In 2024, the global market size for generative AI is expected to reach USD 36.06 billion, with the US accounting for approximately USD 11.55 billion. This means the US market share is about 32.1%. The market is projected to grow at a CAGR of 46.47% until 2030.
According to a Bloomberg report, they have estimated that it could reach $1.3 trillion by 2032. Source
Bloomberg identifies Infrastructure as a Service (IaaS) as the biggest contributor, expected to contribute up to $247 billion by 2032. Combined, digital ads and generative software solutions are projected to contribute about $192 billion and $89 billion, respectively.
North America accounts for over 40% of generative AI revenue. The primary reason for this is that major tech giants like Microsoft, OpenAI, Meta (formerly Facebook), Google, and Adobe have their headquarters here, making them leading companies in generative AI development.
McKinsey reports that generative AI could have an annual impact of $6 to $8 trillion on the global economy, which is more than the entire world's GDP in 1977.
Generative AI adoption Among Professionals
HubSpot conducted a survey called "The State of AI," gathering insights from over 1,000 marketing and advertising professionals. According to the report, 85% of marketers believe that generative content creation will be transformative.
Content creation is one of the most popular use cases of generative AI. In Hubspot’s State of AI Survey, more than 80% of marketers believe generative AI will transform content creation.
- 56% of marketers who used AI report that content performance was improved by using generative AI.
- Over 45% of marketers use generative AI tools for ideas and inspiration.
- More than 75% of content marketers believe generative AI effectively makes content more personalized.
- For 60% of marketers, bias, plagiarism, and factual accuracy are still concerns about generative AI.
- 65% of generative AI users are millennials or Gen Z
- 70% are employed and actively using this technology. (Source)
- Another interesting finding is that users are now relying on generative AI more than when they first started. (Source).
- Out of five workers, three are either using AI or planning to use it.
- 73% of respondents mentioned security risks associated with AI.
However, when looking at the opinions of C-suite professionals and IT professionals, the majority (57%) believe that AI has transformative power.
- For over 60% of IT leaders, integrating AI into the business within the next 18 months is a top priority.
- For 33%, AI is the number one priority for their business.
- 71% feel generative AI is expected to bring new security threats to their data.
- 66% feel their employees lack the necessary skills to use it effectively.
- 60% believe that generative AI currently cannot integrate with their business's technology stack.
- 59% indicate that their organization lacks a cohesive data strategy.
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Originally published at https://www.brilworks.com/
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