According to the latest forecast released by Omdia today, the global generative AI market is expected to experience explosive growth over the next five years, projected to increase from $14.6 billion in 2024 to $72.8 billion by 2029, a fivefold increase. Consumer products, enterprise services, retail, media and entertainment, and healthcare are expected to be the main drivers of this growth.
Image Source Note: Image generated by AI, image authorized by service provider Midjourney
Omdia points out that multimodal generative AI technology is the next frontier in generative AI. With its increasingly diverse capabilities, this technology is driving applications across various industries, such as customer service, enterprise knowledge management, 3D digital avatars, and manufacturing. Multimodal generative AI enhances the broad application scenarios of AI by integrating different types of data processing capabilities.
Generative AI has been widely adopted across various sectors, especially driven by open-source and proprietary large language models (LLMs), covering 120 industry application scenarios. However, despite the growing popularity of LLM applications, they still have limitations. LLMs primarily optimize the understanding, processing, and generation of text and voice data but cannot perform multimodal learning or generate outputs beyond text and voice, which restricts their further development in some application scenarios.
Additionally, according to the "Generative Artificial Intelligence Application Development Report [2024]" released by the China Internet Network Information Center (CNNIC), by June 2024, the user base for generative AI products in China has reached 230 million, accounting for 16.4% of the total population. This figure reflects the rapid adoption and growth of generative AI in the Chinese market, further highlighting the market potential of this technology.
In summary, generative AI is expected to continue growing in the coming years, particularly driven by multimodal technology, with a projected profound impact across more industries.