Generative AI Market Size is Projected to Garner USD 126.5 Billion by 2031 | Key players - Adobe Systems Inc., Amazon Web Services, Inc., D-ID, Genie AI Ltd., Google LLC, IBM Corporation

An increase in demand for machine learning and deep learning will present new growth opportunities for the global market in the coming years.

Wide applications of AI-integrated systems across various verticals, the rise in need to create virtual worlds in the metaverse and modernize the workforce across various industries, and growth in popularity of generative AI in the healthcare industry for rendering several products & services are driving the growth of the generative AI market.

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The global generative AI industry was valued at $8.15 billion in 2021 and is estimated to generate $126.5 billion by 2031, witnessing a CAGR of 32% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chain, regional landscape, and competitive scenario.

Based on component, the software segment contributed to the largest share of more than two-thirds of the global generative AI market in 2021 and is expected to maintain its dominance during the forecast period. This is owing to the integration of techniques from machine learning, such as deep learning and neural networks to learn the patterns and characteristics of the training data and then generate new and similar data. The services segment, however, is projected to witness the fastest CAGR of 33.3% from 2022 to 2031. This is owing to the surge in demand for generative AI service models, which can be used to generate a wide variety of outputs, such as text, images, and audio.

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Based on region, the market in North America was the largest in 2021, accounting for two-fifths of the global generative AI market and is likely to maintain its dominance during the forecast timeframe. This is owing to the growth in the adoption of generative AI to train robots & autonomous systems to learn from their environment and adapt to new situations. However, the market in Asia-Pacific is likely to show the fastest CAGR of 34.4% during the forecast period. This is due to the presence of a vibrant start-up ecosystem in the region. Also, many new companies in the region are being formed to develop & commercialize AI technology, including generative AI.

Based on end user, the media and entertainment segment grabbed the highest share of one-third of the overall generative AI market in 2021 and is expected to dominate the market during the forecast period. This is owing to the surge in the use of generative AI to create realistic virtual & augmented reality experiences. The BFSI segment, on the other hand, is projected to witness the fastest CAGR of 35.7% from 2022 to 2031. This is owing to the surge in the use of generative AI to provide personalized financial advice to customers.

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Major market players such as - Adobe Systems Inc., Amazon Web Services, Inc., D-ID, Genie AI Ltd., Google LLC, IBM Corporation, Microsoft Corporation, MOSTLY AI Inc., Rephrase.ai, and Synthesia.

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Key drivers that are propelling the growth of the market included in the report. Additionally, challenges and restraining factors that are likely to curb the growth of the market are put forth by the analysts to prepare the manufacturers for future challenges in advance.

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