CAGR of 21% growth in the generative AI market, expanding to a scale of 699 trillion won by 2030

A recent report by Counterpoint Research has highlighted the rapid growth of the generative AI market. According to PANews, global consumer spending on AI technology is projected to increase from 225 trillion won in 2023 to 699 trillion won in 2030, indicating a very steep growth curve.

Rapid Growth of the AI Market Based on the Compound Annual Growth Rate (CAGR) Formula

The key figure in this report is the Compound Annual Growth Rate (CAGR) of 21%. The CAGR formula represents the average growth rate over the period it takes to reach the initial value from the final value, and is commonly used to evaluate long-term investment returns or market growth trends.

Specifically, starting from 225 trillion won in 2023, reaching 699 trillion won in 2030 over 7 years, the market is expected to grow by an average of 21% annually. Applying this CAGR formula suggests that the generative AI industry is experiencing sustained and robust growth, rather than a temporary trend.

AI Conversational Platforms as the Key Driver of Consumer Spending Growth

Looking at specific subfields, AI conversational platforms such as chatbots and conversational AI are identified as the fastest-growing areas. Additionally, personal assistant AI and content creation tools are expected to drive significant increases in consumer expenditure. These three categories are projected to constitute the majority of the overall growth in the generative AI market.

Outlook for the AI Ecosystem in 2030: The Era of 5 Billion Users

An even more noteworthy point is the expansion of the user base. By 2030, the number of monthly active users (MAU) on global AI conversational platforms is expected to surpass 5 billion. This exceeds half of the world’s population, indicating that generative AI technology will become an essential everyday tool.

This trend, combined with a CAGR of 21%, clearly demonstrates that the generative AI market will expand rapidly over the coming years. The simultaneous increase in consumer spending and user base suggests that generative AI is likely to grow beyond a mere technological trend and become a major sector of the global economy.