AI Spending Predicted to Pass $13 Billion by 2028
By Movieguide® Contributor
Media analysts predict artificial intelligence spending will surpass $13 billion by 2028.
“However, the analysts do not anticipate the content creation apocalypse that has underscored much AI coverage of late,” Variety reported. “Leading off a daylong series of panels that confronted those two troubling vowels on everyone’s mind from a panoply of industry perspectives, research directors from Omdia and Plum Research instead sought to give context – to assuage fears and misconception by framing machine learning more as a tool than as a weapon.”
“AI will not replace humans,” said Omdia’s Maria Rua Aguete. “But humans that know how to use AI will replace those who don’t, because they will be more efficient, more creative, and [better] prepared.”
Plum Research’s Jonathan Broughton says that AI will be a good solution for “talent shortages,” and businesses can use it to their advantage.
“…The main challenge right now is on the management side,” he said. “It’s up to business leaders to understand how to deploy this within their organizations and to create processes within existing workflows.”
“If anything, the postproduction sector should see the most pronounced effect, as assistive tools – and not generative – assume greater prominence in image grading, color correction and frame-rate enhancement, while real-time dubbing and captioning technology grows ever more accurate and cost-effective,” Variety said.
Large corporations like Microsoft already realize this.
“We move from talking about AI to applying AI at scale,” Microsoft CEO Satya Nadella said in early February. “By infusing AI across every layer of our tech stack, we are winning new customers and helping drive new benefits and productivity gains.”
Despite that assistive tools prove to be superior in some regards (according to Variety), a lot of money is still going toward generative AI.
“In 2023, enterprises spent nearly $15 billion on Generative AI, representing 2% of the overall software spends, which will be around 10% in 4-5 years as per the study presented at the SaaSBoomi annual event on March in Chennai,” Money Control reported.
Money Control also noted that AI startups raised $10 billion in venture capital in 2023—a 110% increase from the previous year.
Movieguide® previously reported on the growth of individual AI usage:
A recent study found that using artificial intelligence is becoming commonplace among U.S. adults…
Despite limited enthusiasm for the tech a few years ago, Barna Group and Gloo found that “31 percent of U.S. adults say they use AI weekly or daily. Millennials have become especially frequent adopters, with 43 percent of them using AI at least weekly.”
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Now more than ever we’re bombarded by darkness in media, movies, and TV. Movieguide® has fought back for almost 40 years, working within Hollywood to propel uplifting and positive content. We’re proud to say we’ve collaborated with some of the top industry players to influence and redeem entertainment for Jesus. Still, the most influential person in Hollywood is you. The viewer.
What you listen to, watch, and read has power. Movieguide® wants to give you the resources to empower the good and the beautiful. But we can’t do it alone. We need your support.
You can make a difference with as little as $7. It takes only a moment. If you can, consider supporting our ministry with a monthly gift. Thank you.
Movieguide® is a 501c3 and all donations are tax deductible.
