Generative AI has the potential to bring about sweeping changes to the global economy. According to Goldman Sachs, generative AI could drive a 7% (or almost $7 trillion) increase in global GDP and lift productivity growth by 1.5 percentage points over a 10-year period. Much of this growth is driven by spend on generative AI cloud services which are estimated by Bloomberg to reach over $109B by 2030, a CAGR of 34.6% from 2022 to 2030.
Sources: Generative AI could raise global GDP by 7%, Goldman Sachs, April 2023 Generative AI market to be worth $109,37 billion by 2030, Bloomberg, January 2023
