Press release
Comprehensive Generative AI Market Insights: Forecasting Size, Growth, and Competitive Trends from 2025 to 2034
Generative AI
The growth of the generative AI market is projected to accelerate due to the expanding usage of artificial intelligence. AI embodies the replicating of human cognitive mechanisms via devices, particularly computer systems, as well as other intelligent instruments and software. Generative AI is designed to automatically generate extraordinarily authentic and interactive virtual situations, diminishing the effort and time needed to produce these scenarios while boosting their authenticity and interactive nature. As per the European Commission, an organization based in Europe, a surge from 28.4 in 2021 to 30.4 in 2023 was forecasted in enterprises employing AI technologies. Consequently, the mounting demand for the development of virtual realities is propelling the expansion of the generative AI market.
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What is the projected compound annual growth rate (CAGR) of the generative ai market from 2025 to 2034, and what factors influence it?
The market size of generative AI has seen significant expansion in the past few years. Its growth is anticipated to continue from $23.18 billion in 2024 to a staggering $34.45 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 48.6%. Factors contributing to this substantial growth during the historic period include the evolution of computing power, increased data access, research and development innovations, industrial applications, and advancements in deep learning.
Forecasts suggest significant expansion in the generative AI market size in the coming years. It is predicted to reach a valuation of $113.42 billion by 2029, with a compound annual growth rate (CAGR) of 34.7%. This projected growth during the forecast period could be due to advances in AI hardware, integration across various industries, considerations around AI ethics, autonomous systems, and the adoption of edge computing. Major trends expected during this period include proliferation of AI-generated content, increased customization and personalization, cross-domain applications, mitigation of AI biases, and enhanced human-AI collaboration.
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How are the latest trends influencing the growth of the generative ai market?
In the generative AI industry, a significant trend gaining momentum is technological advancement. Major players in this market are dedicating their efforts towards innovating new technologies. NVIDIA Corporation, an American technology firm, exemplified this in January 2023 when it unveiled its new metaverse technologies for businesses, equipped with a set of generative AI tools. A standout feature of these innovations includes a collection of ground-breaking generative AI tools for 3D artists. These include Audio2Face, Audio2Gesture, and Audio2Emotion, which enables users to animate 3D characters. The revamped versions of these tools let creators utilize Audio2Face for crafting facial expressions from audio files, and Audio2Emotion and Audio2Gesture to generate emotions and gestures.
What are the major segments of the generative ai market and their role in driving growth?
The generative ai market covered in this report is segmented -
1) By Component: Software, Services
2) By Offering Type: Image, Video, Speech, Other Offering Types
3) By Technology: Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks
4) By End-User: Media And Entertainment, BFSI (Banking, Financial Services And Insurance), IT And Telecom, Healthcare, Automotive And Transportation, Other End-Users
Subsegments:
1) By Software: AI Model Frameworks, Text Generation Tools, Image And Video Generation Software, Code Generation Tools, Design And Creative Tools
2) By Services: Consulting Services For AI Implementation, Managed Services For AI Operations, Training And Support Services, Custom AI Model Development, API Integration Services
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Which regions are key players in the growth of the generative ai market?
North America was the largest region in the generative AI market in 2024. The regions covered in the generative ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the key firms paving the way for growth in the generative ai market?
Major companies operating in the generative ai market include Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Dell Technologies 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
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What Is Covered In The Generative AI Global Market Report?
•Market Size Forecast: Examine the generative ai market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the generative ai market for a structured understanding.
•Key Players Overview: Analyze major players in the generative ai market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the generative ai market.
•Segment Contributions: Evaluate how different segments drive overall growth in the generative ai market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the generative ai market.
•Industry Challenges: Identify potential risks and obstacles affecting the generative ai market.
•Competitive Landscape: Review strategic developments in the generative ai market, including expansions, agreements, and new product launches.
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