Global Generative AI Market to Grow Fivefold by 2029
date
Dec 12, 2024
damn
language
en
status
Published
type
News
image
https://www.ai-damn.com/1733971848498-202304171730166152_1.jpg
slug
global-generative-ai-market-to-grow-fivefold-by-2029-1733971868295
tags
Generative AI
Market Growth
Artificial Intelligence
Multimodal AI
Technology
summary
The global generative AI market is projected to experience rapid growth, increasing from $14.6 billion in 2024 to $72.8 billion by 2029, driven by advancements in multimodal technology and widespread adoption across various sectors.
The global generative AI market is on track for substantial growth in the next five years, with projections indicating it will expand fivefold, from $14.6 billion in 2024 to $72.8 billion by 2029. This surge is largely attributed to the adoption of generative AI technologies across industries such as consumer products, enterprise services, retail, media, entertainment, and healthcare.
Omdia, a leading market research firm, highlights the role of multimodal generative AI as a key driver of this growth. Unlike traditional AI models, multimodal AI combines multiple types of data inputs, such as text, voice, images, and video, enhancing the versatility and effectiveness of AI applications across various industries. The technology's ability to handle complex, diverse datasets is expected to revolutionize fields like customer service, enterprise knowledge management, 3D digital avatars, and manufacturing.
Generative AI, particularly through open-source and proprietary large language models (LLMs), has already gained significant traction in over 120 industry application scenarios. However, despite their popularity, LLMs face limitations in certain contexts. They excel in tasks that involve understanding, processing, and generating text and voice data but struggle with multimodal learning—creating outputs that integrate more than one form of data, such as images or video. This gap in functionality has hindered their application in some fields.
In China, the growth of generative AI is particularly notable. According to a report by the China Internet Network Information Center (CNNIC), as of June 2024, 230 million users in China are engaging with generative AI products, accounting for 16.4% of the population. This figure demonstrates the rapid adoption of AI-driven tools in the country, underscoring the expanding market potential in Asia.
Looking ahead, experts agree that multimodal generative AI will be a transformative force, unlocking new possibilities in industries ranging from healthcare to entertainment. As the technology evolves, it is expected to play an increasingly central role in how businesses operate and innovate.
In conclusion, the generative AI market is poised for explosive growth, driven by advances in multimodal technology, and its impact is likely to be felt across a broad spectrum of sectors.
Key Points
- The global generative AI market is projected to grow fivefold by 2029, reaching $72.8 billion.
- Multimodal AI technology, which combines text, voice, image, and video data, is a major driver of growth.
- China’s generative AI user base has reached 230 million, highlighting the rapid adoption of this technology.
- Despite advancements, large language models still face limitations in multimodal learning.
- The market expansion is expected to impact industries such as healthcare, retail, and entertainment.