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S&P Global Market Intelligence foresees rapid expansion of generative AI software market by 2028 to $52.2b
Research - JUNE 10, 2024

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S&P Global Market Intelligence foresees rapid expansion of generative AI software market by 2028 to $52.2b

by Andrea Zander

As generative artificial intelligence (AI) technology pivots from research to the monetization and product launch stages, the software part of the generative AI market is now forecast to see significant expansion, reaching $52.2 billion by 2028 with a compound annual growth rate of 58 percent from 2023, according to S&P Global Market Intelligence.

Published by 451 Research, part of S&P Global Market Intelligence, the Generative AI Market Monitor report highlights an accelerated adoption rate of generative AI technologies across various sectors. This surge is attributed to advancements in AI models capable of generating new content, including text, images and code, leading to enhanced operational efficiencies and innovative applications in business processes.

"Our thorough and granular market forecast for generative AI software demonstrates the huge potential of this general-purpose technology to transform processes and eventually industries. Organizati

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