Generative AI Market Surpasses $66 Billion, with Open AI and Meta AI Dominating 56% Share
With the escalating interest in artificial intelligence and the AI battle supremacy among tech titans, the generative AI market is caught in the middle and reaping the most benefits. According to Stocklytics.com, the generative AI market exceeded the $66 billion mark, with Open AI and Meta AI solidifying their dominance by capturing 56% of the market share.
The site’s financial analyst, Edith Reads, comments:
The start of Chat GPT in 2022 was the first plunge into generative AI development. Since then, nearly every tech giant, from Microsoft to Google to Amazon, has leaped the Generative AI bullet train. The recent increase in revenue is a testament to these tech titans’ intensifying interest in the field. With the industry bound to gain more support, the overall generative market is expected to secure nearly $ 207 billion by 2030 with a 20.8% CAGR.Stocklytics Financial Analyst, Edith Reads
Tech Giant, Microsoft, Fuel Generative AI Dominance
Big tech giants like Microsoft, Google, and Amazon have played a massive role in the proliferation of Generative AI. Microsoft is at the front line with its foray of investments into Open and Meta AI.
The Washington heavyweight has made considerable inputs to Open AI’s Chat GPT development. It controls nearly 50% of the company’s shares. As a result, Its involvement has boosted its Microsoft product sales.
The unveiling of the new Copilot Feature, Microsoft Dynamics 365, has been met with much optimism and significant incorporations into its Word and Excel packages.
At the end of 2023, Microsoft hit the $ 3 trillion mark, with analysts citing the generative AI partnerships as a significant contributor.
On July 18, 2023, in collaboration with Microsoft, Meta released Llama 2. The open-source large language model offers a broader range of functions than ChatGPT and performs better. This is especially true in specialized applications such as customer support or educational institutions. Besides, Microsoft has strategically positioned itself in the middle of the two dominant AIs, putting itself in an excellent position for future AI developments.
Google and Amazon Partner with Anthropic
Google kicked off its AI involvement with the launch of Bard AI, its generative AI model. Slowly, the company began offering more features like Duet, which enables users to use Gen Ai through its Google Workspace. The tech giant has also signed partnerships with Anthropic. The two are working collaboratively on cloud technology with Anthropic deploying at scale TPU v5e—Google Cloud’s most versatile, efficient, and scalable AI accelerator.
Amazon joined the tech gang AI movement with its recent partnership with Alphabet-backed Anthropic in late 2023. Anthropic will now use Amazon Web Services (AWS) as its primary cloud provider. Anthropic will also use Amazon’s chips to train future generative AI models. Besides, Anthropic PBC is projecting an achievement of $850 million in annualized revenue run rate by the end of 2024.
Generative AI is seemingly the new goldmine for tech giants, with startups mushrooming every second. With over 550 generative techs in the market, further expansion is inevitable, as collaborations loom on the horizon.
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