Global Market Of Generative AI To Reach $1.5 Trillion In Revenue By 2033: GHD Digital

The global market for generative artificial intelligence has the potential to grow 30 times in the next 10 years, reaching $1.5 trillion in revenue by 2033 from $50 billion in 2023, according to a report by digital transformation company GHD Digital.

Accelerated digitalisation of businesses, personalised user experiences, data processing capabilities and AI-powered decision making will be the key drivers of generative AI’s growth, the report suggests.

The report—Beyond AI: Generative AI and The Next Wave of Disruption—also explores the immense potential of the technology across multiple sectors, underscoring that businesses must act swiftly and decisively to harness its exponential growth.

“True visionary leaders understand that focusing on AI goes beyond acknowledging its current state of maturity; it is about recognising its immense potential to shape the future. The question remaining is ‘how can we maximise this potential while managing the various issues and risks in an ambiguous and complex ecosystem", said GHD Digital President Kumar Parakala.

Based on executive interviews and quantitative analysis, the report explores generative AI’s cutting-edge technology and potential applications across industries, ranging from finance and healthcare to transportation and energy. The report also offers insights on generative AI’s ethical implications and how businesses can leverage the technology to drive innovation.

Catalyst For Innovation

“Generative AI isn't just a tool for replication, but a catalyst for new kinds of innovation, empowering industries to redefine their boundaries. By leveraging the power of algorithms and deep learning, it revolutionises the creative landscape, sparking a new era of limitless imagination,” said Aijaz Hussain Shaik, global head of thought leadership and research GHD Digital.

The technology can enhance operational efficiency by automating routine tasks and allowing companies to allocate resources strategically towards high-value initiatives. The report suggests that generative AI complements human capabilities rather than replacing them, opening new avenues for innovation and providing teams more time for strategic problem-solving. In this collaborative interaction, humans can set the goals and provide context and oversight, while generative AI can contribute to scale, speed and novel insights.

For businesses, generative AI has varied use cases, ranging from predictive maintenance and plant operations in manufacturing to knowledge management in services and professional services sectors, risk management, stakeholder and community engagement, design automation and optimisation, and sustainability.

Note Of Caution

The report, however, offers a note of caution, highlighting the risks associated with the rapid rise of generative AI, including ethical concerns and social implications, which warrant careful consideration. The technology has the potential to fabricate or hallucinate information, and issues such as algorithmic bias, racism, and disinformation must also be addressed, the report suggests.

The report urges governments, legislators, and industry leaders to work together to create regulatory frameworks around generative AI that strike a careful balance between innovation and preserving the public interest. It suggests a participatory, inclusive strategy that takes into account various perspectives and anticipates possible societal repercussions of the technology.

“The exponential nature of AI evolution today will impact our entire society in the next five years. The future is generative, and it’s ours to create,” said Parakala.