Product ID: SQMIG45E2176
Global Generative AI Market Size, Share, Growth Analysis, By Component(Software, Services), By End-Use(Marketing/SEO Tools, General Writing), By Industry Verticals(Media & Entertainment, BFSI) - Industry Forecast 2024-2031
Report ID:
SQMIG45E2176 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
100 |
Figures:
76
Global Generative AI Market Dynamics
Generative AI Market Driver
Rising applications of AI-based tools are driving market growth
- The demand for generative AI applications is increasing because 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 fuel the generative AI market growth over the analysis period.
Digitalization using Generative AI
- Another driver for the AI generative market is increasing digitalization programs promoted by the governments and companies. Digitalization has now become a key element for organizations, irrespective of the sector they belong to, to have an edge in international competition. This has led to a wave of realization about the role of AI technologies, including generative AI, in driving innovation and efficiency. The impulse for digital transformation builds up a fertile ground for the application and implementation of generative AI, therefore pushing the market growth in the area.
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. Nevertheless, the main factor slowing down the full deployment of generative AI market is the absence of the unified normative mechanisms and standards to manage AI development and implementation. Absence of strict rules and norms could cause issues related to data security, ethics, and responsibility. That may hinder the utilization of generative AI technologies by many people and could curb their trust in these technologies. Overcoming these issues in the regulatory space and building sound AI governance structures are going to be the key in taking away the risks and boosting confidence among businesses and consumers and in the end enabling a smooth growth of the generative AI market.
Global Generative AI Market Report Snapshots
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