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Software companies line up for share of generative AI spoils

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Fastest growth expected in consumer market, which is forecast to generate $11bn alone in revenue by 2028

The global market for generative AI will grow from $6bn this year to $59bn in 2028, new forecasts show, as the technology is deployed in industries ranging from marketing to insurance. Few software markets, if any, have grown as fast or produced as much excitement — and fear — as generative artificial intelligence.

“Jasper writes the first blog and then a human takes over.” Generative AI is also finding a market in legal services and insurance by helping to automate laborious but important tasks — such as gathering, analysing and creating documentation. This can include drafting large commercial contracts and spotting risks, such as irregularities in documents. For example, law firm Womble Bond Dickinson is using generative AI software tools for brainstorming ideas and drafting documents.

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