Published on 3 May 2024 on Insider Monkey via Yahoo Finance
25 Richest Billionaires in Technology Industry
In this article, we discuss the 25 richest billionaires in technology industry. To skip our detailed analysis of the technology industry, go directly to the 5 Richest Billionaires in Technology Industry.
Technology Market Outlook
According to a report by McKinsey, 2023 experienced a technological comeback and generative AI was one of the major drivers of the tech industry. Generative AI is the technology that powers large language models such as ChatGPT and Adobe Photoshop's new AI image filler, Generative Fill. According to a report by Bloomberg Intelligence, the AI market was valued at $40 billion in 2022 and is expected to grow to $1.3 trillion by 2032, growing at a compound annual growth rate of 42%. The increasing demand for generative AI products will add nearly about $280 billion of new software revenue. Amazon.com, Inc. (NASDAQ:AMZN), Alphabet Inc. (NASDAQ:GOOG), NVIDIA Corporation (NASDAQ:NVDA), and Microsoft Corporation (NASDAQ:MSFT) are four of the biggest tech companies investing heavily in generative AI and are expected to be the biggest beneficiaries of AI, as per Bloomberg Intelligence.