If you believe this market estimate about the generative AI market size, the market is going to grow at an amazing rate over the next few years!
According to Fortune Business Insights, the global generative AI market size was valued at $29.00 billion in 2022. The market is projected to grow from $43.87 billion in 2023 to a whopping $667.96 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 47.5% during the forecast period. That’s more than two-thirds of a trillion dollars!
Fortune Business Insights says that it has “considered tools and services provided by key players in the market, including IBM Corporation, Microsoft Corporation, (Alphabet) Google LLC, Adobe, Amazon Web Services, Inc., SAP SE, Rephrase AI, Nvidia, and Synthesis AI, and others.”
Trends and factors cited as leading to the growth include the COVID-19 pandemic, a growing necessity to create a virtual world in the Metaverse, and rising awareness about conversational AI, including (of course) ChatGPT. They cited risks related to data breaches and sensitive information as a restraining factor that will hinder market growth. Apparently, that factor won’t hinder it that much based on their market estimate! 😀
From a regional perspective, the North American market held the largest market share of the global generative AI market in 2022 with $14.49 billion (up from $9.57 billion in 2021), which was over half the global total. North America is expected to dominate the market during the forecast period due to rising research and development activities, advanced technological infrastructure, and leading AI companies’ presence in the region. Asia Pacific is expected to hold the highest CAGR during the forecast period due to the presence of some of the fastest-growing economies worldwide.
You can find out more from their summary of their report here, where you can buy the report too.
Regardless of how accurate their projection of the market turns out to be, it’s clear why we’re seeing so many existing companies scramble to develop a genAI offering and why so many new companies are popping up. Money is the answer. Isn’t it always? 😉
So, what do you think? Are you surprised at this projection for the global generative AI market? Please share any comments you might have or if you’d like to know more about a particular topic.
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