Generative AI Market Expected to Reach US$51 Billion by 2028

Jan 18, 2024

By: Nisha Kumari

Image credit: Boston University

Models like ChatGPT and Google Bard is a branch of artificial intelligence that leverages existing information into creative aspects like music, text, audio, etc.

What is Generative AI?

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Recent report insights that Generative AI is expected to rise from US$11 billion in 2023 to US$51 billion by 2028.

Image credit: Qualcomm

Market Anticipation

– Continuous evolution of AI & machine learning. – Augmented creative initiatives – Technological advancements – Storage expansion

Image credit: The Economic Times

Supporting Factors?

Software models like GPT-4, LaMDA & BLOOM have the ability to generate human-like content including texts, audio, video, code, etc.

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AI-model transform content diversification

Artificial Intelligence can improve key business functions in marketing & sales, finance, research and development sectors.

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AI utility in businesses

Generative AI caters the creative aspects across industries to autonomously produce art, music, and other creative outputs.

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Leverage creative boundaries

Introduction of AI in Cloud-based platforms has fueled the generative AI market by providing scalable and accessible infrastructure.

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AI in cloud storage

Geographically, AI has successfully positioned itself in North America, Europe, Middle East, Africa, Asia Pacific, and Latin America.

Image credit: SciTechDaily

AI market dynamics