Global Generative AI Market Projected to Hit $72.8 Billion by 2029
date
Dec 12, 2024
damn
language
en
status
Published
type
News
image
https://www.ai-damn.com/1733971590266-202304251756343929_11.jpg
slug
global-generative-ai-market-projected-to-hit-72-8-billion-by-2029-1733971678752
tags
Generative AI
Market Growth
Technology
Artificial Intelligence
China AI
summary
The global generative AI market is set for significant growth, expected to reach $72.8 billion by 2029. Key sectors driving this expansion include consumer products, healthcare, and retail, with multimodal AI technologies paving the way for innovative applications across industries.
According to a recent report by market research firm Omdia, the global generative artificial intelligence (AI) market is poised for explosive growth. Projected to expand from $14.6 billion in 2024 to $72.8 billion by 2029, this market is set to grow by fivefold in the next five years. The surge is driven by the increasing adoption of generative AI across a range of sectors including consumer products, enterprise services, retail, media and entertainment, and healthcare.
The report emphasizes the continuous expansion of generative AI's application areas. One of the most promising developments is multimodal generative AI technology, which enables AI systems to perform diverse functions, further pushing the boundaries of AI use across multiple industries. These advancements have opened up new possibilities in sectors such as customer service, enterprise knowledge management, digital avatars, and manufacturing.
Generative AI's ability to integrate and process data from various sources has driven the demand for large language models (LLMs). Both open-source and proprietary LLMs are now being applied to over 120 different scenarios, demonstrating their versatility. However, the technology still faces challenges. While LLM-based applications are increasingly popular, they primarily focus on processing and generating text and voice data. Their limitations lie in multimodal learning, meaning they cannot yet handle outputs beyond text and voice, such as images or videos.
The Chinese market is also witnessing a significant uptake of generative AI. According to the November 2024 release of the Generative Artificial Intelligence Application Development Report by the China Internet Network Information Center, the user base of generative AI products in China is expected to reach 230 million by June 2024, which would represent 16.4% of the total population. This data highlights the rapid growth of generative AI's acceptance and its expanding application scope within the Chinese market.
As the demand for AI technologies grows, both enterprises and developers are focusing on enhancing user experience and improving operational efficiency through AI-driven solutions. The continuous evolution of generative AI technologies promises a bright future for this sector, with increasingly diverse industry applications expected in the coming years.
Key Points
- The global generative AI market is set to reach $72.8 billion by 2029, growing fivefold from $14.6 billion in 2024.
- Multimodal generative AI technology is unlocking new applications in industries such as customer service, knowledge management, and manufacturing.
- In China, the user base of generative AI products is projected to hit 230 million by June 2024, representing 16.4% of the population.