Global Generative AI Market

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 News

  • In March 2024, Amazon launched generative AI to help sellers write product descriptions. Amazon is continuing to innovate by giving the option to provide a URL to their own website and leverage a new generative AI capability to easily create high-quality product detail pages in Amazon’s store. 
  • In January 2024, Google launched several new tools for retailers using generative artificial intelligence to improve online shopping experiences and other retail operations. 
  • In October 2023, Adobe announced several new generative AI enhancements across its core product lines, as Big Tech races to make the most of the buzzy artificial intelligence capable of creating its content, such as text or images.
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Generative AI Market size was valued at USD 12.9 Billion in 2022 and is poised to grow from USD 17.1 Billion in 2023 to USD 165.49 Billion by 2031, at a CAGR of 32.8% 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', 'Google LLC', 'Microsoft Corporation', 'NVIDIA Corporation ', 'Adobe Inc. ', 'IBM Corporation ', 'Autodesk Inc. ', 'Unity Technologies ', 'Altair Engineering Inc. ', 'DeepMind Technologies Limited ', 'Autodesk Inc. ', 'Runway ML ', 'Meta  ', 'NVIDIA Metropolis ', 'Salesforce.com, Inc. ', 'Hugging Face ', 'Artbreeder ', 'DeepArt.io ', 'Synthesia ', 'Figaro'

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.

OpenAI's GPT4, Meta's Llama 2 and Mistral are all brilliant examples of the breakthroughs in large language models. It goes beyond text with multimodal AI models that can work with text, speech, pictures, and videos for the prompting and the generation of new materials. The data, including images, text, and speech, is combined with robust algorithms to get insights and desired results. 

In 2023, North America dominated 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.

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