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.
“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 revenue forecast to reach $3.7 bn
More like thisRelated
How AI demand is driving global semiconductor market
The global semiconductor market is poised for significant growth...
Accenture’s AI focus driving business growth
Accenture has strategically leveraged artificial intelligence (AI) to drive...
SoftBank’s $6.5 bn bet on Ampere: A costly gamble for a $16 mn revenue startup?
SoftBank Group Corp has announced a $6.5 billion all-cash...
Tencent steps up AI investment focusing on Hunyuan model
Tencent, the Chinese technology giant, has announced plans to...
