USD 7.6 billion
Report ID: SQMIG45E2176 | Region: Global | Published Date: February, 2024 | Pages: 165 | Tables: 95 | Figures: 76
Generative AI Market size was valued at USD 7.6 billion in 2021 and is poised to grow from USD 10.16 billion in 2022 to USD 103.74 billion by 2030, growing at a CAGR of 33.7% in the forecast period (2023-2030).
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.
Global Market Size
USD 7.6 billion
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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), Transformer-Based Models, Variational Auto-Encoders, Diffusion Models, 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.
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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.
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Generative AI Market Driver
Rising applications of AI-based tools are driving market growth
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
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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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
Generative AI Market Recent Developments
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.
|Market size value in 2021
|USD 7.6 billion
|Market size value in 2030
|USD 103.74 billion
|Forecast Unit (Value)
|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)
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Parent Market Analysis
KEY MARKET INSIGHTS
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
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.
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.
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