Generative AI Market projected to reach USD 100.5 Billion by 2030, growing at a CAGR of 33.2 % during the forecast period of 2023-2030 - pronounced by MarketDigits in its recent study
The Global Generative AI Market was valued USD 10.1 Billion in 2023 and projected to reach USD 100.5 Billion by 2030, growing at a CAGR of 33.2 % during the forecast period of 2023-2030
Richmond, Dec. 27, 2023 (GLOBE NEWSWIRE) -- *According to a research** report* *"**Generative AI Market*”*, by* *Component (Software, Services), Application (NLP, Computer Vision, Robotics & Automation, Content Generation, Mixed Realty ,Chatbots, Predictive Analytics), End Use (Marketing & Advertising, Media & Entertainment, Healthcare, Travel & Transportation, Energy & Utility, IT & Telecom, Software Modelling, Others) and Region - Global Forecast to 2030*
*Global Generative AI Market* *Report Scope:*
*Report* *Details*
*Market size value in 2023* *USD 10.1 Billion*
*Market size value in 2030* *USD 100.5 Billion*
*CAGR (2023-2030)* *33.2 %*
*Forecast Period* *2023–2030*
*Historic Data* *2019*
*Forecast Units* *Value (USD Million/USD Billion)*
*Segments Covered* *Offering, Component, End User and Region*
*Geographies Covered* *North America, Europe, Asia Pacific, and RoW*
* * · *Microsoft (US)*
· *IBM (US)*
*Sample of Companies Covered * · *Google (US)*
· *AWS (US)*
· *META (US)*
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*TOC Covers in Depth & Breath on **Generative AI Market *
*170 - Market Data Tables *
*65 - List of Figures*
*225 – Pages*
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits
*Market Overview*
The global generative AI market has emerged as a key player in revolutionizing various industries by augmenting the different based product designs which has assisted the human based production and design efforts. Also with the changing scenario around the production design and development it has made several repetitive and mundane tasks which saves up lot of time which can be utilized in a more productive functionalities. Also the launch of platforms including Bard, ChatGPT, Character AI and others have led to advancements in the field.
*Major vendors in the global Generative AI market : *
· Microsoft (US)
· IBM (US)
· Google (US)
· AWS (US)
· META (US)
· Adobe (US)
· OpenAI (US)
· Insilico Medicine (Hong Kong)
· Simplified (US)
· Genie AI (UK)
· Lightricks (Israel)
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*Cross-Industry Integration *
The growing popularity of generative AI is mainly attributed because of its wider adaptability across the different industries. With the companies integrating the same the algorithms can be used for simplifying the processes and provide easier and more feasible solutions to the challenging issues. Businesses like healthcare, finance and other industries have integrated the solutions in their daily work flow thus demonstrating the generative AI’s capability across the industries.
Essentially, the market for generative AI is driven by a combination of innovation, customization, technological progress, independence, and its smooth incorporation into different industries, signifying a revolutionary change in the way we engage with and reap the advantages of artificial intelligence.
Moreover with thr integration of ML the design cycle is becoming faster and more accurate as the system can analyse the previous design, generate the new ideas, can do the testing of prototypes , assist the engineers with design ideas and various agile design practices.
*Market Dynamics*
*Drivers:*
· Personalized User Experiences
· Increase in adoption of autonomous systems
· Fraud detection and Cybersecurity
· Efficient code generations
· Medical Imaging and Synthesis
· Content Generation and Automation
*Opportunities:*
· Fraud Detection and Risk Assessment.
· Creation of new forms of art and entertainment (AI generated music composition).
· Personalized learning experiences along with feedback and improvements to students.
· Integration in the customer service portals for a more informative solutions.
· Movement of the technology from cloud to personal devices including smartphones, PCs, TVs and others.
*Integration of Generative AI in Mixed Reality*
As the development of XR (Extended Reality) is going on it is making its way into more mainstream technologies slowly. It has extended its foothold to even smaller devices and the advancement in the field of spatial computing. Also with the development of advanced hardware including Meta’s Quest 3 and Ray Ban Meta the XR experiences have become more realistic and engaging. Additionally the voice interfaces powered by generative AI will create an innovative space and would provide a more natural and inborn way in interacting with 3D avatars.
*North America dominates the market for Generative AI.*
North America, particularly the United States, emerges as the dominating region in the global generative AI market. The region's dominance can be attributed to the presence of key market player along with the collaboration, robust research and development and favorable regulatory frameworks that has led to increase testing and deployment of generative AI. Moreover the region boasts a faster adoption of advanced technologies along with the supportive infrastructure for the research and developments with the funding has contributed towards the growth of the market in the region.
Asia-Pacific exhibits a significant growth rate in the forecast period, and specifically China, exhibits high growth potential in the Generative AI market. The region is home to numerous AI startups and the companies which are focusing on generative AI technologies including general adversarial networks (GANs), deep learning and different creative AI platforms. Moreover the region is home to around 45% of the global world population this creating the demand for AI powered products and services. Additionally, Japan and India are also emerging as key players in the market, driven by expanding use cases and supportive governmental policies which has led towards the ongoing development in the region.
*The End Use Segments is anticipated to hold the Largest Market Share during the Forecast Period*
In the global generative AI market, the End use segment is categorized into Marketing & Advertising, Media & Entertainment, Travel & Transportation, Energy & Utility, IT & Telecom, Software Modelling, Others. Among these, the media & entertainment segment held the largest market share because of the wider adaptation of the technology in the media & entertainment industry. The technology has been utilized in the content creation and the enhancements including the development of realistic images, special effects and the artificial voices for narration. Recently in Jan 2023 Buzzfeed an internet media and news company have approved the use of AI tools provided by Open AI.
The healthcare segment is expected to witness fastest growth rate of xx % during the forecast period. The market growth in this segment is attributed to the increase investments in the healthcare sector by countries like US, Germany and China.
Among these, healthcare segment is held a significant market share in 2022. Government agencies in several countries, such as U.S., Germany, and China, are investing more in the healthcare sector. Generative AI has seamlessly integrated into diagnostic algorithms, facilitating early detection of diseases like cancer, cardiovascular issues, and diabetes. Employing machine learning and deep learning, these algorithms analyze patient data and histories to enhance diagnostic precision. Moreover, the prevalence of generative AI extends into clinical research and trials, aiding in the identification of potential drug targets and assessing drug efficacy. Collaborations between healthcare providers and specialized AI companies are playing a pivotal role, contributing significantly to the positive growth trajectory of the market.
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