Bloomberg Intelligence: Generative AI Predicted to Surpass $1.3 Trillion in Revenue by 2032
- ByStartupStory | June 10, 2023
According to a Bloomberg Intelligence report, the generative AI market is poised to surge to a staggering US$1.3 trillion by 2032, witnessing an extraordinary growth from its current value of US$40 billion in 2022. This industry is estimated to experience a remarkable compound annual growth rate of 42% over the next ten years. The surge in demand for generative AI products is expected to contribute approximately US$280 billion in fresh software revenue, propelled by the popularity of specialized assistants, innovative infrastructure products, and coding accelerators.
According to the report, major players such as Amazon Web Services, Microsoft, Google, and Nvidia are expected to reap substantial benefits from the AI surge, driven by the necessity for enterprises to migrate an increasing number of workloads to the cloud. The revenue for generative AI infrastructure as a service, utilized for training extensive language models, is projected to reach an impressive US$247 billion by 2032. Furthermore, generative AI-powered digital advertisements are anticipated to generate a revenue of US$192 billion by that same year, while the contribution from generative AI assistant software is estimated to amount to US$89 billion.
“The world is poised to see an explosion of growth in the generative AI sector over the next 10 years that promises to fundamentally change the way the technology sector operates,” Mandeep Singh, said in a press statement.
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