The global Generative AI market size was valued at USD 11,103 million in 2022 and is projected to reach USD 119,491 million by 2033, growing at a CAGR of 27.5% during the forecast period.
Generated text and images include blog articles, computer code, poetry, and visual art. Based on prior word sequences, it predicts the subsequent word using sophisticated machine learning algorithms. In other words, it enables computers to abstract the input’s underlying pattern and use it to produce material that is comparable. Additionally, after searching through numerous legal research sources, generative AI generates a focused summary. Therefore, technology can eliminate countless hours of human research. Additionally, it gives whole functions, snippets, and even fully functional modules while generating code in-editor in real-time, which is expected to aid in the industry’s growth in the years to come.
The market is expanding as a result of widespread use of artificial intelligence-integrated systems across numerous industrial verticals, the growing demand for building virtual worlds in the metaverse, and the need to update the workforce generally. The market for generative AI is expanding as a result of the increasing use of generative AI in the healthcare sector to create a variety of products. The security risks associated with some of these models can promote identity theft, and the market’s expansion is constrained by a lack of experienced labour and expensive implementation costs. On the other hand, it is projected that throughout the forecast period, a rise in demand for machine learning and deep learning would present several potential for the market to grow.
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Offering
• Solutions
• ServicesApplication
• Computer Vision
• Synthetic Data Generation
Global Generative AI Market: Key Companies
• OpenAI
• DeepMind
• NVIDIA
• IBM
• Microsoft
• Google
• Adobe
• Salesforce
• Amazon
• Facebook
• Others
Global Generative AI Market: Regional Scope
North America
• U.S.
• Canada
• Mexico
• U.K.
• Germany
• France
• Italy
• Spain
• Rest of Europe
• China
• India
• Japan
• South Korea
• Australia
• Rest of Asia Pacific
• Brazil
• Argentina
• Rest of South America
• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest of Middle East and Africa
North America has been a leading region in the generative AI market. The presence of major technology companies, such as Google, Microsoft, and IBM, has fueled the growth of generative AI in this region. The United States, in particular, has a well-established ecosystem of startups and research institutions that are actively involved in developing and implementing generative AI technologies. The region’s advanced infrastructure, favorable government initiatives, and investments in AI research and development contribute to its dominant position in the market. Europe is also a significant market for generative AI, with countries like the United Kingdom, Germany, France, and the Nordic countries leading in adoption. European governments have been proactive in promoting AI research and innovation, leading to the establishment of several AI research centers and initiatives. The region’s strong emphasis on data privacy and protection, as exemplified by the General Data Protection Regulation (GDPR), has influenced the development of generative AI technologies that prioritize ethical and responsible use of data.
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Market Trends:
The global generative AI market is primarily being driven by the information technology (IT) sector’s rapid expansion as well as the rising adoption of AI-integrated systems across numerous industries to increase productivity and agility. Additionally, the market growth is being fueled by the increased usage of generative AI in the media and entertainment sector for the clever processing of low-resolution photos and videos. A favourable outlook for the global market is also being created by the rising need for generative AI in the healthcare industry, which is leveraging 3D printing technologies to create a variety of items, including organic molecules and prosthetic limbs, from scratch.
Additionally, the technology expedites the process of finding new drugs and helps with early cancer detection. A crucial growth-inducing aspect is also the growing acceptance of generative AI for helping chatbots conduct successful dialogues and increase customer happiness. In addition, the BFSI industry’s increasing adoption of generative AI for fraud detection, creating synthetic data, predicting trades, and modelling risk factors is fueling the global market. Additionally, it is anticipated that the worldwide generative AI industry will be driven in the coming years by the expanding use of generative AI for building virtual environments in the metaverse and making digital artworks using only text-based descriptions.
Based on components, the market is split into software and services. Software had the biggest revenue share in 2023, and it is projected that this trend would continue throughout the forecast period. Capability overestimation, an increase in fraud, unanticipated results, and growing awareness of data privacy and security are the market’s main drivers. For instance, the personal encrypted data of its customers, including passwords, usernames, and emails, was compromised in August 2023 when Plex, a video server software used by millions, experienced a data breach.
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