What Is Generative AI? And What Does it Mean for You? Statistics Shaping 2024

Generative AI (Gen AI) is one of the most groundbreaking technological advancements in decades. The world welcomed Gen AI in 2023, slowly learning what this new artificial intelligence was able to do and how it could help us, but it was only in 2024 when businesses truly began using this technology. Bringing new opportunities for workers across all areas (IT, marketing, sales, services, etc.) Generative AI is taking the world by storm… How important is this new technology?

In today’s article we’ll share with you the top Generative AI stats and trends of 2024 in order to paint a picture on how Gen AI adoption is accelerating by businesses and corporations worldwide. These will give some perspective in the current state of this technology as well as show what the future holds for AI.

Top Generative AI Stats and Trends For 2024

• The global Gen AI market is currently worth $44.89 billion.
• 92% of the Fortune 500 companies have already adopted some kind of Generative AI to their businesses.
• 9 out of 10 American jobs are subject to the impact of Generative AI.
• Approximately 70% of Generation Z (12-27 years old) have tried Gen AI tools.
• 73% of marketing departments have adopted Generative AI.
• AI could generate up to 97 million jobs in 2025.
• 95% of customer interactions may involve Generative AI by 2025.

Generative AI Growth and Revenue

The Generative AI market is expanding at an exponential rate, mostly due the growing adoption of these digital technologies by businesses and customers worldwide. According to Statista, the global Gen AI market was valued at $29 billion in 2022, reaching $44.89 billion in 2024. 

So far, the Generative AI market has experienced a 54.7% increase from 2022 to 2024 and is expected to exceed $66 billion by the end of the year. This meteoric rise can easily be explained by the release of OpenAI’s ChatGPT in November 2022. As shown by the data gathered by Statista, this growth of nearly $20 billion per year is expected to continue until 2030.

Other sources, like Bloomberg Intelligence, have already estimated that the Gen AI market will reach a $1.3 trillion revenue by 2032

• 2020- $14
• 2021- $23
• 2022- $40
• 2023- $67
• 2024- $137
• 2025- $217
• 2026- $304
• 2027- $399
• 2028- $548
• 2029- $728
• 2030- $897
• 2031- $1079
• 2032- $1304

It is expected that over the next 9 years, Generative AI will generate $1.2 trillion thanks to the following areas:

• IaaS (Infrastructure-as-a-Service) could boost Generative AI revenue to $247 by 2032.
• The demand of Gen AI products could bring $280 billion of new software.
• Digital ads are expected to generate $192 billion.
• Generative AI assistants could yield $89 billion.
• AI servers might generate $132 billion.
• Conversational AI devices could add $108 billion to the global revenue.
• AI storage is bound to generate an additional $93 billion.
• Computer visitation AI products might make $61 billion.

Which Generative AI Companies Are Getting the Most Investment?

Global Gen AI investment increased fourfold between 2022 and 2023 and its tendency is set to grow until 2030. Currently, OpenAI was the generative AI business that received the most funding in 2023, receiving a total of $10 billion. This is five times more than what any other Gen AI company received, making Open AI accounted for half of the total industry funding in 2023. The second highest investment was received by Anthropic ($1.8 billion), closely followed by Inflection AI ($1.3 billion). In fourth position we find the San Francisco based Databricks ($540 million) and the German startup Aleph Alpha with $500 million. (source: CB Insights)

Generative AI Usage by County

Millions of people worldwide are now embracing tools like ChatGPT, Dall-E or Midjourney to bring their ideas to life. But, which countries are the most interested in Generative AI? According to a survey made by VisualCapitalist, the Philippines is leading the list of the top 10 countries keenest on Gen AI technology with 5288 searches for popular AI tools per 100k of population. In second place we find Singapore with 3036 searches, followed by Canada and the UAE with 2213 and 1926 searches respectively. The list is followed by Australia, Malaysia, Ireland, Norway, the UK and New Zealand.

1. Philippines- 5288
2. Singapore-3036
3. Canada- 2213
4. UAE- 1926
5. Australia-1902
6. Malaysia- 1788
7. Ireland- 1771
8. Norway- 1599
9. United Kingdom- 1546
10. New Zealand- 1444

If we talk about revenue, however, the numbers change. North America leads in Gen AI revenue, holding 40.2% of the global share. The reason behind this is that tech giants such as Microsoft, OpenAI, Google or Meta are headquartered in that region.

