Global Generative Artificial Intelligence (AI) Market Size to Reach USD 202.65 Billion in 2032 | Emergen Research
Recent improvements in generative models such as generative adversarial networks and variational autoencoders is one of the major factors driving generative Artificial Intelligence (AI) market revenue growth
Vancouver, Aug. 24, 2023 (GLOBE NEWSWIRE) -- The worldwide market for generative Artificial Intelligence (AI) had a total value of USD 9.74 Billion in the year 2022. Based on the most recent analysis conducted by Emergen Research, it is anticipated that this market will experience a Compound Annual Growth Rate (CAGR) of 35.4% in terms of revenue throughout the forecast period. The primary drivers behind this growth are the continuous enhancements observed in Machine Learning (ML) and Natural Language Processing (NLP). Notable advancements in generative models like generative adversarial networks and variational autoencoders also play a pivotal role. Furthermore, the market is being positively influenced by the increasing demand for personalized experiences and conversational AI algorithms, reflecting a prevalent trend.
Generative AI represents a category of artificial intelligence specialized in producing original content through the application of natural language processing, extensive training datasets, and advanced AI techniques such as neural networks and deep learning. A significant evolution has arisen in the realm of generative AI, notably centered around the utilization of transformers, a particular type of neural network. These transformers have found wide-ranging applications, spanning text and image generation to complex tasks like protein folding and computational chemistry.
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Simultaneously, progress in more traditional approaches and refinements in user interfaces have simplified the process of generating diverse content types, including text, images, voices, and synthetic data. This has notably contributed to a marked improvement in the quality of generated content, thus fostering substantial growth in market revenue.
Prominent advancements in generative models, encompassing generative adversarial networks and variational autoencoders, stand as pivotal drivers for the expansion of market revenue. These models, having undergone extensive training on substantial datasets, possess the capacity to generate fresh outcomes closely resembling the data they were trained on. For instance, a Generative Adversarial Network (GAN) trained on facial image data can create artificial facial images that closely mirror actual faces.
Researchers have been dedicated to enhancing the structural robustness and training capabilities of GANs, aiming to ensure their stability, thereby contributing to the propulsion of market revenue. Furthermore, a novel neural networking approach, known as diffusion models, has recently surfaced to lower the barriers for entry into generative AI research. The streamlined development process of generative AI has facilitated its integration into the operations of renowned tech corporations and emergent generative AI startups alike.
The progression of market revenue faces significant challenges due to several key factors. Ethical considerations related to data privacy, security, regulatory policies, and workforce implications represent foremost hindrances. Additionally, the substantial costs associated with the maintenance and preparation of training data pose a considerable obstacle to growth.
The adoption of generative AI technology introduces a range of novel business risks. These encompass concerns such as the dissemination of inaccurate information, instances of plagiarism, violations of copyright, and the potential for harmful content creation. Businesses must also grapple with issues concerning transparency and the possible displacement of workers. The occurrence of these unforeseen setbacks has the potential to erode both customer and patient trust, leading to adverse legal consequences. As a result, the growth of market revenue is anticipated to be curtailed during the projected period.
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*Scope of Research *
*Report Details* *Outcome*
Market size in 2022 USD 9.74 Billion
CAGR (2023–2032) 35.4%
Revenue forecast to 2032 USD 202.65 Billion
Base year for estimation 2022
Historical data 2019-2021
Forecast period 2023–2032
Quantitative units Revenue in USD Billion and CAGR in % from 2023 to 2032
Report coverage Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments covered Offering Type, Technology, Application, End-Use, and region
Regional scope North America, Europe, Asia Pacific, Latin America, Middle East & Africa
Country scope U.S., Canada, Mexico, Germany, France, U.K., Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, Rest of MEA
Key companies profiled Google, Microsoft Corporation, Amazon Web Services, Inc., Elemental Cognition, Inc., Adobe, Genie AI Ltd, OPENAI, INWORLD AI, Cohere AI, and Anthropic PBC
Customization scope 10 hours of free customization and expert consultation
*Major Companies and Competitive Landscape *
The global generative Artificial Intelligence (AI) market is fairly fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective generative AI solutions. Some major players included in the global generative Artificial Intelligence (AI) market report are:
· Google
· Microsoft Corporation
· Amazon Web Services, Inc.
