Chatgpt Will Be the Driver of the $1.3 Trillion Ai Market by 2032

Since ChatGPT's release in the latter part of last year, demand for generative AI has increased.

In New York The introduction of consumer-oriented AI systems like Google's Bard and OpenAI's ChatGPT will spark a ten-year boom, with the market for generative AI growing from $40 billion in 2017 to $1.3 trillion in 2032.

According to a recent report by Bloomberg Intelligence analysts led by Mandeep Singh, the sector's compound annual growth rate over the next ten years could increase by 42%, driven first by training infrastructure and then by inference devices for large language models, advertising, and other services.

According to a statement released on Thursday by Singh, "the generative AI sector is poised to explode in growth over the next ten years and promises to fundamentally change the way the technology sector operates." As technology advances, it is expected to play a bigger role in cybersecurity, advertising, and IT costs.

Since ChatGPT's launch in late 2017, demand for generative AI has increased because of expectations that the technology could revolutionize everything from banking to customer service. It learns how to react to questions using massive samples of data, frequently taken from the internet, and can produce realistic-looking visuals and responses to queries.

The analysis predicts that the cloud businesses of Amazon.com, Alphabet, the parent company of Google, Nvidia Corporation, and Microsoft Corporation—which has invested billions in OpenAI—will be among the largest beneficiaries of the AI boom.

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