Which Countries Are Most Interested in Text-Generation AI?

Text-Generation is one of the main usages of generative AI and it is expected to generate more than $1 trillion in revenue by 2030. This technology is used for tasks ranging from drafting emails and text messages to creating job applications or summarizing long reports. Text-Generation AI is being mostly used in major Asian countries like Singapore, Malaysia or the Philippines as well as other parts of the world like the UK, Canada or the United Arab Emirates.

Here’s a list of the top 10 countries who are interested in text-generation AI, ranked by monthly search volume per 100k population:

1. Philippines- 5236
2. Singapore-2673
3. Canada-1896
4. UAE- 1773
5. Malaysia- 1719
6. Australia- 1560
7. Ireland- 1470
8. Bahrain- 1327
9. Norway- 1292
10. UK- 1253

Which Countries Are Most Interested in Image-Generation AI?

Tools like DALL-E 2 and Midjourney are currently able to create any kind of image a user might request in just a few seconds. Image-Generation AI is peaking in usage, with designers all over the world using this text-to-image technology to easily bring to life any idea. Currently, the countries leading online searches for generative image AI are Israel, Singapore and Finland.

Here’s a breakdown of the top 10 countries interested in Image-Generation AI, ranked by monthly searches per 100k population:

1. Israel- 311
2. Singapore- 295
3. Finland- 282
4. France- 280
5. Norway- 277
6. New Zealand- 276
7. Canada- 266
8. Ireland- 262
9. Estonia- 255
10. Australia- 254

Which Countries Are Most Interested in Audio-Generation AI?

Creating audio with the help of an AI is currently very easy thanks to tools like FakeYou or VoiceGPT. These are able to imitate someone’s voice with ease and make them read a script in just a few clicks. This technology is mostly sought by South American nations, with Uruguay, Chile or Argentina leading the list of countries interested in Audio-Generation AI.

Here’s a breakdown of the full results of the survey, ranked by monthly search volume across popular tools per 100k population:

1. Uruguay- 230
2. Chile- 76
3. Argentina-66
4. Peru- 59
5. Australia- 55
6. Bolivia- 52
7. Mexico- 38
8. Costa Rica- 37
9. Spain- 32
10. Ecuador- 32

Which Countries Are Most Interested in Video-Generation AI?

Videos are one of the fastest ways to capture the attention of an online audience. While AI video-generation tools aren’t as advanced as its text and image generating counterparts, they are still an easy way to generate high-quality videos with a few text prompts. The countries that are keenest in using this technology are Singapore and the UAE, closely followed by Cyprus, Canada and the United Kingdom.

Here’s the full top 10 list ranked by monthly search volume per 100k population.

1. Singapore- 57
2. UAE- 50
3. Cyprus- 41
4. Canada- 37
5. UK- 36
6. Australia-33
7. New Zealand-30
8. Trinidad and Tobago- 30
9. Sweden- 30
10. Slovenia- 29

Generative AI Usage

A recent survey made by Statista shows how most users are seeking the help of Generative AI to answer a question (68%). This task was followed by brainstorming (54%) as well as editing photos (37%), generating music (31%) and making videos (31%). On the other end of the scale we find only 19% of respondents used Generative AI to create blog posts and 18% made use of this technology for coding and writing music lyrics.

Here’s a breakdown of the results:

• Answering questions- 68%
• Brainstorming- 54%
• Photos- 37%
• Music- 31%
• Videos- 31%
• Designs- 29%
• Stories- 29%
• Artwork- 27%
• Data analysis- 26%
• Writing emails- 25%
• Writing blog posts- 19%
• Coding- 18%
• Writing lyrics- 18%

Generative AI User Demographics

According to Salesforce, Generative AI has its own “Super Users”. Younger generations, in particular Gen Z (born between 1997-2012) are more interested in Gen AI than older users. In fact, the study concludes that 70% of Generative AI users were from people born during the late 90’s and early 2000’s. The same survey concludes that 68% of the people unfamiliar with these technologies were Gen X (born between 1965-1980) and boomers (born between 1945-1964). Among them, 40% didn’t know much about Generative AI and 32% didn’t find this technology useful.

