AI Market
Abhishek Velankar
Author
Generative AI encompasses the field of generation of modified data using available AI tools. Generally, data is fed into the AI tool and then it uses its own database or searches on the internet to give its best rendering of the given prompt. Generative AI is used to generate text, images and other forms of media, while it has also been used to manipulate existing media, for e.g. converting black-and-white footage to color footage.
The use of generative AI to corporations is clear. Without undertaking labor costs, the corporations can generate data guaranteed to be up to a certain standard. Thus, there is a growing market for generative AI and in 2022 it is estimated that the size of the generative AI market was 10.79 Billion USD. It appears there is no stopping the generative AI train as the market is predicted to be one of the highest growing markets currently in terms of revenue. In 2032, the generative AI market is predicted to cross 118 Billion USD, a growth of more than tenfold in ten years.
So then why is there so much market for generative AI? A number of factors contribute to the growing need of generative AI. As previously mentioned, companies can cut down on labor costs with the use of generative AI. There is a growing need for content currently, leading to a huge demand for content creation. The generative AI market grows in parallel to the content creation market as the more there is need for content, the more the uses for AI.
The makers of generative AI themselves have stepped up their game and have contributed to the rise in the market. DALL-E was a revolution in the types of pictures that could be available to the people on the internet. Suddenly, all sorts of outlandish ideas (like what if Harry Potter was made in Australia or a mash-up of the Eiffel Tower and the Leaning Tower of Pisa) could be made into images. But that was just the beginning as ChatGPT has almost started a revolution.
ChatGPT launched in November of 2022 but has already become an intrinsic part of many people’s and corporations’ lives. The AI tool is a goldmine for content generation. ChatGPT can be used for a wide variety of things, from something as simple as telling a joke to writing whole novels. It can be used for business, personal or even governmental needs. Another factor in the increase of the generative AI market is the availability of cloud storage. While earlier it was difficult for data scientists to get access to data, cloud storage has made it possible for large amounts of data to be open to the public and stored safely.
Not all is plain sailing though for the generative AI market. While the public availability of AI tools is a plus for the generative AI market, the data generated through these tools may be suspect to manipulation and interference. Hackers and other internet nuisances are on the prowl of private data and if they are successful on a consistent basis, it might be harmful to the growth of the generative AI market. Generative AI has its limitations too, at least currently, as sometimes it is prone to errors and might miss out on simple things that would be caught quite quickly by a human. Plus, some tools like ChatGPT do not touch anything even slightly controversial. However, the developers are hard at hand in trying to further improve AI tools. The growth in the generative AI market is predicted to be hand-in-hand with the progress made in the functioning of the AI tools.
It is predicted that in the coming years up to 50% of all data on the internet could be generated by AI. It is no wonder then that the generative AI market is growing exponentially and is predicted to expand even further at a very rapid pace. What the rise of generative AI would mean for humans in the future is a worthwhile question but for the time being, it is plain that the generative AI market will continue to grow and reach new heights in the coming future.
