Press release
Generative AI Takes the Lead: Content Creation in 2024 and Beyond
According to The Business Research Company's, The generative AI in content creation market size has grown exponentially in recent years. It will grow from $12.11 billion in 2023 to $16.17 billion in 2024 at a compound annual growth rate (CAGR) of 33.5%. The growth in the historic period can be attributed to advancements in machine learning, increased computing power, expansion of natural language processing, rise of generative adversarial networks, and emergence of creative applications.
The generative AI in content creation market size is expected to see exponential growth in the next few years. It will grow to $51.79 billion in 2028 at a compound annual growth rate (CAGR) of 33.8%. The growth in the forecast period can be attributed to evolution of generative ai algorithms, adoption by small and medium-sized enterprises, innovation in creative industries, integration of multimodal capabilities and democratization of content creation tools. Major trends in the forecast period include automation of routine tasks, integration with existing workflows, ethical considerations, democratization of content creation, and expansion into new domains.
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Market Drivers and Trends:
The surge in demand for internet usage is expected to propel the growth of generative AI in the content creation market going forward. The rise in demand for internet usage is due to improved infrastructure, expansion of broadband networks, and the proliferation of mobile devices such as smartphones and tablets. Generative AI's ability to produce diverse content across various formats, styles, and topics ensures internet content remains dynamic, captivating, and pertinent, meeting the varied preferences of users. For instance, in November 2022, according to a report published by the International Telecommunication Union, a Switzerland-based specialized agency, approximately 5.3 billion individuals, constituting 66% of the world's population, were using the Internet in 2022. This demonstrates a growth rate of 6.1% compared to the previous year. Therefore, the surge in demand for internet usage is driving the growth of generative AI in the content creation market.
Major companies operating in the generative AI content creation market are developing technologically advanced products, such as generative AI tools, to generate listing content to drive revenues in the market. A generative AI tool is software that uses learned patterns to make new content, such as text, images, or videos. It speeds up creativity by creating new ideas automatically. For instance, in September 2023, Amazon.com, Inc., a US-based e-commerce company, launched its generative AI tool to generate listing content, which aims to simplify sellers' lives and streamline the product listing process. This unique tool uses large language models to create detailed product content from brief descriptions or keywords provided by sellers. It saves time and enhances listing quality and consistency, improving the shopping experience.
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Major Key Players of the Market:
Amazon Inc., Google LLC, Microsoft Corporation, International Business Machines Corporation, Oracle Corporation, NVIDIA Corporation, Adobe Inc., Pepper Content Pvt. Ltd., Midjourney Technologies Inc., Rent the Runway Inc., Contentful GmbH, Jasper AI Inc., Braintrust Inc., Anyword Inc., OpenAI, AI21 Labs Ltd., Ryte GmbH, Synthesia Technologies Ltd., Magical Tome Inc., Brain Technologies AI Ltd., AX Semantics GmbH, Amper Music Inc., Writesonic Inc., Hypotenuse AI Inc., Pictory.AI Inc.
Generative AI in Content Creation Market 2024 Key Insights:
• The generative AI in content creation market size is expected to see exponential growth in the next few years. It will grow to $51.79 billion in 2028 at a compound annual growth rate (CAGR) of 33.8%.
• Internet Usage Surge Fuels Generative AI In Content Creation Market Growth
• Introduction Of Advanced Generative AI Tools For Content Creation
• North America was the largest region in the generative AI in content creation market in 2023
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