Published: 18 January 2024
The emergence of GenAI-capable application software is transforming the way applications can support users in their day-to-day tasks and workflows. Product leaders must plan now to minimize competitive threats and take advantage of transient opportunities.
The best-case scenario from the market risk projection highlights that the revenue contribution of generative AI capabilities to enterprise application software markets will reach $536 billion in 2033, up from $3.7 billion today, with a compound annual growth rate (CAGR) of 64%. The contribution of generative AI (GenAI) enabled revenue will surpass non-AI revenue by 2031.
GenAI-enabled applications are transforming user workloads by increasing efficiency and productivity. GenAI is poised to impact horizontally oriented functions, such as customer service, marketing, content generation and HR, and its impact is expanding quickly to other functions within application software.
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Analysts:
Amarendra ., Julian Poulter, Alexandre Oddos, Radu Miclaus, Craig Roth, Yanna Dharmasthira, Eric Hunter, Roland Johnson, Chris Pang, Jim Hare, Kevin Quinn, Balaji Abbabatulla
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