- Published on May 27, 2024
- In AI Features
GenAI Service Market to Grow at 45% CAGR by 2033
Chinese investor and entrepreneur Kai-Fu Lee is bullish about OpenAI becoming a trillion-dollar company in the next two to three years.
- By Siddharth Jindal
With the rise of generative AI over the last year and a half, its impact on company revenues has become increasingly evident. As per a forthcoming AIM Research report, the total market for generative AI is expected to grow at a compound annual growth rate (CAGR) of 40.22% by 2033 as compared to 2023.
Furthermore, companies in the service sector are anticipated to experience a slightly higher CAGR of 45%, indicating a faster GenAI expansion compared to the overall market.
GenAI Revenues Galore
Most recently, NVIDIA reported a revenue of $26.04 billion in Q1 2025, fuelled by the generative AI boom. In contrast, during the first quarter of 2024, NVIDIA's revenue was $7.19 billion.
NVIDIA is followed by AMD in the data centre market, with AMD holding a 3% share. Total spend
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Siddharth Jindal
Siddharth is a media graduate who loves to explore tech through journalism and putting forward ideas worth pondering about in the era of artificial intelligence.
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