Generative AI Market to Thrive as Demand for Text-to-Image, Video Editing, and Predictive Modeling Applications Escalates

on the "Global Generative AI Market Size, Share & Trends Analysis Report By Offering (Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LaMDA)), Services), Application (Computer Vision, Synthetic Data Generation (Medical Imaging, Cybersecurity)), Region, Market Outlook And Industry Analysis 2034"

The global generative AI market is estimated to reach over USD 415.45 billion by the year 2031, exhibiting a CAGR of 35.5% during the forecast period.

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The demand for artificial intelligence (AI) with generative capabilities is being driven by advancements in technologies such as high-definition image generation, book-to-image conversion, and text-to-video conversion. The market is also poised for expansion due to the increasing need for modernized processes across various industries, including automated systems and remote monitoring solutions. As businesses strive to enhance their operational workflows, the demand for generative AI applications is expected to rise. The COVID-19 pandemic has further accelerated the adoption of machine learning (ML) and AI technologies, as organizations sought to adapt to new challenges. Numerous players in the generative AI market are offering solutions for applications like text-to-image, image-to-image, and super-resolution.

Moreover, these companies are exploring generative AI technology for applications such as high-resolution image generation, age progression in faces, and video technologies. The use of generative AI in medical imaging, image classification, and its expanding role in detecting spam, data preprocessing, image compression, and noise reduction in visual data are key drivers contributing to the growth of the global market. As generative AI continues to evolve, substantial investment in research and development, as well as skilled professionals, will be essential to advance its capabilities.

List of Prominent Players in the Generative AI Market:
• Microsoft
• AWS
• Google
• Adobe
• IBM
• Openai
• Meta
• Insilico Medicine
• Simplified
• Genie Ai
• Lightricks
• Lumen5
• Giphy
• Dialpad
• Persado
• Codacy
• Paige.Ai
• Riffusion
• Play.Ht
• Speechify
• Media.Io
• Midjourney
• Fireflies
• Brandmark.Io
• Morphis Technologies
• Synthesia
• Mostly Ai
• Veesual
• Deep Ai
• Galileo
• Excel Formula Bot
• Jetbrains
• Character.Ai

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Market Dynamics:
Drivers:
The establishment of AI governance frameworks and other standards designed to ensure ethical AI development and reduce biases against specific demographic groups is expected to further propel market growth. Leading AI service providers, regulatory bodies, and governments are actively working to address ethical concerns related to AI and machine learning (ML) technologies. Additionally, generative AI is helping businesses and organizations overcome operational challenges by automating complex and time-consuming tasks. This advancement allows for more efficient resource utilization and enhances productivity through innovative generative modeling, unsupervised machine learning, and input image analysis.

Challenges:
The growth of the market is constrained by several key factors, including the high costs associated with implementing generative AI systems, concerns over data security and privacy, and a shortage of skilled professionals. The need to manage vast amounts of data, often reaching exabytes and petabytes, increases the risk of security breaches and data loss, which can significantly impact the market's potential.

Regional Trends:
The North American generative AI market is poised to hold a dominant share and is expected to experience a high compound annual growth rate (CAGR) in the near future. Contributing factors include the rising incidence of financial fraud, the growing application of AI in healthcare, and the increasing demand for workflow modernization across various industries. Furthermore, the Asia Pacific region holds a significant share of the market, with government initiatives in countries like India, China, and South Korea fostering the adoption and integration of AI technologies. The increasing number of businesses in these regions focusing on the development and application of generative AI in their products is further driving market expansion.

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Recent Developments:
• In September 2022- Make-A-Video, the most recent and sophisticated artificial intelligence technology, was unveiled by Meta. It allows users to turn text suggestions into succinct, high-quality video segments.
• In NOVEMBER 2022-harli AI introduced Anacaeus, a brand-new AI generative platform for the business, An organization can use the cutting-edge AI platform Anacaeus to generate insights, presentations, spreadsheets, and reports in natural language by discovering, comprehending, and applying information from millions of pieces of content.

Segmentation of Generative AI Market-
By Offerings-
• Software
• Services
By Application-
• Natural Language Processing (NLP)
o Automated content creation
o Product Description
o Marketing Copy
o Sentiment Analysis
o Language Translation
• ML-based Predictive Modeling
o Predictive Analytics
o Personalized Recommendations
o Others
• Computer Vision
o Object Recognition
o Image & Video Analysis
o Surveillance
• Robotics and Automation
o Assembly Line Production
o Material Handling
o Other
• Speech Recognition
o Speech-to-Text Conversion
o Call Center Automation
o Other
• Music and Art Generation
o Automated Music Composition
o Visual Art
o Graphics Design
• Education and Training
• Finance and Accounting
o Fraud Detection and Risk Assessment
o Investment Analysis and Financial Forecasting
o Compliance Monitoring
• Legal
o Contact Analysis and Review
o Legal Research and Analysis
o Automated Document Summarization
o Others
• Customer Service and Support
o Chatbots
o Voice Assistants
o Automated Ticket Resolution
• Augmented Reality (AR) and Virtual Reality (VR)
o Virtual Object Creation
o Virtual Environment Creation
o Personalized Avatar Creation
o Training and Simulation
• Synthetic Data Generation
o Autonomous System Training
o Medical Imaging
o Cybersecurity
o Product Design
o Precision Agriculture
o Environmental Sustainability
• Video Editing/Generation
o Automated Video Editing
o Virtual Set Design
o Special Effects and Animation
• 3D Modeling and Reconstruction
o Image and Texture Synthesis
o 2D to 3D Model Generation
o 3D Model Simulations
• Game Design and Character Production
o Procedural Content Generation
o Non-Player Character Generation
By Vertical-
• Media and Entertainment
o Gaming
o Publishing Agencies
o Print and Electronic Media
o Others
• Transportation and Logistics
o Air
o Road
o Rail
o Maritime
o Third Party Logistics (3PL)
• Manufacturing
o Discrete Manufacturing
o Process Manufacturing
• Healthcare and Life Sciences
o Healthcare Institutes
o Healthcare Device Manufacturing
o Pharmaceutical and Lifesciences
o Medical Research
• IT and ITES
• Construction and Real Estate
• BFSI
o Banking
o Financial Services and Fintech
o Insurance
• Energy and Utilities
o Oil and Gas
o Utilities
o Mining
• Retail and Ecommerce
• Government and Defense
o Public Sector
o Military and Defense
• Other Verticals
By Region-
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa

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This release was published on openPR.