· Elemental Cognition, Inc.
· Adobe
· Genie AI Ltd
· OpenAI
· INWORLD AI
· Cohere AI
· Anthropic PBC
*Strategic Development*
· On 22 May 2023, Tata Consultancy Services (TCS) announced a deeper collaboration with Google Cloud and the introduction of its new product, TCS Generative AI, which uses Google Cloud's generative AI services to design and deploy specially tailored business solutions that assist clients in utilizing the power of this innovative new technology to hasten their growth and transformation.
· On 23 May 2022, Adobe announced the launch of Generative Fill in Photoshop, which integrates Adobe Firefly generative AI capabilities directly into design workflows. The brand-new Generative Fill, which is powered by Firefly, is the first co-pilot in creative and design workflows and offers users a magical new way to work by enabling them to quickly add, extend, or remove material from images without causing any damage using straightforward text instructions.
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*Some Key Highlights From the Report*
· The deep learning segment accounted for largest revenue share in 2022. Generative AI utilizes deep learning algorithms and neural networks to discover patterns and generate new outcomes based on them. Generative AI grasp context of a source text and linguistically create those phrases in a different language using sophisticated deep learning techniques. Deep learning methods, such as neural networks, are used by generative AI models to create new content, such as pictures, movies, or texts. Deep learning models are used by generative AI to build intricate structures for algorithms that handle massive amounts of data, including text, code, and images, which contributes revenue growth of this segment.
· The chatbots & intelligent virtual assistants segment is expected to register a steady revenue CAGR during the forecast period. Chatbots and virtual assistants that can handle complex discussions are made using generative AI platforms. Individuals automate lead generation, customer service, and other company activities using this robust platform to increase productivity and give customers a better experience. In addition, chatbots and virtual assistants driven by generative AI provide customers with higher levels of personalization, faster response times, and less labor than human customer service representatives. As a result, major companies are launching chatbots and virtual assistants integrated with generative AI for better customer experience. These are the major factors that are contributing to revenue growth of this segment.
· The market in North America accounted for a significantly large revenue share in 2022. This is attributed to growing number of key strategic initiatives and funding in the field of generative AI, as well as growing consumer interest and rapid adoption of generative AI applications such as image generation, chatbots in various businesses and industries, especially in U.S., which has resulted in continued growth of this industry. For instance, according to a survey conducted by Freshbooks, a software company, around 1,000 business owners from different industrial sectors across the United States and Canada, and nearly 25% of business owners reported that they are nowadays utilizing generative AI tools, including ChatGPT, Google Bard, and Microsoft Bing, which has resulted in continued growth of this industry.
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*Emergen Research has segmented **global **generative Artificial Intelligence (AI) market** on the basis of offering type, technology application, end-use, and region:*
· *Offering Type Outlook (Revenue, USD Billion; 2019-2032)*
· · Software
· Service
· *Technology Outlook (Revenue, USD Billion; 2019-2032)*
· · Machine Learning
· Deep Learning
· Natural Learning Processing (NLP)
· Others
· *Application Outlook (Revenue, USD Billion; 2019-2032)*
· · Computer Vision
· Robotics & Automation
· Content Generation
· Chatbots & Intelligent Virtual Assistants
· Image & Art Generation
· Game Design & Character Production
· 3D Modeling
· Predictive Analytics & Modeling
· Others
· *End-Use Outlook (Revenue, USD Billion; 2019-2032)*
· · Media & Entertainment
· Education
· IT & Telecommunication
· BFSI
· Healthcare
· Transportation
· Manufacturing
· Gaming
· Energy & Utilities
· Others
· *Regional Outlook (Revenue, USD Billion; 2019-2032)*
· North America
1. U.S.
2. Canada
3. Mexico
· Europe
1. Germany
2. France
3. U.K.
4. Italy
5. Spain
6. Benelux
7. Rest of Europe
· Asia Pacific
1. China
2. India
3. Japan
4. South Korea
5. Rest of APAC
· Latin America
1. Brazil
2. Rest of LATAM
· Middle East & Africa
1. Saudi Arabia
2. UAE
3. South Africa
4. Turkey
5. Rest of MEA
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