Generative AI Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Component (Software, Services), By Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks), By End-Use (Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Others), By Region, Competition
Published Date: November - 2024 | Publisher: MIR | No of Pages: 320 | Industry: ICT | Format: Report available in PDF / Excel Format
View Details Buy Now 2890 Download Sample Ask for Discount Request CustomizationGenerative AI Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, Segmented By Component (Software, Services), By Technology (Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, Diffusion Networks), By End-Use (Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Others), By Region, Competition
Global Generative AI Market is expected to register a faster CAGR during the forecast period.
Generative AI refers to a subset of artificial intelligence that focuses on generating content or data, rather than simply processing it. This type of AI is used in a variety of applications, including natural language processing, image and video generation, and music and art creation. Generative AI is often based on deep learning techniques, which involve training large neural networks on vast amounts of data to generate new content that is similar in style or form to the original data. For example, a generative language model might be trained on a large corpus of text data, and then used to generate new sentences or paragraphs that are similar in tone and structure to the original text. One of the most famous examples of generative AI is the GPT-3 language model, which can generate incredibly realistic and coherent text across a wide range of topics and styles. Other examples include the DALL-E image generation model, which can create realistic images based on textual prompts, and the MuseNet music generation model, which can compose original pieces of music in a variety of styles.
The generative AI market has been experiencing significant growth in recent years, driven by advancements in artificial intelligence, machine learning, and deep learning technologies. The market encompasses a wide range of industries and applications that leverage generative AI techniques to generate new content, improve creative processes, and enhance user experiences.
In recent years, the generative AI market has seen significant growth as businesses and individuals look to automate content creation and reduce costs associated with human labor. Technology has numerous applications across various industries, including advertising, entertainment, e-commerce, and gaming.
Rising Applications of Novel Technologies Drive the Generative AI Market
The rising applications of novel technologies are indeed driving the growth of the global generative AI market. The advancements in technologies such as deep learning, natural language processing (NLP), computer vision, and neural networks have paved the way for the development of more sophisticated generative AI systems.
One of the main applications of generative AI is natural language generation, which is being used to automate content creation for a variety of industries, such as journalism, e-commerce, and marketing. For example, generative AI systems can be used to write product descriptions, news articles, and social media posts.
Another application of generative AI is image generation, which is being used in the fields of fashion, interior design, and architecture. Generative AI systems can be used to create unique designs and generate new product ideas.
Moreover, the entertainment industry is also leveraging the benefits of generative AI for applications such as video creation and music composition. These technologies are being used to automate the content creation process, reduce costs, and improve efficiency.
As more industries recognize the potential of generative AI and invest in its development, the market is expected to grow significantly in the coming years.
Growing Demand to Modernize Workflow Across Industries
The growing demand to modernize workflows across industries is driving the generative AI market. Generative AI refers to a subset of artificial intelligence that involves the use of algorithms to create original content or designs. This technology can help automate various aspects of business operations, including creative tasks that were previously done by humans.
One key benefit of generative AI is that it can help businesses streamline their workflow and reduce manual labor. For example, in the field of graphic design, generative AI can be used to automate the creation of logos, website designs, and other branding materials. In manufacturing, generative AI can be used to optimize product design and improve the efficiency of the production process.
The generative AI market is expected to grow significantly in the coming years, driven by the increasing demand for automation and the need to modernize workflows across industries.
In summary, the demand for generative AI is being driven by the need for businesses to modernize their workflows, reduce manual labor, and increase efficiency. As a result, there is expected to be continued growth in the generative AI market as more businesses adopt this technology to stay competitive in their respective industries.
Privacy and Security Concerns
The Generative AI market refers to the use of artificial intelligence techniques such as machine learning, deep learning, and neural networks to generate new content such as images, videos, and text. While there is great potential for this technology, there are indeed some challenges that could hamper its growth, including the lack of skilled workforce and high implementation costs.
One of the primary obstacles to the growth of the Generative AI market is the lack of skilled workforce. Building Generative AI models requires a significant amount of expertise in areas such as machine learning, data science, and computer programming. However, there is currently a shortage of skilled professionals in these areas, which means that companies may struggle to find the talent they need to build and deploy Generative AI solutions.
