Venture capitalists and companies are now looking to invest heavily in the application layer of generative artificial intelligence (GenAI) development. Credit: Shutterstock/Deemerwha studio.

A killer app for generative AI (GenAI) will be released in 2024 and it will likely appear in the medical field, research and analytical firm GlobalData has predicted.

Throughout 2023, venture capitalists and companies invested heavily in large language models (LLMs).

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Building these deep learning algorithms is an essential part of establishing a base for the future development of GenAI applications and integration. 

However, according to GlobalData’s report, 2024 Enterprise Predictions: Cloud Reset, venture capitalists and companies are now looking to invest heavily in the application layer of GenAI development.

GlobalData predicts that the medical industry will receive a killer app for GenAI in 2024.

According to the report, the application will support an uncomplicated user experience for providing aging populations and their caregivers with significantly improved access to medical professionals, services, and benefits.

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The research company said the application will be enabled through the use of data integration and management. 

“The concept of access to multiple data systems at this level, coupled with AI-injected automation, has never been realised,” the report stated. 

GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.

In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.