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 Insights
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).
The generative AI market is expected to experience a remarkable growth accompanied by the deep learning and neural networks revolutions as well as implementation in diverse sectors like healthcare, automotive, gaming, media and so on. And as the volumes of big data are increasing and the need for new approaches to derive meaningful insights from it grows, more and more companies are adopting generative AI technologies for their capability to create new words, images and layouts automatically.
Additionally, the growing need for personalized interfaces and the use of generative AI in VR and AR applications have been aided by these factors in the market expansion. Companies are rapidly investing in research and development sectors towards making the generative AI algorithms more effective and sophisticated, thus leading to the evolution of more advanced and real-like outputs. Moreover, the role of generative AI in drug discovery, financial planning, and autonomous cars would enable the creation of fresh opportunities for market participants.
On the positive side, AI-powered content generation may overcome some of the obstacles of traditional content creation such as cost, speed, and volume. On the other hand, there are ethical issues regarding AI-generated content misuse, and the complexity of training and optimizing generative models may act as a barrier to market growth. On the other hand, although there is no doubt that the market for generative AI will experience strong growth in the close future thanks to continuous technological progress and rising expenditures in AI research and development, the field is already a source of considerable innovation and is changing various industries around the globe.
US Generative AI Market is poised to grow at a sustainable CAGR for the next forecast year.
Global Generative AI Market Report Snapshots
Want to customize this report?
Our industry expert will work with you to provide you with customized data in a short amount of time.
REQUEST FREE CUSTOMIZATION
USA (+1) 351-333-4748
