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According to an analysis by Stocklytics.com, the generative AI market will hit 1 trillion by 2031, with a whopping CAGR of 48.05%. Companies like Amazon, Microsoft, Google, and Nvidia envision the most gains from this impending growth.
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Edith Reads, the site’s financial analyst, remarks: “In the wake of the development of new AI tools, there’s been an escalated interest and demand in the technology. The growing curiosity about how they operate and how much they can help has propelled its immense success. With new innovative tech designs set in motion, we can expect the domain to garner an impressive trajectory in the coming years.
“The start of AI tools like ChatGPT aroused an intense buzz around automation and chatbot technology. Soon enough, the domain saw a flooding increase in its tools, boosting its market share and popularity ratings. ChatGPT remains the most successful AI tool, commanding a massive user base of over 180.5 million users and up to 1.7 billion visits in November 2023.”
The full story and statistics can be found here. Generative AI to Become a $1 Trillion Market by 2031
