Enterprise Generative AI Global Market Report 2024 by The Business Research Company | Google LLC, Accentur*e Plc, International Business Machines Corporation, PricewaterhouseCoopers International Limited, Oracle Corporation, Capgemini SE, McKinsey & Compa

The enterprise generative AI market size has grown exponentially in recent years. It will grow from $2.38 billion in 2023 to $3.33 billion in 2024 at a compound annual growth rate (CAGR) of 39.7%. The growth in the historic period can be attributed to increased deep learning, increased computing power, generative adversarial networks, open-source initiatives, and research and academic contributions.

The enterprise generative AI market size is expected to see exponential growth in the next few years. It will grow to $12.81 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%. The growth in the forecast period can be attributed to the development of explainable AI, expansion of edge computing, rise of synthetic data generation, expansion of quantum computing, and regulatory and ethical considerations. Major trends in the forecast period include expansion into new industries, advancements in multimodal capabilities, focus on ethical AI practices, the rise of AI-as-a-service, and real-time adaptive learning.

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Enterprise Generative AI Market Major Segments
The enterprise generative ai market covered in this report is segmented -

1) By Components: Software, Services
2) By Model Type: Text, Image or Video, Audio, Code
3) By Application: Marketing And Sales, Customer Service, Product Development, Supply Chain Management, Other Applications
4) By End-User: Information Technology And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Healthcare, Manufacturing, Media And Entertainment, Other End-Users

Key Driver - Bus Rapid Transit System Market Growth Fueled By Rising Traffic Congestion And Air Pollution Concerns

The rise in new startups is expected to propel the growth of the enterprise-generative AI market going forward. Startups refer to newly established and fast-growing companies that entrepreneurs with innovative ideas or solutions often find. The rise in new startups is due to increased access to funding, a growing culture of entrepreneurship, evolving market needs, and trends towards remote work. Startups leverage enterprise-generative AI to swiftly generate creative content and prototypes, fostering innovation and accelerating product development cycles while minimizing resource investments and enhancing competitiveness in dynamic markets. For instance, in September 2023, according to a report published by the Economic Innovation Group, a US-based public policy organization, the rate of business startups in the US, which indicates the proportion of all firms established each year, saw an increase to 8.9% in 2021. Further, over 476,000 new startups emerged, representing nearly a 5% rise compared to pre-pandemic levels. Therefore, the rise in new startups is driving the growth of the enterprise generative AI market.

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Prominent Trend - Advancements In Enterprise Generative AI Solutions

Major companies operating in the enterprise generative AI market are focusing on developing technologically advanced solutions, such as generative AI product suites, to gain a competitive edge in the market. A generative AI product suite is a set of software tools and solutions powered by generative artificial intelligence algorithms. For instance, in January 2023, C3.AI Inc., a US-based technology company, launched the C3 Generative AI Product Suite. The suite is designed to integrate the latest AI capabilities from organizations such as OpenAI, Google, and academia and the most advanced models, such as ChatGPT and GPT-3, into C3 AI's enterprise AI products. It is intended to facilitate the modernization of business functions and industries spanning the supply chain, aerospace, oil and gas, healthcare, financial services, and defense and intelligence. The suite combines the power and capability of the tried, tested, and proven C3 AI Platform with the latest innovations in large language models (LLMs).

Enterprise Generative AI Market Players
Major companies operating in the enterprise generative ai market are Google LLC, Accentur*e Plc, International Business Machines Corporation, PricewaterhouseCoopers International Limited, Oracle Corporation, Capgemini SE, McKinsey & Company, Klaviyo Inc., Scale AI Inc., C3.ai Inc., Smartly.io Inc., DataRobot Inc., Prophecy Labs Inc., Coveo Solutions Inc. , Bubble Group Inc., Grammarly Inc., Jasper.ai Inc., Aisera Inc., Kensho Technologies Inc., OpenAI Technologies Inc., Mix book Inc., Lily AI Inc., Cohere Technologies Inc., Test Fit Inc., Symbl.ai Inc.

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Largest And Fastest Growing Region In The Market
North America was the largest region in the enterprise generative AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise generative ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The Table Of Content For The Market Report Include:
1. Executive Summary
2. Enterprise Generative AI Market Report Structure
3. Enterprise Generative AI Market Trends And Strategies
4. Enterprise Generative AI Market - Macro Economic Scenario
5. Enterprise Generative AI Market Size And Growth
…..
27. Enterprise 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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