CHATGPT AND GENERATIVE AI MARKET EXPECTED TO GROW AT A CAGR OF 93.39% BY 2029
The global market for AI & ChatGPT and Generative AI blockchain is projected to experience significant growth in the coming years, according to a report by Wintergreen Research, Inc. The report states that the market is expected to grow at a compound annual growth rate (CAGR) of 93.39% between 2023 and 2029.
ChatGPT and Generative AI technology are revolutionizing the way transactions are managed, automating processes such as ordering, shipment, payments, and reordering. This technology is becoming crucial for all types of businesses, both large and small, as it streamlines the process of buying, selling, billing, and collecting money.
To adapt to the changing landscape, companies selling goods and services are encouraged to partner with ChatGPT and Generative AI vendor companies that offer this advanced technology. Embracing ChatGPT and Generative AI systems will enable businesses to intelligently upgrade their existing linear processes and automate various tasks in new and innovative ways.
One of the key drivers of this market growth is the implementation of AI and the introduction of more sophisticated automated processing in financial markets. This is doubling the impact of personal computers (PCs) and smartphones. The widespread adoption of AI is transforming the digital landscape, making processes more efficient while reducing queues, paperwork, and other hassles.
The report also highlights the importance of blockchain technology in this market. Blockchain acts as an electronic list of connected records, providing a secure and transparent platform for transactions. Additionally, the adoption of blockchain technology helps prevent tax evasion, money laundering, and fraud.
The market growth of ChatGPT and Generative AI is not limited to one country. Various nations, including the United States, are taking measures to control blockchain technology to ensure a secure and regulated environment. The US Central Bank Digital Currency (CBDC) Executive Order and the collaboration between the Federal Reserve Bank of Boston and the Massachusetts Institute of Technology Digital Currency Initiative are notable examples.
Other major players in the market include Alphabet Google, which is consolidating its artificial intelligence research groups, and Oracle, which is offering blockchain for ChatGPT with various use cases in banking, government, insurance, and businesses.
Overall, the market for ChatGPT and Generative AI is set to experience rapid growth in the coming years. The automation of digital transactions, coupled with the increasing adoption of AI, is transforming the way businesses operate and making processes more efficient. Companies in various sectors are encouraged to embrace this technology to stay competitive in the evolving market landscape.
For more information about this market report, please visit ResearchAndMarkets.com.
