According to new research by Bloomberg Intelligence, generative AI, a technology that some fear could pose a threat to humanity, has the potential to become a $1.3 trillion market within the next ten years. The report suggests that the sector could experience a compounded annual growth rate of 42% over the next decade, with AI software, hardware, and digital ads pertaining to AI all expected to contribute to this growth. AI assistant software is predicted to be worth $89 billion while hardware is likely to make up the bulk of the revenue, accounting for $641 billion by 2032. As with any emerging technology, there are concerns about the growing risks of AI and associated issues, such as regulation.
The article mentions Bloomberg Intelligence, a division of Bloomberg, that provides analysis of industries, companies, and commodities based on proprietary data. Bloomberg Intelligence’s reports aim to inform financial professionals with the insights and information they need to make smarter, more informed business decisions.
Mandeep Singh, the senior technology analyst at Bloomberg Intelligence and lead author of the report, was also mentioned in the article. Singh spoke of the explosive growth expected in the generative AI sector over the next ten years and how it could potentially change the way the technology sector operates in the future.
