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Generative AI Market Trends, Expected to Reach US$ 178.67 billion by 2030

Generative AI Market Latest Trends Research Analysis Report by Component (Software, Service), By Application (Computer Vision, NLP), By End-use (BFSI, Healthcare), By Model, By Technology, & By Region (North America, Europe, Asia-Pacific, Latin America and Middle East & Africa) - Forecast till 2030

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Format : Generative AI Market Trends, Expected to Reach US$ 178.67 billion by 2030

Generative AI Market Snapshot

“The Generative AI Market is estimated to increase at a CAGR of 33.56% from $ 12.74 billion in 2023 to $ 178.67 billion by 2030.”

The Generative AI Market report provides a qualitative analysis, which includes drivers and opportunities, difficulties, and trends to better know the current market dynamics. It also outlines the most important strategy for organic or inorganic use by market players. The section on company profiles will focus on strategic changes that include mergers, acquisitions, and product launches as well as joint ventures, partnerships, and collaborations, as well as investment in research and development, as well as the expansion of top firms operating on both the global and regional levels.

Generative AI is a system that generates various content like text, pictures, audio, and synthetic data, with recent hype fueled by user interfaces that enable quick creation of high-quality text, drawings, and movies.

Transformers and their language models have significantly contributed to the mainstreaming of generative AI. Transformers enable researchers to train massive models without classifying all data beforehand, potentially training on billions of pages of text for more detailed answers.

They also introduced attention, allowing models to follow word relationships across pages and chapters, and could be used to analyze code, proteins, chemicals, and DNA in addition to words.            

Large language models (LLMs) have revolutionized AI by enabling generative models to write literature, paint graphics, and create comedies.

Multimodal AI advancements allow teams to create content across multiple media types, including text, images, and video. This is the basis for technologies like Dall-E, which generates images from text descriptions or captions from photographs.

Generative AI Market | Market Report Service

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Key Takeout

The driving factors are various factors that influence the behavior of individuals.

The Generative AI Market's growth is fueled by enhanced productivity, efficiency, and reduced manual errors, along with improved deep learning models and increased data availability.

Market Dynamics

Growth Drivers

  • The abundance of digital data, including images, videos, and text, has facilitated the development of generative AI models.
  • This technology is increasingly used to automate creative tasks, generate new content, and enhance user experiences. Generative AI can also create personalized content, design customization, and virtual avatars.
  • Deep learning and neural network advancements have significantly enhanced content generation capabilities, driving the generative AI market. OpenAI models like BigGAN and DALL-E demonstrate the potential of generative models in entertainment, design, advertising, and content creation.

Restraints         

  • Data security issues and unfinished generative AI initiatives are hindering market growth. Unstructured data, including personally identifiable information, can lead to data breaches if not protected.
  • Outsourcing AI projects often results in problems, as freelancers work with data from multiple sources. Trust Wave reports that 63% of data thefts are caused by a lack of due diligence when third parties outsource data.

Trends

  • Generative AI research and applications are advancing with deep learning architectures like GANs, VAEs, and transformer models.
  • This technology is used in various fields like art, design, healthcare, finance, manufacturing, and cybersecurity.
  • Hybrid techniques combining generative AI with reinforcement learning, natural language processing, and computer vision are also gaining popularity.
  • The use of generative AI is being emphasized for its responsible use, addressing issues like bias, privacy, and misuse.
  • A market analysis by FMI reveals a growing trend in meta-learning, where models are trained to quickly adapt to new tasks using minimal data. This approach allows generative models to generalize across various functions and effectively meet new demands.

Opportunities

  • Generative AI offers the potential to generate unique content like photographs, movies, and text for various purposes like entertainment, education, and marketing.
  • It also has potential to cater to product design companies by generating designs that help create innovative and appealing products that meet client needs.
  • Generative AI has the potential to revolutionize healthcare by identifying new drug targets, designing novel compounds for disease treatment, and predicting treatment efficacy.
  • It can also analyze large datasets, providing insights and uncovering previously unknown patterns.

Competitive Landscape of the Generative AI Market Analysis

  • Google LLC (U.S.)
  • IBM Corporation (U.S.)
  • Microsoft Corporation (U.S.)
  • Adobe (U.S.)
  • Amazon Web Services, Inc. (U.S.)
  • Synthesis AI (U.S.)
  • Nvidia Corporation (U.S.)
  • SAP SE (Germany)
  • Accenture (Ireland)
  • ai (U.S.)

New Developments in Generative AI Market

Oct 18, 2023, IBM Expands Relationship with AWS to Bring Generative AI Solutions and Dedicated Expertise to Clients

IBM announced an expansion of its relationship with Amazon Web Services (AWS) to help more mutual clients operationalize and derive value from generative artificial intelligence (AI). As part of this, IBM Consulting aims to deepen and expand its generative AI expertise on AWS by training 10,000 consultants by the end of 2024; the two organizations also plan to deliver joint solutions and services upgraded with generative AI capabilities designed to help clients across critical use cases.

October 4, 2023, How AWS Partners are advancing generative AI for government, health care, and other public sector organizations

AWS Partners are at the forefront of generative AI–powered solutions designed specifically for the public sector.

Amazon Web Services (AWS) is making the use of generative artificial intelligence (generative AI) easy, practical, secure, and cost-effective for customers across multiple industries. We believe that generative AI and machine learning (ML) are transformational technologies. There will not be one generative AI model that will rule them all, and the best way to serve our customers is by giving them a choice of models.

October 10, 2023- Generative AI hype to fade in 2024? Four bold AI predictions

The hype surrounding AI technology has continued well into 2023 following the initial explosion in interest in ChatGPT when it was released in November 2022. And with new and exciting products and features being launched almost every week, it’s understandable why the hype has kept up.

