According to the International Data Corporation (IDC) report titled 'Worldwide Artificial Intelligence and Generative AI Spending Guide', global spending on artificial intelligence (AI) is expected to reach $632 billion by 2028, with a compound annual growth rate (CAGR) of 29.0%. AI plays a critical role in employee experience, customer interaction, and business process transformation. Despite the high attention on Generative AI (GenAI), its spending is lower than that of other AI applications such as machine learning, deep learning, and natural language processing; however, GenAI investment is rapidly increasing, and it is expected to lead to significant growth.

The generative AI market is expected to reach $136 billion by 2031, with a compound annual growth rate (CAGR) of 33.2%. North America is the largest market, followed by Europe and the Asia-Pacific region, with rapid growth in the healthcare, media, and entertainment sectors. Generative AI has wide-ranging applications across multiple fields, including art design and healthcare, indicating a positive market outlook. The global market growth is driven by innovations in cloud storage and government initiatives, and generative AI is set to continue its expansion in the future.

According to a report by Fortune Business Insights, the global AI image generator market is expected to exceed $900 million by 2030, with a compound annual growth rate (CAGR) of 17.4%. AI image generators have extensive applications in digital art and illustration creation, as well as in producing visual elements for marketing materials. The enterprise sector dominates the market due to task automation and process optimization.