Generative AI is a rapidly emerging and evolving concept that has gained immense popularity and interest in the application and usage possibilities. This paper reports on the empirical research on the areas of application for generative AI, and the challenges associated with the application of generative AI, as well as highlighting the consequences that stem from the application of generative AI. The study, conducted in December 2023, adopted a systematic review process to review 32 papers. The findings from this study indicate that education serves as the area throughout the body of knowledge that has seen the most documented cases around the usage or application of generative AI, and the challenges most associated with the application scenarios either stem from education as an area of application or aligns with commonly identified challenges within the field or artificial intelligence. This paper presents a proposed considerations model for Generative AI application, with a classification overview across areas of application, challenges, and challenge groupings, as well as the consequences that stem from the application of Generative AI. This classification serves as a framework for the considerations surrounding Generative AI applications and can be used for better focus of future research efforts.