Generative AI Market 2024 Latest Insights, Growth Rate, Future Trends And Forecast | Key Players : Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Dell Technologies Inc., Amazon Web Services Inc

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The Business Research Company presents an extensive market research report on the Generative AI Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.

Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.

Market Sizing:

The generative AI market size has grown exponentially in recent years. It will grow from $13.64 billion in 2023 to $18.1 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The growth in the historic period can be attributed to computing power advancements, data availability, research and development, industry applications, deep learning breakthroughs.

The generative AI market size is expected to see exponential growth in the next few years. It will grow to $57.96 billion in 2028 at a compound annual growth rate (CAGR) of 33.8%. The growth in the forecast period can be attributed to AI hardware innovations, cross-industry integration, ethical AI considerations, autonomous systems, edge computing adoption. Major trends in the forecast period include ai-generated content proliferation, customization and personalization, cross-domain applications, ethical AI and bias mitigation, human-AI collaboration.

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Key Market Players:

Major companies operating in the generative AI market report are Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Dell Technologies Inc., Amazon Web Services Inc., Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, Lenovo Group Ltd., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Tata Consultancy Services Limited, NVIDIA Corporation, Salesforce Inc., Adobe Inc., Wipro Limited, VEESUAL, OpenAI LP, Larsen & Toubro Technology Services Limited, iGenie, Paige AI Inc., Synthesia, Inworld AI, Ordaos Bio, Rephrase.ai, D-ID, Mostly AI

Market Drivers:

The increasing usage of artificial intelligence is expected to boost the growth of the generative AI market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems and other smart tools and software's. Generative AI automatically creates incredibly realistic and interactive virtual environments, decreasing the time and effort required to generate these environments while increasing their realism and interactivity. For instance, in December 2021, according a survey on 1843 participants conducted by McKinsey & Company, a US-based management consulting company, in emerging economies, 57% of respondents report AI adoption, up from 45% in 2020. Therefore, the rising need to create virtual worlds is driving the growth of the generative AI market.

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The generative AI market covered in this report is segmented -

1) By Component: Software, Services
2) By Offering Type: Image, Video, Speech, Other Offering Types
3) By Technology: Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks
4) By End-User: Media And Entertainment, BFSI (Banking, Financial Services and Insurance), IT And Telecom, Healthcare, Automotive And Transportation, Other End-Users

The report answers the following questions:
What are the primary factors propelling the market during the projected period?

In which region is the most substantial growth expected?

Which trend will take center stage in the upcoming period?

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