However, a new report by CCS Insight – a global technology research firm – has suggested that generative AI will face a reality check in 2024 when awareness about sustaining the running costs and mitigating associated risks will rise. The report has also predicted that an arrest for the first AI-based identity fraud will be made next year.

June 2023: Salesforce launched two generative artificial intelligence (AI) products for commerce experience and customized consumers –Commerce GPT and Marketing GPT. The Marketing GPT model leverages data from Salesforce's real-time data cloud platform to generate more innovative audience segments, personalized emails, and marketing strategies.

June 2023: Accenture and Microsoft are teaming up to help companies primarily transform their businesses by harnessing the power of generative AI accelerated by the cloud. It helps customers find the right way to build and extend technology in their business responsibly.

Microsoft released new Microsoft Dynamics 365 "Copilot" artificial intelligence (AI) capabilities in February 2023 to support sales teams.

The ChatGPT and Whisper models were made available via the API in March 2023, providing developers with access to state-of-the-art language and speech-to-text capabilities.

Segment Analysis

By component Analysis

The generative AI market, consisting of services and software, is the most profitable, accounting for 64.50% of the total revenue share in 2022. This is due to the increasing demand for advanced and effective AI models.

The software industry, which includes consulting services, custom model development, and application implementation and management, is highly competitive in the generative AI software market.

By Technology Analysis

The global generative AI market is divided into four technology segments: generative adversarial networks, transformers, variational auto-encoders, and diffusion networks. Transformers are expected to be the most profitable, accounting for 42.6% of revenue and a 33.3% CAGR.

GANs are deep learning models used for generative applications like picture and video production. Diffusion networks, a probabilistic generative model, are expected to be the fastest-growing technology segment, updating latent variables to describe data distribution attributes iteratively.

Large language models (LLMs) like ChatGPT are software trained on vast text data to perform tasks like word wrapping or code execution. With billions of variable variables, LLMs have a wide range of commercial use cases. For instance, an AI-powered chatbot can respond to 87% of consumer banking inquiries, freeing up staff to focus on pitching services or improving in-person customer experiences.

Regional Outlook

“In 2022, North America held the largest revenue share in the Generative AI market.”

In 2022, the North American market dominated the Generative AI market due to its advanced technology, robust R&D efforts, and prominent AI companies.

IBM, Adobe, and Microsoft are among the major North American tech giants investing in generative AI capabilities for various purposes like content production and design automation. Collaboration between industrial leaders, research institutions, and startups is crucial for the region's market growth.

“APAC is projected to be the fastest-growing region in the projected period in the Generative AI market.”

Asia Pacific is predicted to experience the highest CAGR in the forecast period due to its fast-growing economies and significant advancements in AI technologies.

The region is a hub for AI startups and innovative businesses, creating advanced AI solutions like GANs and deep learning models. The vast population and customer base in Asia Pacific also drive demand for AI-powered products and services.

The Europe market is expected to grow significantly CAGR in the coming years due to government initiatives to promote artificial intelligence development. Funding programs, policy frameworks, and research grants have facilitated this growth. Europe's thriving startup scene, primarily focused on Generative AI solutions, drives innovation and contributes to the sector's success.

Segments Covered in the Generative AI Market Report

Based on Component

  • Services
  • Software

Based on Technology

  • Generative Adversarial Networks (GANs)
  • Transformer
  • Variational Auto-encoder (VAE)
  • Diffusion Networks

Based on End-User

  • Media & Entertainment
  • BFSI
  • IT & Telecommunication
  • Healthcare
  • Automotive & Transportation
  • Other End-Users

The above information has been provided for the following regions and countries:

North America

  • U.S.
  • Canada

Europe

  • UK
  • Germany
  • France
  • Italy
  • Russia

Asia Pacific

  • China
  • India
  • Japan
  • South Korea

Latin America

  • Brazil
  • Mexico

MEA

  • UAE
  • Saudi Arabia
  • South Africa

Report Features

This report gives the most complete information. The report on Generative AI format has been designed so that it can provide the best value to the business. It offers crucial insights into the market's dynamic and will aid in strategic decision-making for current players as well as those looking to join the market.

What Deliverables Will You Get in this Report?

Key questions this report answers

Relevant contents in the report

How big is the sales opportunity?

In-depth analysis of the Global Generative AI market

How lucrative is the future?

Market forecast and trend data and emerging trends

Which regions offer the best sales opportunities?

Global, regional and country level historical data and forecasts

Which are the most attractive market Key segments?

Market segment analysis and forecast

Which are the top Key players and their market positioning?

Competitive landscape analysis, Market share analysis

How complex is the business environment?

Porter’s five forces analysis, PEST analysis, Life cycle analysis

What are the factors affecting the market?

Drivers & Restraints

Will I get the information on my specific requirement?

10% free customization

Frequently Asked Questions

What is the expected growth rate of the Generative AI market over the next 7 years?

The Generative AI Market is estimated to increase at a CAGR of 33.56% from $ 12.74 billion in 2023 to $ 178.67 billion by 2030.

Who are the major players in the Generative AI market and what is their market share?

Google LLC (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Adobe (U.S.), Amazon Web Services, Inc. (U.S.), Synthesis AI (U.S.), NVidia Corporation (U.S.), SAP SE (Germany), Accenture (Ireland),Rephrase.ai (U.S.), are prominent players operating and dominating in the market.

What is the demand projection for Generative AI by 2030?

Demand for Generative AI is projected to reach a market value of US$ 178.67 billion by 2030-end.

What is the sales growth projection for Generative AI?

Revenue from sales of Generative AI is projected to increase at a CAGR of 33.56% through 2030.