The generative AI market exceeded the $66-billion mark, with Open AI and Meta AI flagging their dominance with 56% market share.
This is according to Stocklytics financial analyst Edith Reads, who comments: “The start of Chat GPT in 2022 was the first plunge into generative AI development. Since then, nearly every tech giant, from Microsoft to Google to Amazon, has leaped the Generative AI bullet train.
“The recent increase in revenue is a testament to these tech titans’ intensifying interest in the field. With the industry bound to gain more support, the overall generative market is expected to secure nearly $207-billion by 2030 with a 20,8% CAGR.
“Big tech giants like Microsoft, Google, and Amazon have played a massive role in the proliferation of Generative AI,” Reads adds. “Microsoft is at the front line with its foray of investments into Open and Meta AI.”