In terms of revenue, artificial intelligence (AI) will explode to unprecedented levels in the coming years. Bloomberg speaks of $1.3 trillion within ten years.
Whereas the market for generative AI, such as the popular ChatGPT, still accounted for around USD 40 billion in turnover last year, according to an analysis by the Bloomberg news agency, this will grow to around USD 1.3 trillion in 2032.
According to the analysis, tech giants Amazon, Microsoft, and Google parent Alphabet are at the forefront of the battle for dominance in consumer-focused AI. Microsoft is a significant investor in OpenAI, which successfully released ChatGPT last year. That has been a substantial reason for increasing interest in generative AI, technology that combines information on the internet to answer questions in a way that resembles a human response.
“The world is poised to see an explosion of growth in the generative AI sector over the next decade,” said Bloomberg analyst Mandeep Singh. “It promises to change the way the technology sector operates profoundly. Technology is becoming increasingly important in investments in IT, advertising spend and cybersecurity.” Moreover, AI is expected to replace much human work, such as customer service or banking.
Bloomberg expects investments in training the self-learning AI models to be the most significant expenditure in the coming years (247 billion dollars in 2032). The idea is that online advertisements via AI and revenue via servers for AI will also lead to significant revenue growth.