What is the global market size of Generative AI Market?

Global Generative AI Market size was valued at USD 12.9 Billion in 2022 and is poised to grow from USD 17.1 Billion in 2023 to USD 165.49 Billion by 2031, at a CAGR of 32.8% during the forecast period (2024-2031).

What is the key market trend for Global Generative AI Market?

OpenAI's GPT4, Meta's Llama 2 and Mistral are all brilliant examples of the breakthroughs in large language models. It goes beyond text with multimodal AI models that can work with text, speech, pictures, and videos for the prompting and the generation of new materials. The data, including images, text, and speech, is combined with robust algorithms to get insights and desired results.

Which region accounted for the largest share in Global Generative AI Market?

In 2023, North America dominated the global generative AI market with more than 41% of the market share and is expected to do so throughout the analysis period because of raising bank fraudulent activities and pseudo imagination in health care. Also, the presence of large players such as Meta, Google, Microsoft, and other companies in the field of generative AI is predicted to propel the market growth in the region during the analysis period.

Generative AI Market Size, Share, Growth Analysis, By Component(Hardware, Services, and Software (On Premises, & Cloud)), By End-Use(Technology and Communication, Automotive & Assembly, Financial Services, Healthcare), By Application(Business Intelligence and Visualization, Content Management, Synthetic Data Management, Search and Discovery), By Region - Industry Forecast 2024-2031

Report ID: SQMIG45E2176 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 98 | Figures: 76

Generative AI Market News

In March 2024, Amazon launched generative AI to help sellers write product descriptions. Amazon is continuing to innovate by giving the option to provide a URL to their own website and leverage a new generative AI capability to easily create high-quality product detail pages in Amazon’s store.
In January 2024, Google launched several new tools for retailers using generative artificial intelligence to improve online shopping experiences and other retail operations.
In October 2023, Adobe announced several new generative AI enhancements across its core product lines, as Big Tech races to make the most of the buzzy artificial intelligence capable of creating its content, such as text or images.

Generative AI Market Report Snapshots

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Generative AI Market size was valued at USD 16.81 Billion in 2022 and is expected to grow from USD 24.62 Billion in 2023 to reach USD 521.51 Billion by 2031, at a CAGR of 46.45% during the forecast period (2024-2031).

Global generative AI market is relatively fragmented, with a high level of competition. A few large players, like Amazon Web Services, Inc, Google LLC, and Adobe, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability. 'OpenAI (US) ', 'NVIDIA Corporation (US) ', 'Google LLC (US) ', 'Adobe Inc. (US) ', 'IBM Corporation (US) ', 'Microsoft Corporation (US) ', 'Autodesk Inc. (US) ', 'Unity Technologies (US) ', 'Altair Engineering Inc. (US) ', 'Meta (US) ', 'Salesforce Inc. (US) ', 'Hugging Face (US) ', 'Synthesia (UK) ', 'DATAROBOT INC (US) ', 'Dynatrace (US) ', 'UiPath (US) ', 'SentinelOne (US) ', 'C3 AI (US) ', 'Darktrace (UK) ', 'Presight AI (US)'

The active constant development of deep learning algorithms as well as major subcategories such as GANs, VAEs, and reinforcement learning is influencing the Generative AI market’s growth. These advancements result in enhanced capabilities, realistically looking and complicated generative models with extensive use in different fields related to the generation of arts, contents, and synthetic data.

Cross-Domain Applications: Generative AI is increasingly being applied across diverse domains beyond traditional areas like image and text generation. This includes applications in healthcare (e.g., generating synthetic medical images for training diagnostic algorithms), finance (e.g., generating synthetic financial data for risk assessment and forecasting), and robotics (e.g., generating simulated environments for training autonomous agents). The trend towards cross-domain applications reflects the versatility and potential impact of generative models in solving real-world problems across various industries.

North America emerging as the dominating region. Factors such as technological development, investments in research and development, and the high levels of technology adoption in the region have made it rank high as the region of emergence of new technologies. It is evident that these companies in North America especially in US continue to pioneer the use of AI solutions with a generative element across sectors ranging from the healthcare, financial, automobile industries and more. In the same way, major players and technology companies continue to develop their interest and funding in AI developing the region, hence also boosted the North America region as a strong market for generative AI solutions.

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