Market Overview:
Generative AI refers to the technology that uses machine learning algorithms to generate new and unique content such as images, videos, text, and music. The technology is widely used in various industries such as entertainment, gaming, art, fashion, and design, among others. The generative AI market is witnessing significant growth due to the increasing adoption of automation and AI technologies across various industries.
In 2022, the global generative AI market accounted for USD 10.6 billion. Between 2023 and 2032, this market is estimated to register the highest CAGR of 31.4%. It is expected to reach USD 151.9 billion by 2032. The demand for generative AI is primarily driven by the increasing adoption of automation and AI technologies across various industries. The technology is widely used in industries such as gaming, entertainment, and design for generating new and unique content.
North America is currently the largest market for generative AI, followed by Europe and Asia Pacific. The Asia Pacific region is expected to grow at the highest CAGR during the forecast period due to the increasing adoption of AI technologies in emerging economies such as China and India.
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Summary:
- By component In 2022, the market for software was at its highest.
- By technology. The Transformer segment held the largest market at 43.7%.
- By end-user media and entertainment are expected to have a 22% share of the global AI market.
- North America had a dominant market share of 41% in the global AI market.
- APAC is projected to show the highest CAGR.
Top Key Trends:
– Increasing adoption of generative AI in the healthcare industry for drug discovery and personalized medicine.
– Integration of generative AI with other emerging technologies such as blockchain and IoT.
– Rising demand for generative AI in the automotive industry for autonomous driving and predictive maintenance.
Top Impacting Factors:
– Increasing adoption of AI technologies across various industries.
– Growing demand for automation and digitalization.
– Advancements in machine learning algorithms and deep learning technologies.
Key Benefits for Stakeholders:
– Comprehensive analysis of the generative AI market’s current and future growth prospects.
– Identification and analysis of key trends, drivers, challenges, and opportunities in the market.
– Overview of the competitive landscape and the key players operating in the market.
– Analysis of the market segmentation based on component, application, deployment mode, organization size, and region.
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Key Market Segments
Based on Component
- Services
- Software
Based on Technology
- Generative Adversarial Networks (GANs)
- Transformer
- Variational Auto-encoder (VAE)
- Diffusion Networks
Based on End-User
- Media & Entertainment
- BFSI
- IT & Telecommunication
- Healthcare
- Automotive & Transportation
- Other End-Users
Market Key Players:
Listed below are some of the most prominent generative AI market industry players.
- IBM Corporation
- Genie AI Ltd.
- MOSTLY AI Inc.
- Google LLC
- D-ID
- ai
- Amazon Web Services Inc.
- Microsoft Corporation
- Adobe Inc.
- Synthesia
- Other Key Players
Recent Developments:
Some of the recent developments in the generative AI market are:
– In March 2021, NVIDIA launched an AI-based platform called GauGAN 2.0, which allows users to create realistic images using simple sketches.
– In December 2020, OpenAI launched an AI-based language model called GPT-3, which is capable of generating human-like language.
– In October 2020, Adobe launched an AI-based tool called “Content Authenticity Initiative,” which aims to help users identify and track changes made to digital content.
Upcoming Market Trends:
Some of the upcoming market trends in the generative AI market are:
– Increased adoption of generative AI in the healthcare industry for drug discovery and personalized medicine.
– Integration of generative AI with other emerging technologies such as blockchain and IoT.
– Rising demand for generative AI in the automotive industry for autonomous driving and predictive maintenance.
Highlights Point, Scope and Objective:
– To provide a comprehensive analysis of the generative AI market’s current and future growth prospects.
– To identify and analyze the key trends, drivers, challenges, and opportunities in the market.
– To provide an overview of the competitive landscape and the key players operating in the market.
– To analyze the market segmentation based on component, application, deployment mode, organization size, and region.
– To provide a detailed analysis of the largest and fastest-growing regions in the market.
Browse More Related Reports:
- Generative AI in the fashion market size accounted for USD 69 million in 2022. It is expected to grow at a CAGR of 36.9% and is predicted to reach USD 1,481 million by 2032.
- Generative AI in business market was worth USD 1.2 billion in 2022. This market is expected to reach USD 20.9 billion by 2032 with a CAGR of 33.5% in the forecast period of 2023-2032.
- Generative AI in the Music Market was valued at USD 229 million. Between 2023 and 2032, this market is estimated to register the highest CAGR of 28.6%. It is expected to reach USD 2,660 million by 2032.
- Generative AI in Animation market was valued at USD 0.9 billion in 2022. It is projected to achieve a remarkable CAGR of 35.7% during the period from 2023 to 2032 and is anticipated to reach USD 17.7 billion by 2032.
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