Generative AI Market Expected to Hit $1trillion by 2031
Generative artificial intelligence (GenAI) is surpassing all expectations as it sets the industry for success in the upcoming years. Stocklytics.com provided an analysis of its immense success. According to the analysis, the AI market will hit $1 trillion by 2031, with a compound annual growth rate of 48.05%. Major corporations such as Amazon, Google, Microsoft, and Nvidia are expected to reap most benefits.
Edith Reads, a financial analyst from Stocklytics.com, stated in an article that there is an increased interest and demand in the tech industry. Arising questions about the nature of its operations and their usefulness fuelled its major success. As the innovations set off, they expect the domain to garner a remarkable trajectory in the upcoming years.
ChatGPT, the most succesfull AI tool, has a user base of over 180.5 million users and up to 1.7 billion visits in November 2023. 97% of business owners believe it will further increase their earnings, according to Stocklytics.com.
While China and India are controlling about 60% of its global consumption, the USA is still the top country regarding AI influence and investments, as it invested $250 billion into AI startups since 2013.
According to Stocklytics.com, The AI market will experience sudden growth in many industries worldwide. At this time, about 80% of businesses use AI, 35% have adopted it in their operations, while 42% plan to do so.
The main fuel for such an increase was the consumer appeal, as the newest technologies are attractive to users. For example, the use of AI in developing self-driving vehicles was immensely interesting. The self-driving car market is expected to rise to about 13.7 billion by 2030, with nearly 10% vehicles being driverless.
The digital advertising of the AI also improved its chances with new customers. It presents good opportunities to illustrate brand stories at context and scale, according to the Stocklytics.com article. The ads will help AI in attracting more consumers interested in its offers. The expected rise for AI space is over $190 billion by 2032. According to Stocklytics.com, by 2032, AI will have made stable progress in overall systems.
