CHICAGO, April 29,
2024 /PRNewswire/ -- Cross-domain applications,
personalised content at scale, and increased creativity are what
will define the Generative AI Market in the future. Innovation,
human-AI cooperation, and ethical concerns will propel its
advancement towards more responsible, significant, and adaptable
uses in a variety of sectors.
The Generative AI Market is anticipated to experience
substantial expansion, ascending from a value of USD 20.9 billion in 2024 to a substantial worth
of USD 136.7 billion by the year
2030. This growth trajectory reflects a robust compound annual
growth rate (CAGR) of 36.7% over the forecast period, according to
a new report by MarketsandMarkets™. The surge in the Generative AI
Market is poised to be driven by a confluence of influential
factors within the business landscape. Notably, evolution of cloud
storage technology simplifying data accessibility, coupled with the
emergence of AI and deep learning technologies changing the
landscape, stands out as significant contributors to this trend.
Additionally, the upswing in content generation and the growing
demand for innovative creative applications are playing a pivotal
role in propelling the upward trajectory of this market.
Browse in-depth TOC on "Generative AI Market"
450 – Tables
80 – Figures
550 – Pages
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Scope of the Report
Report
Metrics
|
Details
|
Market size available
for years
|
2019–2030
|
Base year
considered
|
2023
|
Forecast
period
|
2024–2030
|
Forecast
units
|
USD
(Billion)
|
Segments
Covered
|
Offering, Data
Modality, Application, Vertical, and Region
|
Geographies
covered
|
North America, Europe,
Asia Pacific, Middle East & Africa, and Latin
America
|
Companies
covered
|
IBM (US), NVIDIA (US),
Open AI (US), Anthropic (US), Meta (US), Microsoft (US), Google
(US), AWS (US), Adobe (US), Accenture (Ireland), Capgemini
(France), Insilico Medicine (Hong Kong), Simplified (US), Lumen5
(Canada), AI21 Labs (Israel), Hugging Face (US), Dialpad (US),
Persado (US), Copy.ai (US), Synthesis AI (US), Hypernetuse AI (US),
Viable (US), Together AI (US), Defog.ai (Singapore), Mistral AI
(France), Adept (US), DeepSearch Labs (UK), Stability AI (UK),
Lightricks (Israel), Cohere (Canada), Writesonic (US), Colossyan
(UK), amberSearch (Germany), Mosaic ML (US), Inflection AI (US),
Glean (US), Jasper (US), Runway (US), Inworld AI (US), Typeface
(US), Paige.AI (US), Upstage (South Korea), PlayHT (US), Speechify
(US), Midjourney (US), Fireflies (US), InstaDeep (UK), Synthesis
(UK), Mostly AI (Austria), Forethought (US), Character.ai (US),
GFP-GAN (China), Fontjoy (Italy), EtherAI (US), Starry AI (US),
Magic Studio (US), Balchuan AI (China), Salesforce (US), Technology
Innovation Institute (Abu Dhabi), Abacus.AI (US), and OpenLM
(US).
|
By software type, deep learning to register the largest
market share during the forecast period.
Deep learning software type is projected to hold the largest
market share in the Generative AI Market during the forecast period
due to its unparalleled ability to manage complex and unstructured
data. Deep learning algorithms, such as Generative Adversarial
Networks (GANs) and Variational Autoencoders (VAEs), are at the
forefront of generating realistic and diverse content, from images
to text and audio. One notable trend related to deep learning
software in this market is the increasing adoption of pre-trained
models and transfer learning techniques, which enable faster
deployment and customization of generative AI solutions for
specific use cases. This trend streamlines the development process
and reduces the need for extensive data labeling, making deep
learning software more accessible and attractive to a wider range
of industries and applications.
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By data modality, video segment is poised for the
fastest growth rate during the forecast period.
Video data modality in the Generative AI Market is poised for
the fastest growth rate during the forecast period due to the
increasing popularity of video content across industries.
Businesses are leveraging videos for marketing, customer
engagement, training, and entertainment purposes, creating a
massive demand for AI tools that can analyze and generate video
content. Trends indicate a shift towards multi-modal generative AI,
where systems can process not just text but also images, audio, and
video. This trend is driving the development of AI models capable
of understanding, editing, and even generating videos, enabling
applications such as video synthesis, deepfake detection, and
personalized video content creation. The rise of video-centric
social media platforms and the integration of AI-driven video
analysis into security and surveillance systems are further
propelling the growth of the video data modality within the
Generative AI Market.
By region, North America
accounts for the largest market during forecast period.
The region boasts a robust ecosystem of technology companies,
research institutions, and AI startups, fostering innovation and
adoption of generative AI across industries. Additionally,
North America leads in AI research
and development, with major players like Google, Microsoft, and IBM
investing heavily in generative AI technologies. Moreover, the
region's advanced infrastructure, favorable government initiatives,
and early adoption of AI in sectors such as healthcare, finance,
and automotive contribute to its market dominance. Contemporary
trends in North America include
the increasing use of generative AI in content creation, virtual
assistants, and creative applications, driving further market
growth and solidifying its position as a frontrunner in the global
generative AI landscape.
