According to the latest report from market research firm Omdia, the global generative artificial intelligence (AI) market is still in its early stages and is expected to grow fivefold over the next five years, jumping from $14.6 billion in 2024 to $72.8 billion in 2029. This growth is primarily driven by sectors such as consumer products, enterprise services, retail, media and entertainment, and healthcare.
Image Source Note: Image generated by AI, image authorized by service provider Midjourney
The application areas of generative AI are continuously expanding, with multimodal generative AI technology being regarded as the next frontier due to its ability to perform diverse functions, thereby driving use cases across various industries. Specifically, these technologies have shown broad application potential in areas such as customer service, enterprise knowledge management, digital avatars, and manufacturing.
With the development of open-source and proprietary large language models (LLMs), the applications of generative AI have extended to 120 different scenarios. Although LLM-based applications are becoming increasingly popular, these models still have inherent limitations, primarily focusing on processing and generating text and voice data, struggling with multimodal learning, and being unable to generate outputs beyond text and voice.
Furthermore, according to the "Generative Artificial Intelligence Application Development Report [2024]" released by the China Internet Network Information Center in November, by June 2024, the user base of generative AI products in China is expected to reach 230 million, accounting for 16.4% of the total population. This data indicates that the acceptance and application scope of generative AI in the Chinese market are continuously expanding.
In this context, both enterprises and developers are actively exploring the possibilities of generative AI applications, seeking to enhance efficiency and improve user experience through technological innovation. As market demand grows, the future of generative AI looks promising, and industry applications will become increasingly diversified.
Key Highlights:
🌍 The global generative AI market is expected to reach $72.8 billion by 2029, growing fivefold over the next five years.
📈 Multimodal generative AI technology is driving the development of applications in customer service, enterprise knowledge management, and other industries.
🤖 By June 2024, the user base of AI products in China is expected to reach 230 million, accounting for 16.4% of the total population.