Three years ago, when OpenAI launched ChatGPT and brought generative AI into the global spotlight, few could have predicted the pace at which the market would grow.
While earlier forecasts already projected impressive double-digit growth, the latest data show that generative AI has once again outpaced expectations, growing much faster than thought before.
According to data presented by Stocklytics.com, the global generative AI market is gaining momentum, with its projected value now raised to $368 billion by 2030.
Over the past three years, hundreds of millions of tech-savvy users have adopted generative AI as a daily tool, making it the fastest-growing segment of the AI industry.
In response to this surge in adoption, tech giants such as Microsoft, Google, OpenAI, Baidu, and Tencent have invested billions in this space, further fueling market growth.
While the growth over the past three years has been remarkable, the market forecast for the following years remains strong, showing that the sector is far from slowing down- in fact, itโs growing even faster than ever.
Last year, Statista projected that the generative AI market would reach a value of $62.7 billion by 2025, marking a staggering 72% year-over-year increase and over 1,000% growth since 2020. At the time, the market was expected to continue growing at a CAGR of 47%, outpacing all other segments of the AI industry, and reach a market value of $356 billion by 2030.
The latest forecast from March 2025 shows an even bigger growth in the years ahead. According to the updated projections, the generative AI market will hit a $66.8 billion value this year, nearly $4 billion more than previously estimated. ย However, this gap is set to widen further, with the market now projected to hit a $368 billion value by 2030, beating earlier forecasts by $12 billion.
The user growth figures are also much higher compared to earlier forecasts. In 2025 alone, nearly 350 million people are expected to use AI apps and solutions, 78 million more than last year. Tools like ChatGPT, Character.ai, DeepL, Quillbot, MidJourney, and CapCut have a significant role in this surge. While a 78 million increase in a single year is already impressive, annual user growth is projected to accelerate, reaching 116 million in 2028 and 176 million in 2030. With this pace of growth, the AI sector is expected to reach 952 million users by the end of the decade, or 220 million more than previously thought.
Although generative AI is already a significant force in the AI industry, its market share is expected to skyrocket in the years ahead. Just two years ago, the sector accounted for less than 10% of the global AI industryโs size. That share has already doubled to 27%. However, with the user base, revenue, and VC investments soaring, genAIโs market share is expected to rise to over 45% by 2030, 2% more than previously forecasted.
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