Regarding genre, men are two times more likely to use Generative AI than women. If we take for example ChatGPT (currently the most popular Gen AI platform), 69.5% of its visitors are male while only 30.5% of them are women.

The Impact of Generative AI on Businesses

A recent report made by Google shows how nearly 64% of business leaders feel a sense of urgency to adopt Generative AI. The results also show how 62% of the surveyed also feel their organization lacks the critical skills required to execute their AI strategy. The report also found out that only 4% of the companies feel they can easily achieve their AI goals and that 70% of the surveyed felt marketing organizations are the ones that will gain the most by adopting Generative AI.

The audit company Deloitte has surveyed 2620 businesses worldwide to find out their thoughts on Generative AI. The results of the study show how 94% of executives believe that AI is a key to success in the future and how this technology will boost their companies in the next 5 years. 44% of the surveyed also said they already use Generative AI for cloud pricing optimization,while 41% use it for voice assistants, chatbots and conversational AI.

It is important to point out how 92% of the developers from Fortune 500 companies are already using OpenAI’s technology. Also, according to Botco, 73% of marketing departments are using Generative AI, using this technology mainly for image generation (69%), text creation (58%), audio (50%), chatbots (37%) and coding generation (36%).

One of the main reasons businesses are keen to adopt Gen AI in their companies is that, according to a survey made by Gartner, AI is likely to boost their productivity by 24.69% in the next 12 to 18 months. Also, chatbots are currently helping businesses focus on other tasks that require human touch, saving them 2 hours and 20 minutes daily on average.

The Impact of Generative AI on Jobs

The boom of Generative AI has awakened a new fear of artificial intelligence scrapping certain jobs. And sadly, this fear isn’t unjustified. According to LinkedIn and its 2023 Future of Work report, 84% of Americans have jobs vulnerable to automation by Gen AI. This is a major increase from the report made by the Bureau of Labor Statistics, where it projected that nearly 10% of US jobs were at high risk of replacement by Generative AI. Another report made by the World Economic Forum estimates that 85 million jobs in the world will be replaced by Gen AI by 2025.

The industries with the highest potential for automation are:

• Banking- 54%
• Insurance- 48%
• Energy- 43%
• Capital markets- 40%
• Retail- 34%
• Communications and media- 33%

However, not everything is bad news for workers. In the same report made by the We Forum it is stated that while AI might replace 85 million jobs, it could also create 97 million positions by 2025. This translates into a net job creation rate of 12 million major industries looking for skilled AI professionals.

Currently, 61% of workers are using Generative AI in their job. From writing content and generating code to composing videos and writing music lyrics, this new technology is automating many job positions. It is estimated that this technology may automate 30% of hours worked in a day by 2023. In fact, by studying the use of CoPilot, Github has determined that programmers using Generative AI are 88% more productive than those who don’t.

Generative AI Future Trends

Gen AI adoption is increasing exponentially since 2022. According to Europol, it is estimated that Generative AI adoption rate for creating online content will peak in 2026. In fact, the same study estimates that 90% of all online content might come from a generative AI by that year. While this data would translate into streamlined workflows and less repetitive tasks for workers, it would also mean that content might decrease in quality and could include fake or lesser quality articles online.

A recent study made by Forrester also states that more than half of the global population (60%) might be using AI on a daily basis by the end 2024. This translates on how Gen AI could be part of our daily lives in a few month’s time, if it’s not already part of it.

Finally, it’s interesting to point out how it’s estimated that Gen AI’s will add up to $4.4 trillion annually to the global economy. This is an annual estimated contribution of 4.2$, which would surpass the GDP (Gross Domestic Product) of 6 of the G8 countries. From them, only the United States and Japan contributed more than 4.2% to the GDP in 2022.

Conclusion: Generative AI is Bound to Impact Our Future

While the current artificial intelligence predictions are still an estimate based on the current trends, Generative AI is definitely here to change our lives. With potential to disrupt jobs and make businesses evolve, Gen AI is bound to impact the future and change the way we work as well as receive all kinds of online media.