Generative AI Market Size, Trends & Competitive Analysis 2024-2033

The Business Research Company recently released a comprehensive report on the Global Generative AI Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

Technological advancement is the key trend gaining popularity in the generative AI market. Major companies operating in the generative AI market are focusing on developing new technologies. For instance, in January 2023, NVIDIA Corporation, a US-based technology company, launched new metaverse technologies for enterprises with a suite of generative AI tools. This technology's unique feature is the addition of a group of innovative generative AI tools for 3D artists, such as Audio2Face, Audio2Gesture, and Audio2Emotion, that allow users to animate 3D characters. Producers may now use Audio2Face to create facial expressions from audio files, as well as Audio2Emotion to create emotions and Audio2Gesture to create gestures, with the updated versions of these tools.

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Major Key Players of the Market:

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

Generative AI Market 2024 Key Insights:

• 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%.
• Surging Demand For Artificial Intelligence Propels Growth In Generative AI Market
• Technological Advancement For Metaverse Development
• North America was the largest region in the generative AI market in 2023

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