Generative AI is right here to remain. (Credits: AFP)
The generative AI market is predicted to develop by an enormous 65 % within the subsequent two years, as a latest report has hinted.
Generative AI (genAI) is predicted to change into a $100 billion trade by 2026, a brand new report mentioned on Monday.
According to knowledge offered by AltIndex.com, the genAI market to develop by an enormous 65 per cent within the subsequent two years.
“The release of OpenAI’s ChatGPT marked a turning point for the global AI industry. The chatbot, which became the fastest-growing app in history with 100 million users in just two months, turned artificial intelligence into one of the biggest stories in 2023,” the report mentioned.
“While ChatGPT was the most popular showcase of generative artificial intelligence, other AI tools like Character.ai, DeepL, Quillbot, Midjourney, and Capcut also hit billions of visits, showing this market’s enormous potential,” it added.
Between 2020 and 2023, the generative AI market exploded, rising from $5.7 billion to $44.9 billion — a staggering 690 per cent improve.
As per statistics, the market has been virtually doubling for the previous three years, with the annual progress charges floating between 93 per cent and 106 per cent.
However, Statista predicts the annual progress charge to decelerate in 2024, the worth of the complete market will nonetheless improve by an enormous 48.4 per cent and hit $66.6 billion.
The double-digit progress will proceed within the following years, with genAI reaching a $100 billion worth by 2026, exhibiting an enormous 65 per cent improve in simply two years. By 2030, this determine is predicted to greater than double and soar over $207 billion.
In international comparability, the US will stay the world’s largest genAI market, anticipated to hit $37.3 billion in worth in 2026, or 60 per cent greater than this 12 months.
As the second largest globally, the Chinese market will develop much more, with its valuation leaping by 72 per cent to $14.7 billion within the subsequent two years.
The German generative AI market follows with a 60 per cent two-12 months improve and a valuation of $4.5 billion by 2026, the report talked about.
(This story has not been edited by News18 workers and is revealed from a syndicated information company feed – IANS)
