NEW
YORK, June 8, 2023 /PRNewswire/ -- The
popularity of ChatGPT spawned an array of startups and kicked off a
race by major technology providers to compete for mindshare.
Revenues of generative artificial intelligence (AI) technology
offerings are forecast to reach $3.7
billion in 2023 and expand to $36
billion by 2028 with a compound annual growth rate (CAGR) of
58 percent from 2023 to 2028, according to a new S&P Global
Market Intelligence report.
The new Market Monitor Generative AI report explored this
emerging market, measuring and forecasting revenues for 263
software companies in the world that provide generative AI
products, including text, images, audio, video, code and structured
data generators.
"The Generative AI software market is currently in the
development stage. While Generative AI models have been in
development for years, the wide-scale productization of these
models is a recent phenomenon with many vendors included in our
analysis currently still in the beta or initial launch stage with
their commercial products," said Nick
Patience, managing analyst of Data, AI, Infosecurity &
Risk at S&P Global Market Intelligence. "However, we anticipate
a rapid expansion of the market overall, with some sectors
advancing faster than others. Overall, we think the impact of
generative AI will be huge and change the way we work with
language, images, code, audio and video."
Key highlights from the report include:
- While distinct media generation segments will likely coalesce
over time, at its current stage of emergence, each segment
demonstrates distinct market characteristics and competitive
dynamics.
- The text generator space is particularly vibrant, with
lower-than-expected costs of foundation model application
programming interfaces (APIs) contributing to a burgeoning
ecosystem of startups, many targeting sales and marketing
use-cases. This sector is expected to expand at a CAGR of 50
percent from 2023 to 2028.
- Code generation represents a less mature market, with fewer
monetized projects or established vendors. With a CAGR of almost 73
percent between 2023 and 2028, however, it may represent the
fastest growing Generative AI segment.
- The image generation space is also forecast to have a robust
growth trajectory growing 148 percent for 2023 year on year, with
its five-year CAGR at 66 percent. The sector contains some
high-profile startups and more recently the entrance of established
technology providers with large, curated image libraries. It has
proven an early target for copyright infringement lawsuits.
- Generative AI approaches to structured data generation are
emerging, and are likely to benefit from growing concerns around
privacy. Few vendors currently productize generative AI-based
synthetic data services, but a number of prominent startups have
emerged to drive growth in the embryonic space with a five-year
CAGR of 59 percent.
To arrange an interview with our experts or request a full copy
of the S&P Global Market Intelligence Market Monitor Generative
AI report, please contact press.mi@spglobal.com.
S&P Global Market Intelligence's opinions, statements,
estimates, projections, quotes and credit-related and other
analyses are statements of opinion as of the date they are
expressed and not statements of fact or recommendations to
purchase, hold, or sell any securities or to make any investment
decisions, and do not address the suitability of any security, and
there is no obligation on S&P Global Market Intelligence to
update the foregoing or any other element of the Property.
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Media Contact
SungHa Park
S&P Global Market Intelligence
+82 2 6001 3128
sungha.park@spglobal.com
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