Global Generative AI Market

Generative AI Market Size, Share, Growth Analysis, By Component (Software, Hardware), By Deployment Mode, By Data Modality, By Application, By Vertical, By Region - Industry Forecast 2024-2031


Report ID: SQMIG45E2176 | Region: Global | Published Date: August, 2024
Pages: 165 | Tables: 98 | Figures: 76

Generative AI Market Competitive Landscape

Global 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

  • OpenAI 
  • Anthropic AI 
  • Hippocratic AI  
  • Descript: Offers AI 
  • NeuralLove 
  • Assembly AI 
  • Adobe Sensei 
  • NVIDIA AI 
  • Perplexity AI 
  • Simplifai 
  • Taskade 
  • Humata 
  • Adept AI 
  • Google DeepMind 
  • Creole Studios 
  • PatentPal 
  • Andi 
  • Runway AI 
  • Jasper AI 
  • Character.AI

Generative AI Market

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Global Generative AI Market size was valued at USD 16.81 Billion in 2022 and is expected to grow from USD 24.62 Billion in 2023 to reach USD 521.51 Billion by 2031, at a CAGR of 46.45% during the forecast period (2024-2031).  

Global 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. 'OpenAI ', 'Anthropic AI ', 'Hippocratic AI  ', 'Descript: Offers AI ', 'NeuralLove ', 'Assembly AI ', 'Adobe Sensei ', 'NVIDIA AI ', 'Perplexity AI ', 'Simplifai ', 'Taskade ', 'Humata ', 'Adept AI ', 'Google DeepMind ', 'Creole Studios ', 'PatentPal ', 'Andi ', 'Runway AI ', 'Jasper AI ', 'Character.AI'

The active constant development of deep learning algorithms as well as major subcategories such as GANs, VAEs, and reinforcement learning is influencing the Generative AI market’s growth. These advancements result in enhanced capabilities, realistically looking and complicated generative models with extensive use in different fields related to the generation of arts, contents, and synthetic data.

Cross-Domain Applications: Generative AI is increasingly being applied across diverse domains beyond traditional areas like image and text generation. This includes applications in healthcare (e.g., generating synthetic medical images for training diagnostic algorithms), finance (e.g., generating synthetic financial data for risk assessment and forecasting), and robotics (e.g., generating simulated environments for training autonomous agents). The trend towards cross-domain applications reflects the versatility and potential impact of generative models in solving real-world problems across various industries. 

North America emerging as the dominating region. Factors such as technological development, investments in research and development, and the high levels of technology adoption in the region have made it rank high as the region of emergence of new technologies. It is evident that these companies in North America especially in US continue to pioneer the use of AI solutions with a generative element across sectors ranging from the healthcare, financial, automobile industries and more. In the same way, major players and technology companies continue to develop their interest and funding in AI developing the region, hence also boosted the North America region as a strong market for generative AI solutions.

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Global Generative AI Market

Report ID: SQMIG45E2176

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