In a recent report, IDC projected that generative AI investments will rise from $16 billion this year to a whopping $143 billion in 2027.
While generative AI accounts for just 9% of overall AI spending in 2023, the firm expects that’ll increase to 28% within five years.
The spending might just be justified. A recent poll — albeit focused only on users from the U.K. — found that Gen Z is embracing generative AI, with four in five (79%) teenagers aged 13-17 reporting having used generative AI tools, apps and services including ChatGPT and Snapchat’s My AI.