Shadine Taufik · · 2 min readGenerative AI to reach $1.3t in revenue by 2032: Bloomberg Intelligence
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The value of the generative AI market is set to reach US$1.3 trillion by 2032 from just US$40 billion in 2022, according to a report by Bloomberg Intelligence.
The industry is projected to have a compound annual growth rate of 42% over the next decade. During this period, rising demand for generative AI products could add about US$280 billion of new software revenue, driven by specialized assistants, new infrastructure products, and co-pilots that accelerate coding.
The report suggests that companies like Amazon Web Services, Microsoft, Google, and Nvidia could be the biggest beneficiaries of this AI boom as enterprises have to shift more workloads to the cloud.
Revenue for generative AI infrastructure as a service, which is used for training large language models, is set to reach US$247 billion by 2032. Meanwhile, generative AI-driven digital ads could rake in US$192 billion in revenue by that year, while generative AI assistant software could contribute 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, report author and Bloomberg Intelligence senior tech analyst, said in a press statement.
See also: True Global Ventures pivots fund to focus on generative AI
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Editing by Thu Huong Le and Lorenzo Kyle Subido
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