Picture a world where you can collaborate with an algorithm to write a novel, where neural networks create breathtaking 3D models, or where your virtual assistant not only answers your questions but also spins captivating stories or designs unique experiences just for you. That’s the amazing power of generative AI.
With a projected valuation of approximately 45 billion U.S. dollars by the end of 2023, the generative AI market is poised for exponential growth from 2023 to 2030 by almost doubling in size. Even the McKinsey group has indicated that the value of gen AI applications will add up to $4.4 trillion to the world economy in a year. Meanwhile, the 3D mapping and 3D modeling market size stands at USD 7.48 billion this year and is expected to reach USD 14.82 billion by 2029, growing at a CAGR of 14.67% during the forecast period.
Think for a moment about combining some of these valuations for the 3D GenAI industry. That’s a lot of money. Right?
Therefore, let’s begin with GenAI and its impact on everyday moments to substantiate these valuation claims.
What is GenAI, and how does it work?
In layman’s terms, Chatgpt, Luma, etc, are what we would call models of GenAI. Wikipedia would describe it as ”AI capable of generating text, images, videos, or other data using generative models, often in response to prompts.”
