State of Generative AI in the Enterprise 2024

Generative AI is probably one of the most hyped technologies today. There are two main perspectives on this technology: one group sees it as transformative, while the other views it as merely a novelty and advises against its use. This kind of division is quite common in the tech world. However, we can't ignore either side. To really understand this technology, we need to consider all aspects.

It's been over two years since ChatGPT was launched. Last year, there was a lot of discussion about AI posing career threats and automating software development. Some experts even predicted that by 2024, this AI would be a major threat to professionals' careers. But today, many of those predictions don’t seem to hold up as they once did, based on those forecasts. On the other hand, we are starting to see valuable use cases for this technology.

To dive deeper, we explored various surveys and asked our experts for a detailed analysis. We compiled our findings from different sources into this article, aimed at C-suite professionals, titled "State of Generative AI in 2024."

So, let’s take a look at how generative AI is impacting business operations today. We’ll also explore what professionals using generative AI think about it, and examine its popularity across different industries.

Top Generative AI Statistics for 2024

In 2024, the global market size for generative AI is expected to reach USD 36.06 billion, with the US accounting for approximately USD 11.55 billion. This means the US market share is about 32.1%. The market is projected to grow at a CAGR of 46.47% until 2030.

According to a Bloomberg report, they have estimated that it could reach $1.3 trillion by 2032. Source

Bloomberg identifies Infrastructure as a Service (IaaS) as the biggest contributor, expected to contribute up to $247 billion by 2032. Combined, digital ads and generative software solutions are projected to contribute about $192 billion and $89 billion, respectively.

Generative AI adoption Among Professionals

HubSpot conducted a survey called "The State of AI ," gathering insights from over 1,000 marketing and advertising professionals. According to the report, 85% of marketers believe that generative content creation will be transformative.

Content creation is one of the most popular use cases of generative AI. In Hubspot’s State of AI Survey, more than 80% of marketers believe generative AI will transform content creation.

1. 56% of marketers who used AI report that content performance was improved by using generative AI.
2. Over 45% of marketers use generative AI tools for ideas and inspiration.

1. More than 75% of content marketers believe generative AI effectively makes content more personalized.
2. For 60% of marketers, bias, plagiarism, and factual accuracy are still concerns about generative AI.
3. ?65% of generative AI users are millennials or Gen Z?
4. 70% are employed and actively using this technology.? (Source)
5. Another interesting finding is that users are now relying on generative AI more than when they first started. (Source) .
6. Out of five workers, three are either using AI or planning to use it.?

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