Generative AI Market is expected to reach USD 52.6 billion by 2030

Generative AI Market Size

Global Generative AI Market reached USD 11.1 billion in 2022 and is expected to reach USD 52.6 billion by 2030, growing with a CAGR of 35.7% during the forecast period 2023-2030.

Driving Forces in the Generative AI Market
The primary impetus behind the market's momentum stems from the burgeoning information technology (IT) industry and the escalating integration of AI systems, aimed at enhancing productivity and agility.

Moreover, the increasing traction of generative AI, particularly in facilitating chatbots for engaging in meaningful conversations and elevating customer satisfaction, is a pivotal factor propelling market expansion.

In the anticipated period from 2023 to 2030, the Asia-Pacific region is poised to exhibit robust growth, projected to contribute nearly one-fourth of the global generative AI market. Leading companies in the Asia-Pacific region are actively exploring the capabilities of generative AI and aligning them with their strategic objectives. A case in point is Panasonic Connect, which, in February 2023, introduced an AI virtual assistant for its 12,500 employees in Japan, exemplifying the region's commitment to harnessing the potential of generative AI.

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Generative AI Market Trends

The Surge in Government Initiatives
As machine learning and deep learning gain widespread popularity, governments around the globe are actively supporting end-users in the exploration and development of new technologies like generative AI across diverse sectors. An illustrative example is the General Services Administration (GSA) in the U.S., which, in August 2022, utilized generative AI and machine learning to enhance, manage, and advance procurement activities. This application crucially optimizes procurement processes, providing visibility into essential data and facilitating the forecasting of trends.

Similarly, the Chinese government is displaying a keen interest in generative AI, evident in the allocation of new funding to aid COVID-19-related discoveries. Chinese tech companies have embarked on developing their AI capabilities with government support starting from January 2023. Local Chinese governments are also actively investing in various projects through IDEA, a research institute owned and sponsored by the Chinese Communist Party, further underscoring the nation's commitment to advancing generative AI technologies.

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Market Segmentation
By Component
Software
Services

By Technology
Generative Adversarial Networks (GANs)
Transformers
Variational Auto-encoders
Diffusion Networks

By Model
Large Language Models
Image & Video Generative Models
Multi-modal Generative Models
Others

By Application
Computer Vision
Natural Language Processing (NLP)
Robotics and Automation
Content Generation
Chatbots and Intelligent Virtual Assistants
Predictive Analytics
Others

By End-User
Media & Entertainment
BFSI
IT & Telecommunication
Automotive & Transportation
Healthcare
Gaming


Market Key Players
Major players are Adobe Inc., Amazon Web Services, Inc., Genie AI Ltd., Google LLC, IBM Corporation, Microsoft Corporation, MOSTLY AI Inc., Rephrase.ai, Synthesia and Speechify.

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