a competitive edge.
- LLM providers are exploring the convergence of Gen AI with smart devices to provide better user experience across diverse form factors.
“Amid the Gen AI surge, multiple use cases spanning various sectors are embracing the power of multimodal capabilities,” said Chandrika Dutt, associate research director with Avasant. “From healthcare to finance, enterprises are exploring a myriad of applications, highlighting Gen AI’s transformative potential across diverse data types.”
The Generative AI Platforms Q2 2024 RadarView™ features detailed profiles of 14 platform providers, along with an overview of their solutions, offerings, and experience in assisting enterprises in their Gen AI journeys.
This Research Byte is a brief overview of the Generative AI Platforms Q2 2024 RadarView™ (click for pricing).