USD 8.12 billion
Global Generative AI Market Size, Share, Growth Analysis, By Component(Software, Services), By Technologies(Generative Adversarial Networks (GANs), Transformers), By End Use(Marketing/SEO Tools, General Writing), By Industry Verticals(Media & Entertainment, BFSI) - Industry Forecast 2022-2028
Report ID: SQSG45E2055 | Region: Global | Published Date: December, 2022 | Pages: 165 | Tables: 127 | Figures: 67
Global Generative AI Market Insights
Generative AI Market was valued at USD 8.12 billion in 2021 and it is expected to reach at USD 63.05 billion by 2028, at a CAGR of 33.7% over the forecast period (2022-2028).
Unsupervised learning algorithms are used in generative AI for spam detection, image compression, and data preprocessing, such as removing noise from visual data to improve picture quality. Supervised learning algorithms are also used in medical imaging and image classification. Furthermore, it has various applications in different industries, including banking and finance, healthcare, automotive and transportation, information technology and telecommunications, media and entertainment, and others. However, the increasing use of technologies such as super-resolution, text-to-image conversion, and text-to-video conversion, as well as the growing demand to modernize workflow across industries, will drive demand for generative AI applications during the forecast period.
US Generative AI Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot
Global Market Size
Largest Segment
Transformers
Fastest Growth
Transformers
Growth Rate
33.7% CAGR
Global Generative AI Market 2021-2028 ($ Bn)
Country Share for North America Region- 2021 (%)
Global Generative AI Market Size by Technology, 2021-2028 ($ Bn)
Global Generative AI Market Size by Technology, 2021-2028 (%)
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Global Generative AI Market Segmental Analysis
Global Generative AI Market is segmented on the basis of components, technology, end-use, industry verticals, and region. Based on components, the Generative AI Market is segmented into software and services. Based on technology, the Generative AI Market is segmented into generative adversarial networks (GANs) and transformers. Based on end use, the Generative AI Market is segmented into Marketing/SEO Tools, General Writing, AI Assistance, Personalized Video Editing/ generation, Image Generation, Voice Synthesis, Code generation/Documentation, Web App Building, Security, and others. Based on industry verticals, the Generative AI Market is segmented into Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Manufacturing, Others. Based on region, the Generative AI Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Generative AI Market Analysis by Components
In 2021, the software segment accounted for more than 65% of the global generative AI market. Growing fraudulent activities, overestimation of capabilities, unexpected outcomes, and rising concerns about data privacy can all be attributed to the growth of the software segment. Furthermore, the service sector is expected to grow at the fastest rate of more than 35% during the forecast period. The segment growth can be attributed to growing concerns about data security, fraud detection, trading prediction, and risk factor modeling are some of the major factors that will propel the market growth during the analysis period.
Generative AI Market Analysis by Technology
Global Generative AI market is segmented into generative adversarial networks (GANs) and transformers based on their technology. The transformers segment dominated the global market with more than 48% of the global revenue share in the year 2021. This can be attributed to the growing popularity of transformer applications such as text-to-image AI, which aims to convert text to an image. DALL-E, for example, is a transformer that understands text data and converts it accordingly. The diffusion networks segment, on the other hand, is expected to grow at the fastest rate of more than 37% during the analysis period. To meet the growing demands for image synthesis, image generation has become crucial for many industries, including BFSI, healthcare, media & entertainment, automotive & transportation, and defense because they are equipped to provide high-value to businesses, government, and the public. These are some of the major factors propelling the generative AI market growth during the projection period.
Global Generative AI Market By Technology, 2021 (%)
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Global Generative AI Market Regional Insights
In 2021, North America dominate the global Generative AI market with more than 41% of the market share and is expected to do so throughout the analysis period because of raising bank fraudulent activities and pseudo imagination in health care. Also, the presence of large players such as Meta, Google, Microsoft, and other companies in the field of generative AI is predicted to propel the market growth in the region during the analysis period. however, Asia Pacific is expected to grow at the fastest CAGR of more than 35% during the projection period. Increasing government initiatives in AI in the Asia Pacific, as well as increased adoption of AI-based applications, is driving the generative AI market growth during the analysis period in the region.
Global Generative AI Market By Geography, 2021- 2028
- Largest
- Fastest
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Global Generative AI Market Dynamics
Generative AI Market Driver
Rising applications of AI-based tools are driving market growth
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The demand for generative AI applications is increasing as a result of expanding applications of technologies like super-resolution, text-to-image conversion, and text-to-video conversion, as well as a growing desire to modernize workflow across industries. These factors are fueling the generative AI market growth over the course of the analysis period.
Generative AI Market Restraint
Lack of experienced labor and high implementation cost are some of the major restraints for the market
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The adoption of Artificial Intelligence in industries is being restrained by a lack of required skills, expertise, or knowledge. As a result, the lack of a skilled workforce and the high implementation costs are expected to slow the generative AI market's growth during the forecast period.
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Global Generative AI Market Competitive Landscape
The Generative AI market is relatively fragmented, with a high level of competition. A few large players, like Amazon Web Services, Inc, Google LLC, and Adobe, now control the market in terms of market share. These industry leaders are extending their customer base across several areas, and many corporations are creating strategic and collaborative initiatives with other start-up enterprises to enhance their market share and profitability.
Generative AI Market Top Player’s Company Profiles
- Synthesia (UK)
- MOSTLY AI Inc. (Austria)
- Genie AI Ltd. (UK)
- Amazon Web Services, Inc. (US)
- IBM (US)
- Google LLC (US)
- Microsoft (US)
- Adobe (US)
- Rephrase.ai (US)
- Jasper AI (US)
Generative AI Market Recent Developments
- In November 2022, Mostly AI announced its partnership with Merkur Insurance which would use AI-generated synthetic data for data-driven innovations with the help of artificial intelligence.
- In September 2022, Rephrase.ai announced that it has raised USD 10.6 Million in a series A funding round by Red venture along with Silver Lake and 8VC.
- In November 2021, IBM announced the acquisition of SXIQ and it aimed to support IBM's AI strategy and hybrid cloud by enabling businesses to modernize and improve sophisticated mission-critical applications across multiple platforms and clouds.
Global Generative AI Key Market Trends
- Major market players such as Microsoft and Apple Inc., both based in the United States, are increasing their investments in R&D. Furthermore, these businesses are investigating technologies such as Artificial Intelligence (AI) and Machine Learning (ML). For example, in May 2020, World Wide Technology, a technology service provider, launched an initiative focused on artificial intelligence and machine learning, with some of the most advanced experiments and work on generative AI planned. These are some of the latest trends that are driving the demand for the generative AI market during the analysis period.
Global Generative AI Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our analysis, the global generative AI Market is segmented on the basis of components, technology, end-use, and region. In 2021, the software segment accounted for more than 65% of the global generative AI market and is expected to dominate throughout the analysis period. The increasing use of technologies such as super-resolution, image compression, and text-to-video conversion will drive demand for generative AI applications during the forecast period. The global generative AI market is segmented into generative adversarial networks (GANs) and transformers based on their technology. The transformers segment dominated the generative ai market with more than 48% of the global revenue share in the year 2021.
| Report Metric | Details |
|---|---|
| Market size value in 2021 | USD 8.12 billion |
| Market size value in 2028 | USD 63.05 billion |
| Growth Rate | 33.7% |
| Base year | 2021 |
| Forecast period | 2022-2028 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Generative AI Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Generative AI Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Generative AI Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Generative AI Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Generative AI Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Generative AI Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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