Omdia forecasts GenAI to grow
Summary
Many vendors employing large language models (LLMs) are witnessing significant revenue run rates, indicating triple-digit growth expected in 2024. Software as a Service (SaaS) providers are consistently enhancing their offerings with new GenAI capabilities, often introducing these through premium-tier subscription models. Businesses are actively allocating budgets towards GenAI initiatives in 2024, with plans to increase investment into 2025, driven by the desire to explore the technologys potential and maintain competitive advantage, as highlighted in Omdias Generative AI Enterprise Survey: Early Adopters – 2024. “While we see a near-term frenzy in GenAI interest and actual adoption,” said Neil Dunay, Omdia Principal Forecaster, “the prospects for disillusionment are real.” Key use cases for GenAI in 2024 include automated code development, virtual assistants, computer-aided art and photography, video and audio production, and writing assistants. Updated biannually, Omdias Artificial Intelligence Software Market Forecasts encompass both generative and predictive AI, projecting revenue across approximately 160 use cases spanning 20 industry sectors and 8 global regions.