Top Key Companies in Generative AI Market:
The major players in the Generative AI Market include Microsoft
(US), OpenAI (US), Google (US), AWS
(US), Adobe (US) along with startups such as Anthropic (US),
Paige.AI (US), Midjourney (US),
Jasper (US) and Synthesia (UK).
Recent Developments:
- In March 2024, Microsoft and
Adobe announced plans to bring Adobe Experience Cloud workflows and
insights to Microsoft Copilot. The collaboration aims to leverage
Microsoft 365 to help marketers overcome application and data silos
and more efficiently manage everyday workflows.
- In March 2024, Adobe and NVIDIA,
longstanding R&D partners, announced a new partnership to
unlock the power of generative AI to further advance creative
workflows. Adobe and NVIDIA will co-develop a new generation of
advanced generative AI models with a focus on deep integration into
applications the world's leading creators and marketers use.
- In February 2024, the GSMA and
IBM announced a new collaboration to support the adoption and
skills of generative artificial intelligence (AI) in the telecom
industry through the launch of GSMA Advance's AI Training program
and the GSMA Foundry Generative AI program.
- In February 2024, OpenAI
announced the introduction of Sora, a text-to-video generative AI
model. Sora can generate videos for up to a minute long while
maintaining visual quality and adherence to the user's prompt. This
model is not publicly available as of now and limited access has
been granted to handful of red teamers, visual artists, designers,
and filmmakers.
- In February 2024, Google unveiled
Gemini 1.5, an updated generative AI model that comes with long
context understanding across different modalities. In the same
month, Google also announced the launch of Gemma, a new family of
lightweight open-weight models. Starting with Gemma 2B and Gemma 7B,
these new models were "inspired by Gemini" and are available for
commercial and research usage.
- In January 2024, Capgemini and
AWS expanded their strategic collaboration to enable broad
enterprise generative AI adoption. Through this collaboration,
Capgemini and AWS are focusing on helping clients realize the
business value of adopting generative AI while navigating
challenges, including cost, scale, and trust.
- In December 2023, Microsoft
launched InsightPilot, an automated data exploration system powered
by a Generative AI. This innovative system is specifically designed
to simplify the data exploration process. InsightPilot incorporates
a set of meticulously designed analysis actions to simplify data
exploration.
- In December 2023, Google unveiled
an unprecedented Generative AI named VideoPoet, which is multimodal
and capable of generating videos. This groundbreaking model
introduces video generation functionalities previously unseen in
generative AI.
- In December 2023, Axel Springer and OpenAI announced a global
partnership to strengthen independent journalism in the age of
artificial intelligence (AI). The initiative will enrich users'
experience with ChatGPT by adding recent and authoritative content
on various topics and explicitly values the publisher's role in
contributing to OpenAI's products
- In November 2023, OpenAI
announced the launch of GPT-4 Turbo, a next-generation model of
GPT-4. GPT-4 Turbo is more capable and has knowledge of world
events up to April 2023. It has a
128k context window to fit the
equivalent of more than three hundred pages of text in a single
prompt.
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Generative AI Market Advantages:
- Businesses can now create a wide variety of high-quality
material automatically, including text, images, videos, and music,
thanks to generative AI, which makes it possible to produce
creative assets quickly and widely.
- Personalised and customised content that is based on a person's
interests, behaviours, and demographics may be created thanks to
generative AI, which increases consumer happiness and
engagement.
- By streamlining the process of creating content, generative AI
helps businesses create content more rapidly and cheaply by
eliminating the need for manual labour and traditional production
methods.
- By producing original designs, ideas, and concepts that would
not have been investigated using more conventional techniques,
generative AI promotes creativity and uniqueness in product
development and marketing.
- In order to meet the changing needs and aspirations of both
organisations and consumers, generative AI solutions are incredibly
flexible and scalable. They can produce enormous volumes of content
for a variety of platforms and formats.
- By eliminating the mistakes, inconsistencies, and variability
that come with manual production, generative AI preserves brand
identity and standards while guaranteeing consistency and quality
control in content generation.
- With the use of generative AI, businesses can gain significant
insights and possibilities to better understand customer
preferences and market trends by analysing and producing insights
from unstructured data sources, like text, voice, and images.
Report Objectives
- To define, describe, and predict the Generative AI Market by
offering (software and services), data modality, application,
vertical, and region
- To provide detailed information related to major factors
(drivers, restraints, opportunities, and industry-specific
challenges) influencing the market growth
- To analyze the micro markets with respect to individual growth
trends, prospects, and their contribution to the total market
- To analyze the opportunities in the market for stakeholders by
identifying the high-growth segments of the Generative AI
Market
- To analyze opportunities in the market and provide details of
the competitive landscape for stakeholders and market leaders
- To forecast the market size of segments for five main regions:
North America, Europe, Asia
Pacific, Middle East Africa, and Latin America
- To profile key players and comprehensively analyze their market
rankings and core competencies.
- To analyze competitive developments, such as partnerships, new
product launches, and mergers and acquisitions, in the Generative
AI Market
- To analyze the impact of recession across all the regions
across the Generative AI Market
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