Generative AI Market Size, Share,Trend,Industry, Forecast and outlook (2024-2031)

Furthermore, the growing popularity of generative AI for supporting chatbots in conducting productive discussions and improving customer happiness is driving market growth. During the forecast period 2023-2030, Asia-Pacific is expected to have the strongest growth, accounting for almost 1/4th of the global generative AI market. Leading companies in Asia-Pacific are beginning to investigate the generative AI capabilities and identify their goals. In February 2023, Panasonic Connect, for example, introduced an AI virtual assistant for its 12,500 employees in Japan.

Download Free PDF Sample -https://www.datamintelligence.com/download-sample/generative-ai-market

Market Dynamics

The growing popularity of generative AI in the healthcare sector to develop items like as prosthetic limbs and organic molecules from scratch via 3D printing, CRISPR and other technologies is anticipated to be the primary driver of market growth. Furthermore, it allows for the early detection of potential cancers, resulting in more successful treatment strategies. Another key growth reason is the need for technology to aid chatbots in increasing customer satisfaction. For example, in January 2023, Nvidia launched a new generative AI model capable of creating proteins for use in medicine and other industries in partnership with Evozyne, a pharmaceutical business. The novel protein transformer variational auto-encoder (ProT-VAE) is based on Nvidia's BioNeMo framework and employs generative AI to quickly generate synthetic protein designs that fit within the parameters provided. Such tactical considerations are encouraging market growth.

To Know More Insights - https://www.datamintelligence.com/research-report/generative-ai-market

Segment Analysis

The global generative AI market is segmented based on component, technology, model, application, end-user and region.The Growing Advancements in NLP During the forecast period, natural language processing (NLP) is expected to hold around 1/4th of the global generative AI market. NLP is a powerful generative AI technique with wide applications in text and speech generation. The rise in advancements in NLP is related to the segment's expansion. Large language models help in reducing the time and expense associated with developing NLP applications. Large language models, such as ChatGPT, have gained popularity in NLP.Deep learning developments have led to the development of neural NLP models such as Recurrent Neural Networks (RNNs) and transformer models such as BERT produced by Google AI Language researchers and GPT-3 developed by OpenAI, a U.S.-based AI startup. The models improved the accuracy and efficiency of NLP-based generative AI applications, accelerating the segment's growth.

Competitive Landscape

The major global players include Adobe Inc., Amazon Web Services, Inc., Genie AI Ltd., Google LLC, IBM Corporation, Microsoft Corporation, MOSTLY AI Inc., Rephrase.ai, Synthesia and Speechify.

Related Reports :-

AI in Education Market :- https://www.datamintelligence.com/research-report/ai-in-education-market
AI in Oil and Gas Market :- https://www.datamintelligence.com/research-report/ai-in-oil-and-gas-market
AI in Retail Market :- https://www.datamintelligence.com/research-report/ai-in-retail-market
Artificial Intelligence (AI) in Operating Room Market :- https://www.datamintelligence.com/research-report/artificial-intelligence-in-operating-room-market
Artificial Intelligence Market :- https://www.datamintelligence.com/research-report/artificial-intelligence-market
Generator Market :- https://www.datamintelligence.com/research-report/generator-market

Company Name: DataM Intelligence
Contact Person: Sai.K
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website:https://www.datamintelligence.com/

About DataM Intelligence

DataM Intelligence 4Market Research is a Market Research firm that provides end-to-end business solutions to organizations from Research to Consulting. We at DataM Intelligence leverage our top trademark trends, insights, and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of Syndicate Reports & and; Customized Reports with a robust methodology.

Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries, catering to the key business research needs that influence the growth trajectory of our vast clientele.

This release was published on openPR.