Generative artificial intelligence (genAI) is expected to become a $100 billion industry by 2026, a new report said on Monday.
According to data provided by AltIndex.com, the genAI market will grow significantly by 65% in the next two years.
“The launch of OpenAI ChatGPT marks a turning point for the global AI industry. The chatbot reached 100 million users in just two months, becoming the fastest-growing application in history, turning AI into the biggest news of 2023 One of the stories.” the report said.
“While ChatGPT is the most popular generative AI showcase, other AI tools such as Character.ai, DeepL, Quillbot, Midjourney and Capcut have also reached billions of visits, showing the huge potential of this market,” it added.
Between 2020 and 2023, the generative AI market has exploded, growing from US$5.7 billion to US$44.9 billion, an increase of 690%.
According to statistics, the market size has almost doubled in the past three years, with annual growth rates ranging from 93% to 106%.
However, Statista predicts that by 2024, the annual growth rate will slow down, and the value of the entire market will still increase significantly by 48.4%, reaching $66.6 billion.
Double-digit growth will continue in the coming years, with genAI expected to be worth $100 billion by 2026, a 65% increase in just two years. By 2030, this number is expected to more than double, topping $207 billion.
Compared with the world, the United States will remain the world’s largest genAI market, with a value expected to reach $37.3 billion in 2026, a 60% increase from this year.
As the world’s second largest market, the Chinese market will grow faster, with its valuation jumping 72% to US$14.7 billion in the next two years.
The report pointed out that the German generative artificial intelligence market followed closely, growing by 60% in two years, and will be valued at US$4.5 billion by 2026.
(This article has not been edited by News18 staff and is published by IANS, the associated news agency)
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