Generative AI Software Market Analysis, Top Drivers, Key Players, Segmentation And Forecast To 2033

"The new report published by The Business Research Company, titled ""Generative AI Software Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033"", delivers an in-depth analysis of the leading size and forecasts, investment opportunities, winning strategies, market drivers and trends, competitive landscape, and evolving market trends.

As per the report, the generative AI software market size has grown exponentially in recent years. It will grow from $3.92 billion in 2023 to $6.32 billion in 2024 at a compound annual growth rate (CAGR) of 61.2%. The generative AI software market size is expected to see exponential growth in the next few years. It will grow to $42.90 billion in 2028 at a compound annual growth rate (CAGR) of 61.4%.

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Expansion Of The Gaming Industry Boosts Growth Of The Generative AI Software Market
The gaming industry expansion is expected to propel the growth of the generative AI software market going forward. The gaming industry encompasses the development, production, distribution, and monetization of video games across various platforms such as consoles, PCs, and mobile devices. The gaming industry is on the rise due to several factors, including the increasing accessibility through mobile platforms and a growing global audience embracing gaming as both entertainment and a competitive activity. Generative AI software enhances the gaming industry by dynamically generating immersive worlds, characters, and content, enriching player experiences with personalized and unpredictable elements. For instance, in January 2023, according to the Entertainment Software Association, a US-based trade association of the video game industry, U.S. consumer spending on video game content, hardware, and accessories reached $7.6 billion in December 2022, up 2% from 2021, and totaling $56.6 billion for the whole year of 2022. Therefore, the gaming industry expansion is driving the growth of the generative AI software market.

Advancements In Text-to-Image Tools Drive Competition In The Generative AI Software Market
Major companies operating in the generative AI software market are focused on developing software with advanced technology, such as text-to-image tools, to gain a competitive edge. Text-to-image tools are software systems or applications that use artificial intelligence algorithms, particularly generative models, to create images based on textual descriptions or prompts. For instance, in September 2023, OpenAI Inc., a US-based leading artificial intelligence research laboratory, launched an upgraded version of its text-to-image tool, DALL-E 3, an AI generative software that uses natural language inputs known as prompts to generate images based on the description given. It uses the AI chatbot ChatGPT to create tailored, detailed prompts based on user ideas. The tool is designed to better understand the meaning of text prompts, create detailed images, and avoid legal issues related to copying the styles of living artists. It also includes safety and legal protocols to prevent the creation of explicit, aggressive, or discriminatory images, to respect intellectual property rights, and to avoid copyright infringement.

The generative ai software market covered in this report is segmented -

1) By Component: Software, Services
2) By Model: Large Language Models, Image And Video Generative Models, Multi-modal Generative Models, Other Models
3) By Application: Computer Vision, Natural language processing (NLP), Robotics And Automation, Content Generation, Predictive Analytics, Other Applications
4) By End-User: Media And Entertainment, Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunication, Healthcare, Automotive And Transportation, Other End-Users

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Major companies operating in the generative AI software market report are Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Amazon Web Services Inc., International Business Machines Corporation, NVIDIA Corporation, Adobe Inc., Databricks Inc., Anthropic Technology Ltd., OpenAI LP, C3 AI Inc., Hugging Face Inc., Glean Labs Inc., Synthesia Technologies Ltd., Stability AI Inc., SoluLab Inc., Accubits Technologies Inc., Neoteric Technology Ltd., Tome Labs Inc., Inflection AI Inc., Cohere Technologies Inc., Mostly AI GmbH, Jasper Solutions Inc., Addepto Sp. z o.o., Markovate Inc.

Contents of the report:
1. Executive Summary
2. Generative AI Software Market Report Structure
3. Generative AI Software Market Trends And Strategies
4. Generative AI Software Market - Macro Economic Scenario
5. Generative AI Software Market Size And Growth
…..
27. Generative AI Software Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix

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