The generative AI industry is set to grow from $40 billion in 2022 to a $1.3 trillion market in 2032.
The launch of OpenAI's chatbot ChatGPT in November fueled the hype around AI tools.
Hardware, however, will make up the bulk of the $1.3 trillion of revenue, accounting for $641 billion by 2032, per Bloomberg's estimates.
Hardware revenue will come from AI servers, AI storage, computer vision AI products, as well as conversational AI tools, which will be worth $108 billion.
Digital ads pertaining to AI will make revenues of $192 billion, while AI assistant software will be worth $89 billion, per the report.
Persons:
ChatGPT, Google Bard, Bloomberg Intelligence's, Mandeep Singh, Singh, chatbot ChatGPT, Google's Bard, OpenAI
Organizations:
Bloomberg Intelligence, Google, Bloomberg