Science & Technology

Experts Say ChatGPT to Fuel $1.3 Trillion AI Market by 2032

The release of generative artificial intelligence systems that are focused on solving problems, and satisfying various groups of consumer needs, for example, ChatGPT from OpenAI and Bard from Google will ensure a high level of development of the generative AI market over the next decade and will bring its financial volume to $1.3 trillion by 2032.

Experts Say ChatGPT to Fuel $1.3 Trillion AI Market by 2032

According to the results of last year, the total financial turnover in the artificial intelligence market amounted to $ 40 billion. A report by Bloomberg Intelligence analysts led by Mandeep Singh says that over the next ten years, the annual growth rate of the AI sector may increase by more than 40%.

According to experts, this indicator will be achieved primarily as a result of the expansion of the training infrastructure. Analysts also believe that the process of financial growth will be ensured by the distribution of output devices for large language models, advertising, and services of other functional content.

Singh says that the world is ready to contemplate the explosive growth of the area of artificial intelligence with generating capabilities, which will be observed over the next ten years. He also stated that the development and dissemination of AI will be a source of profound transformation of the concept of the functioning of the technology industry.

Singh is convinced that as artificial intelligence develops, it will become a more important part of spending on IT, advertising, and security in cyberspace.

Interest in generative artificial intelligence, including manifested in the form of investment, has increased dramatically after the chatbot ChatGPT debuted last year. Many experts and analysts predict that AI will change all spheres of human activity, from service to banking. This perspective leads to an interest in machine consciousness, which can study and work as a competent specialist in many industries.

Artificial intelligence uses large amounts of information, often collected in the Internet space, to learn how to respond to prompts. This algorithm allows digital intelligence to create images that have a high degree of realism in terms of compliance with the organic environment, and respond to queries concerning all areas of knowledge.

The report predicts that Amazon, Alphabet, Nvidia, and Microsoft Corp, which invested billions of dollars in OpenAI, are likely to be the winners of the artificial intelligence boom.

As we have reported earlier, JPMorgan Chase Boss Dimon Hails Groundbreaking AI.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.