Generative AI market soars, NVIDIA & AWS lead sectors

The generative AI market reached a value of USD $25.6 billion in 2024, according to the Generative AI Market Report 2025–2030 by IoT Analytics.

The report, which spans 263 pages, outlines the rapid adoption of AI technologies across multiple sectors, highlighting key players in areas such as data centre GPUs, foundation models, and generative AI services.

According to the findings, the data centre GPU market experienced significant expansion, achieving a value of USD $125 billion, with NVIDIA holding a commanding 92% market share.

Microsoft and Amazon Web Services (AWS) are identified as the leaders in foundation models and model management platforms. Meanwhile, Accenture and Deloitte are prominent in the generative AI services market, which is described as highly fragmented.

Knud Lasse Lueth, CEO of IoT Analytics, stated, "The generative AI software and services market has surged from just $191 million in 2022 to $25.6 billion in 2024, marking one of the fastest technology adoption curves in history. Our latest Generative AI Market Report 2025–2030 also highlights how NVIDIA dominates the $125 billion data centre GPU market, while Microsoft and AWS lead in foundation models and platforms. 2025 will be a pivotal year—either generative AI applications beyond ChatGPT start to scale successfully, or we could see a correction similar to the dot-com bubble burst."

Joaquin Fernandez, Market Analyst at IoT Analytics, commented, "Demand for generative AI services is growing as companies scramble to find experienced partners to strategize, implement, and manage these new technologies. Major consultancies like Accenture and Deloitte are positioning themselves at the forefront. But with so many players jumping in, businesses must vet which service providers can truly help them move beyond proofs of concept into real enterprise-wide impact."

The report explores the deployment of generative AI across hardware, software, and services and identifies top vendors within each segment. NVIDIA remains the majority holder of the data centre GPU market, holding 92% of the share as demand increases.

In the domain of foundation models and platforms, Microsoft and AWS maintain leading positions, with companies like OpenAI and Google also vying for market presence. In the realm of AI services, Accenture and Deloitte are noted for their roles in helping businesses integrate AI-driven technologies effectively.