According to S&P Global, the generative AI industry is expected to develop at an exponential rate, reaching roughly 10 times its present value of $36 billion by 2028.
S&P Global says AI suppliers typically operate in less lucrative business-to-business industries, whereas consumer-focused enterprises gain from cost reductions and create significant income through their more lucrative AI-powered offerings. Also, foundation models will overtake text generators as the key source of income for generative AI companies.
The text generator market in sales and marketing is growing rapidly, with lower-than-expected costs for using foundation model APIs. It is expected to have an annual growth rate of 50% from 2023 to 2028. Code generation, although a smaller market, is predicted to have the highest growth rate in generative AI, reaching 73% during the same period.
Image generation is also forecast to expand dramatically, with a 148% increase in 2023 and a 66% growth rate over the next five years. Copyright infringement cases, on the other hand, represent a concern since some businesses and tech providers use curated picture libraries without sufficient authority.
Generative AI for structured data creation is a new subject that stands to profit from rising privacy concerns. With a predicted five-year growth rate of 59%, startups in this area are likely to fuel development.
The sources for this piece include an article in Axios.
