How Big is The Generative AI Market:
The global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.
What is Generative AI?
Generative AI refers to a technology that utilizes machine learning (ML) algorithms and artificial intelligence to enable devices to create new digital texts, videos, images, audio, or code. It is operated by solutions that can determine the underlying pattern of the input and develop identical outputs. In addition to this, generative AI offers various benefits, such as the creation of innovative, high-quality content, improved comprehension of abstract theories, enhanced identity protection, decreased financial and reputational risks, etc. As a result, this solution finds widespread across several sectors, including healthcare, robotics, media and entertainment, BFSI, IT, etc.
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What are the growth prospects and trends in the Generative AI Industry:
The extensive utilization of artificial intelligence-integrated systems across various verticals for enhancing productivity and agility and the expanding information technology (IT) industry are among the primary factors fueling the generative AI market. Besides this, the escalating demand for this technology in the entertainment and media sector for the smart processing of low-resolution videos and images is further augmenting the market growth. Moreover, the elevating requirement for generative AI in the healthcare industry for manufacturing several products, such as organic molecules and prosthetic limbs from scratch, using 3D printing solutions is also propelling the global market.
Apart from this, the growing popularity of this technology to assist chatbots in boosting customer satisfaction and holding effective conversations is acting as another significant growth-inducing factor. In addition to this, the incorporation of this solution across the BFSI sector for synthetic data generation, trading prediction, fraud detection, and risk factor modeling is also boosting the market growth. Furthermore, the inflating need for this technology to produce digital artworks using only text-based descriptions and create virtual worlds in the metaverse is expected to bolster the generative AI market in the coming years.
Generative AI Market Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Offering Type:
- Image
- Video
- Speech
- Others
Breakup by Technology Type:
- Autoencoders
- Generative Adversarial Networks
- Others
Breakup by Application:
- Healthcare
- Generative Intelligence
- Media and Entertainment
- Others
By Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
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