Report predicts that the generative AI industry will reach a value of $100 billion by 2026.
Generative artificial intelligence (genAI) is expected to grow into a $100 billion industry by 2026, a new report said Monday.
According to data presented by AltIndex.com, the genAI market will grow by a whopping 65 percent in the next two years.
“The launch of OpenAI’s ChatGPT marked a turning point for the global AI industry. Chatbot, which became the fastest growing app in history with 100 million users in just two months, turned AI into one of the biggest stories of 2023,” the report states.
“While ChatGPT was the most popular demonstration of generative AI, other AI tools such as Character.ai, DeepL, Quillbot, Midjourney and Capcut also achieved billions of visits, demonstrating the huge potential of this market,” it added.
Between 2020 and 2023, the generative AI market will grow from $5.7 billion to $44.9 billion, a whopping 690% growth.
According to statistics, the market has practically doubled in the last three years, with annual growth rates between 93 percent and 106 percent.
However, Statista predicts that the annual growth rate will slow down in 2024, the value of the entire market will continue to grow by a massive 48.4 percent to reach $66.6 billion.
Double-digit growth will continue in the following years, and genAI will reach $100 billion by 2026, showing a whopping 65% growth in two years. By 2030, this number is expected to more than double to over $207 billion.
In a global comparison, the US remains the world’s largest genAI market, expected to reach $37.3 billion in 2026, up 60 percent from this year.
As the second largest in the world, China’s market is set to grow even further, rising 72 percent to $14.7 billion over the next two years.
Germany’s generative AI market follows with 60 percent growth in two years and a valuation of $4.5 billion by 2026, the report states.
