The global Generative Artificial Intelligence (GenAI) market is on the verge of a monumental breakthrough, with a projected value of $1 trillion by 2031. A recent analysis by stocklytics.com anticipates a staggering compound annual growth rate of 48.5 percent worldwide, with the UAE and Saudi Arabia emerging as some of the more significant industry players,
Exponential growth
Major players in the tech industry like Amazon, Microsoft, Google, and Nvidia, will likely reap substantial benefits from the unprecedented expansion of the generative AI market. The launch of generative AI tools like ChatGPT has sparked a surge in automation and chatbot technology.
Edith Reads, financial analyst at stocklytics.com, explains that ChatGPT stands out as the most successful generative AI tool. It boasts a user base of over 180.5 million users and up to 1.7 billion visits in November 2023 alone.
GCC’s economic potential
The generative AI market holds immense economic potential. GCC countries are expected to generate approximately $23.5 billion in economic benefits as investments in this technology grow, according to PwC unit Strategy& Middle East.
Moreover, a study titled “Defining the Enterprise of the Future” by Alteryx reveals that 59 percent of UAE business leaders foresee an increase in investments in advanced technology. Additionally, 82 percent express intentions to increase investment in advanced technologies such as generative AI. Meanwhile, 45 percent stated that they will invest in advanced technologies such as AI.
Economic projections
The larger generative AI market is witnessing positive reinforcements globally. China and India jointly control about 60 percent of the technology’s consumption. However, the United States remains the leading country in AI influence and investments. The U.S. has poured a substantial $250 billion into AI start-ups since 2013.
Moreover, the current landscape indicates that almost 80 percent of businesses globally are either using or exploring generative AI. Meanwhile, 35 percent have already adopted it and 42 percent are planning implementation.
Additionally, a Statista survey forecasts a 48 percent year-over-year growth in the generative AI industry, reaching $66.6 billion in 2024. By 2028, this figure is expected to soar to over $156 billion, marking a remarkable 250 percent growth in just five years.
Read: Google Chrome blocks data tracking cookies: What does this mean for advertisers?
Regional projections
Regional projections indicate significant economic gains for multiple countries when it comes to the generative AI market. China expects to experience a 26 percent boost whereas North America expects a 14.5 percent boost by 2030. In addition, India will witness astounding growth reaching up to $3,935.5 million by 2028, according to the stocklytics.com report.
ChatGPT dominates
The popularity of ChatGPT has transcended boundaries, with over 180 million users globally. The English Wikipedia ChatGPT article experienced an impressive daily page view range of 100,000 to 400,000, accumulating a total of 49.4 million page visits in 2023. This surpasses the engagement of some of the most trending Wikipedia topics.
For more news on technology, click here.
