Press release
Generative AI Market Analysis 2024 -2033: Forecasted Market Size, Top Segments, And Largest Region
The Business Research Company offers in-depth market insights through Generative AI Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
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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Market Segmentation:
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
Major Driver - Surging Demand For Artificial Intelligence Propels Growth In Generative AI Market
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.
Competitive Landscape:
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
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Top Trend - Innovative Solutions To Gain A Competitive Edge In The Market
Major companies in the generative AI market are focused on developing innovative solutions, such as business chatbot, to gain a competitive edge in the market. A business chatbot is an AI-driven software designed to engage in conversational interactions with users, providing information, assistance, and performing tasks within a business context. For instance, in November 2023, Amazon, a US-based technology company, launched the Q, a business chatbot powered by generative AI, aiming to streamline communications and assist employees in tasks including generating blog posts. Amazon's Q is designed to synthesize content and enhance day-to-day communications, offering tailored experiences by connecting to company data.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Generative AI Market Characteristics
3. Generative AI Market Trends And Strategies
4. Generative AI Market - Macro Economic Scenario
5. Generative AI Market Size And Growth
…..
27. Generative AI Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The Business Research Company (www.thebusinessresearchcompany.com) is a market intelligence firm that pioneers in company, market, and consumer research. Located globally, TBRC's consultants specialize in various industries including manufacturing, healthcare, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries.
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