In addition to the lack of skilled workforce, another challenge facing the Global Generative AI market is the high implementation costs. Building and deploying Generative AI models can be a complex and time-consuming process that requires significant investments in hardware, software, and training data. This can make it difficult for smaller companies with limited budgets to get started with Generative AI, which could limit the overall growth of the market.
Despite these challenges, the Generative AI market is still growing, and there are efforts underway to address these issues. For example, there are initiatives aimed at providing training and education programs to help address the shortage of skilled professionals in the field. Additionally, there are companies that are working to develop more efficient and cost-effective tools and platforms for building and deploying Generative AI models.
Recent Developments
The global generative AI market has been rapidly expanding in recent years, with a wide range of companies developing cutting-edge technology in areas such as natural language processing, computer vision, and autonomous systems. With this growth comes an increasing number of mergers and acquisitions, as companies look to expand their capabilities, acquire new talent and technology, and gain a competitive advantage.
Some notable mergers and acquisitions in the global generative AI market include
- In 2020,NVIDIA acquired UK-based Arm for USD40 billion, a move that is expected tostrengthen NVIDIA's position in the AI market and accelerate its development ofnew technologies.
- In2019, Microsoft acquired XOXCO, a software development company that specializedin conversational AI. The acquisition was part of Microsoft's strategy toexpand its AI capabilities and enhance its chatbot technology.
- In2018, Intel acquired Vertex.ai, a startup that developed tools for deeplearning applications. The acquisition was aimed at strengthening Intel's AIportfolio and helping the company compete with NVIDIA and other AI chip makers.
- In2017, Google acquired several AI startups, including Kaggle, a platform fordata scientists, and Halli Labs, a company that developed deep learning andnatural language processing technology. The acquisitions were part of Google'songoing efforts to expand its AI capabilities and stay ahead of itscompetitors.
Download Free Sample Report
Market Segmentation
Based on Component, the market is segmented into Software, and Services. Based on Technology, the market is segmented into Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders, and Diffusion Networks. Based on End-Use, the market is segmented into Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Others.
Company Profiles
Some of the key players in the market include OpenAI, L.L.C., NVIDIA Corporation, Google LLC, Microsoft Corporation, Meta Platforms, Inc, Adobe Inc., Intel Corporation, International Business Machines Corp., Amazon Web Services, Inc., MOSTLY AI Inc. These companies offer a wide range of components, including application development, infrastructure management, cloud computing, cybersecurity, and data analytics.
The Global Generative AI market is highly competitive, with companies constantly seeking to differentiate themselves through their expertise, quality of components, and cost-effectiveness. As the demand for innovative products continues to grow, the Global Generative AI market is expected to expand further in the coming years.
Attribute | Details |
Base Year | 2022 |
Historical Years | 2018 – 2021 |
Estimated Year | 2023 |
Forecast Period | 2024 – 2028 |
Quantitative Units | Revenue in USD Billion and CAGR for 2018-2022 and 2023E-2028F |
Report Coverage | Revenue forecast, company share, competitive landscape, growth factors, and trends |
Segments Covered | Component Technology End-Use Region |
Regional Scope | Asia-Pacific, North America, Europe, Middle East & Africa, and South America |
Country Scope | China, Japan, India, Australia, South Korea, United States, Canada, Mexico, United Kingdom, Germany, France, Spain, Italy, Israel, Turkey, Saudi Arabia, UAE, Brazil, Argentina, Colombia |
Key Companies Profiled | OpenAI, L.L.C., NVIDIA Corporation, Google LLC, Microsoft Corporation, Meta Platforms, Inc, Adobe Inc., Intel Corporation, International Business Machines Corp., Amazon Web Services, Inc., MOSTLY AI Inc |
Customization Scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and Purchase Options | Avail of customized purchase options to meet your exact research needs. Explore purchase options |
Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/pdf format on special request) |
Related Reports
FAQ'S
For a single, multi and corporate client license, the report will be available in PDF format. Sample report would be given you in excel format. For more questions please contact:
Within 24 to 48 hrs.
You can contact Sales team (sales@marketinsightsresearch.com) and they will direct you on email
You can order a report by selecting payment methods, which is bank wire or online payment through any Debit/Credit card, Razor pay or PayPal.
Discounts are available.
Hard Copy