The global generative AI market size reached US$ 12.3 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 58.0 Billion by 2032, exhibiting a growth rate (CAGR) of 18.81% during 2024-2032.
The increasing amount of generated data, the development of advanced machine learning techniques, expanding information technology (IT) sector and the rising product adoption across a wide range of industries are some of the major factors propelling the market.
Key Trends/Drivers affecting the growth of the global Generative AI market
At present, the growing demand for generative AI, as it offers solutions that automate complex tasks, enabling professionals to focus on high-value activities, represents one of the key factors offering a favorable market outlook. Moreover, generative AI assists in transforming the creative process by generating tailored advertisements, thereby enhancing customer engagement and brand resonance. Besides this, the rising demand for generative AI in the healthcare industry for diagnosing diseases based on medical images and predicting patient outcomes is propelling the growth of the market. In addition, ongoing advancements in deep learning and neural networks, enabling more sophisticated and accurate outcomes. As companies are striving to remain competitive, the adoption of generative AI allows them to gain a competitive edge by leveraging data-driven insights and augmenting decision-making processes. In line with this, the growing demand for generative AI to understand and replicate complex patterns, leading to the creation of more sophisticated and realistic content, is positively influencing the market. Additionally, industries worldwide are seeking ways to streamline processes and reduce human intervention. Generative AI offers a solution by automating content creation, data analysis, and decision-making. It also enhances operational efficiency and reduces costs, compelling businesses to adopt generative AI solutions. The availability of user-friendly generative AI tools and platforms is making it easier for businesses to integrate AI into their operations, even without extensive technical expertise. Furthermore, generative AI is a powerful tool for fostering creativity and innovation. It stimulates novel thinking and facilitates the exploration of unconventional solutions by generating diverse ideas, which is contributing to the growth of the market. Apart from this, generative AI is used for fraud detection, risk assessment, and algorithmic trading, improving decision-making processes in the finance industry around the world.
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About the Generative Intelligence Industry:
Generative artificial intelligence (AI) refers to a subset of AI that involves the creation of content, such as text, images, or music, by using algorithms and models. It operates by learning patterns and structures from existing data and then generating new content that is similar in style and format. It holds significant potential for innovation and efficiency in problem-solving. Generative AI streamlines the creative process by generating content autonomously to reduce human effort and time, thereby boosting productivity. Furthermore, it promotes innovation by presenting novel ideas and solutions while analyzing vast datasets rapidly, extracting actionable insights and trends. It also aids companies in making informed decisions, optimizing strategies, and staying ahead of the competition. Moreover, generative AI enables the creation of personalized and engaging content, enhancing customer experiences. It helps businesses establish stronger connections with their target audiences, ultimately leading to improved customer satisfaction and loyalty, through tailored recommendations. As a result, it finds applications in creative arts, content generation, and scientific research across the globe.
Global Generative AI Market Report Segmentation:
The report is organized into distinct sections as follows:
Breakup By Offering Type:
- Image
- Video
- Speech
- Others
The report has provided a detailed breakup and analysis of the market based on the offering type. This includes image, video, speech, and others.
Breakup by Technology Type:
- Autoencoders
- Generative Adversarial Networks
- Others
Generative adversarial networks hold the largest share
Breakup by Application:
- Healthcare
- Generative Intelligence
- Media and Entertainment
- Others
Media and entertainment represent the leading application segment
Regional Insights:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
North America exhibits a clear dominance in the market, accounting for the largest generative AI market share
Leading Companies Operating in the Global Generative AI Industry:
- Adobe Inc.
- Amazon Web Services Inc.
- D-ID
- Google LLC
- MOSTLY AI Inc.
- OpenAI
- Rephrase.ai
- Synthesia
Other Key Points Covered in the Report:
- COVID-19 Impact
- Porters Five Forces Analysis
- Value Chain Analysis
- Strategic Recommendations
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