In This Article:
We recently compiled a list of the 10 AI News That You Should Not Miss. In this article, we are going to take a look at where QUALCOMM Incorporated (NASDAQ:QCOM) stands against the other AI stocks.
Generative AI Set to Capture 10% of Total IT Market by 2032
Bloomberg Intelligence projects that the generative AI market will grow at a compound annual growth rate (CAGR) of 42%, reaching $1.3 trillion by 2032, up from $40 billion in 2022. This growth is driven by demand for generative AI products, especially infrastructure for training large language models, digital ads, and specialized software. The market could generate an additional $280 billion in software revenue, with major companies like Amazon, Microsoft, Google, and Nvidia expected to benefit as enterprises increasingly move workloads to the cloud.
By 2032, generative AI is predicted to account for 10% of total IT spending, with significant revenue coming from infrastructure services, AI servers, and software. The technology is also expected to have a transformative impact on life sciences and education. However, the rapid growth of generative AI could disrupt several industries, including semiconductors, hardware, IT services, and advertising.
READ ALSO: 11 Trending AI Stocks on Latest News and Ratings and Jim Cramer Talked About These 8 Stocks.
Navigating the Evolving Landscape of Generative AI
In a blog post, Carrie Tharp, Vice President, of Strategic Industries, wrote that Generative AI has evolved from a futuristic concept into a vital business strategy, transforming industries by enhancing efficiency and customer engagement. Despite its growth, many organizations are still testing its applications, with a study revealing that a third of businesses are evaluating its use. Key trends include the rise of multimodal AI, AI agents, AI-powered search, customer experiences, and deepfake defense.
In retail, AI is being used for customer service, marketing, and digital commerce, with long-term goals of creating personalized experiences and AI-powered assistants. The financial services industry is leveraging AI for fraud detection, risk management, and efficiency, while healthcare uses AI to reduce administrative burdens and improve patient care. The media and entertainment industry is increasingly adopting AI to improve productivity, content personalization, and operational efficiency.
As AI becomes more sophisticated, businesses need to address challenges like deepfake defense while focusing on high-value use cases. Generative AI is no longer a novelty but a transformative tool, with businesses needing to prioritize AI strategies that align with their specific industry needs and long-term goals.