The generative AI market exceeded the $66bn mark, with Open AI and Meta AI flagging their dominance of 56 per cent market share, according to a Stocklytics.com report.
Generative AI is a type of artificial intelligence that can produce various types of content, including, text, images, audio and synthetic data.
“The start of Chat GPT in 2022 was the first plunge into generative AI development. Since then, nearly every tech giant, from Microsoft to Google to Amazon, has leapt on the Generative AI bullet train.
The recent increase in revenue is a testament to these tech titans’ intensifying interest in the field. With the industry bound to gain more support, the overall generative market is expected to secure nearly $207bn by 2030 with a 20.8 per cent CAGR.
“Big tech giants like Microsoft, Google, and Amazon have played a massive role in the proliferation of Generative AI. Microsoft is at the front line with its foray into investments into Open and Meta AI,” the report highlighted.
Meta CEO Mark Zuckerberg said to investors earlier this year that the Generative AI gold rush was underway, but it should not be expected to create profits anytime soon.
Meta is already quite profitable, having grown net income to more than $12bn on $36.5bn in revenue in the last quarter alone.
But its revenue growth is expected to slow going forward. At the same time, it’s spending more than ever on AI and the metaverse.
“Historically, investing to build these new scaled experiences in our apps has been a very good long-term investment for us and for investors who have stuck with us,” Zuckerberg said on the first quarter earnings call, drawing an analogy to the rollouts of Stories and Reels.
“And the initial signs are quite positive here, too. But building the leading AI will also be a larger undertaking than the other experiences we’ve added to our apps, and this is likely going to take several years.”
https://punchng.com/generative-ai-market-surpasses-66bn-says-report/
