Generative AI revenue forecast to reach $3.7 bn

Revenues of generative artificial intelligence (AI) technology offerings are forecast to reach $3.7 billion in 2023 and expand to $36 billion by 2028 with a compound annual growth rate (CAGR) of 58 percent from 2023 to 2028, according to a new S&P Global Market Intelligence report.
Generative AI market revenue forecast“While Generative AI models have been in development for years, the wide-scale productization of these models is a recent phenomenon with many vendors included in our analysis currently still in the beta or initial launch stage with their commercial products,” said Nick Patience, managing analyst of Data, AI, Infosecurity & Risk at S&P Global Market Intelligence.
Generative AI market revenue by segment forecast