ChatGPT to Fuel $1.3 Trillion AI Market by 2032, New Report Says
- Bloomberg Intelligence expects generative AI market to soar
- Amazon, Microsoft, Google and Nvidia seen as biggest winners
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The release of consumer-focused artificial intelligence tools such as ChatGPT and Google’s Bard is set to fuel a decade-long boom that grows the market for generative AI to an estimated $1.3 trillion in revenue by 2032 from $40 billion last year.
The sector could expand at a rate of 42% over ten years — driven first by the demand for infrastructure necessary to train AI systems and then the ensuing devices that use AI models, advertising and other services, according to a new report by Bloomberg Intelligence analysts led by Mandeep Singh.