Generative AI market to hit $100bn by 2028
Tue 23 Jan 2024
The Generative Artificial Intelligence (GenAI) market is expected to see a surge from £6.2 billion ($8 billion) in 2023 to over £78.7 billion ($100 billion) by 2028, marking a more than tenfold growth.
The study by Sopra Steria Next indicates a predicted annual growth of 65% in the GenAI market. This growth can be attributed to the establishment of policies and guidelines for GenAI’s controlled use, especially in the business sector.
Growth is also expected to be caused by increasing competition between generalist AI models and the emergence of specialised large language models (LLMs). These developments are expected to lead to a proliferation of applications targeting multiple use cases.
Fabrice Asvazadourian, Chief Executive Officer of Sopra Steria Next, said: “At the start of the gold rush, the first to strike it rich were actually the ones selling shovels and pickaxes.”
The study also makes recommendations for senior executives to gradually implement GenAI applications. It suggests that managers and staff should familiarise themselves with these new tools while embedding guidelines for controlled and compliant use of GenAI into their operating methods.
Additionally, it underscores the importance of modernising data management technology to support the integration of GenAI applications.
“Our study shows that 2024 will mark the beginning of an exponential rise in the monetisation of GenAI, with a variety of services being sold by both major tech players and emerging startups,” added Asvazadourian.