Global Enterprise Generative AI Market Expected to Achieve 36.6% CAGR by 2029: Growth Forecast Insights

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What Is the Expected CAGR for the Enterprise Generative AI Market Through 2025?
In recent times, there has been a significant expansion in the size of the enterprise generative ai market. The market, which will be worth $3.33 billion in 2024, is expected to reach $4.66 billion by 2025, reflecting a compound annual growth rate (CAGR) of 39.8%. Contributing to this growth during the historical period are factors such as heightened deep learning, augmented computing power, the emergence of generative adversarial networks, support from open-source initiatives, and contributions from research and academia.

What's the Projected Size of the Global Enterprise Generative AI Market by 2029?
In the foreseeable future, the enterprise generative ai market size is predicted to experience significant expansion. It is set to reach $16.23 billion by 2029 with an estimated compound annual growth rate (CAGR) of 36.6%. This surge during the projection period is linked with the evolution of explainable AI, widening of edge computing, escalation of synthetic data generation, growth of quantum computing, alongside regulatory and ethical factors. Key trends during this projected phase encompass diversification into new industries, enhancement in multimodal features, attention to ethical AI measures, the emergence of AI-as-a-service, and real-time responsive learning.

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Top Growth Drivers in the Enterprise Generative AI Industry: What's Accelerating the Market?
The growth of the enterprise-generative AI market is projected to be driven by the burgeoning of new startups. New startups typically denote rapidly developing companies that are often the brainchild of innovative entrepreneurs. This surge in startups can be attributed to improved access to funding, the emergence of a robust entrepreneurial culture, changing market needs, and the shift towards a remote work environment. These startups harness the power of enterprise-generative AI to quickly create original content and prototypes, fostering innovation, speeding up product development timelines, while also reducing the investment of resources and improving their competitiveness in fluctuating markets. For example, per data from the US Small Business Administration, a governmental agency in the US, as of May 2022, the country had 31.7 million small businesses and 20,139 large businesses. In the last twenty years, small businesses have contributed to the creation of 10.5 million net new jobs, while large businesses have generated 5.6 million. These numbers are projected to persist in their upward trend in the future years. Therefore, the growth of the enterprise generative AI market is being propelled by the surge in new startups.

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What Trends Will Shape the Enterprise Generative AI Market Through 2029 and Beyond?
Leading businesses in the enterprise generative AI market are striving to develop technologically superior solutions such as generative AI product suites, aiming for a competitive advantage. A generative AI product suite consists of multiple software tools and solutions driven by generative artificial intelligence algorithms. For example, C3.AI Inc., an American technology firm, introduced the C3 Generative AI Product Suite in January 2023. It is built to incorporate cutting-edge AI functionality from entities like OpenAI, Google, and academia, as well as the most sophisticated models like ChatGPT and GPT-3, into C3 AI's suite of enterprise AI products. The purpose of the suite is to expedite the modernization of business processes and sectors from the supply chain to aerospace, oil and gas, healthcare, finance services, and defense and intelligence. The suite merges the strength and capability of the tried-and-true C3 AI Platform with the latest breakthroughs in large language models (LLMs).

What Are the Main Segments in the Enterprise Generative AI Market?
The enterprise generative aimarket covered in this report is segmented -

1) By Components: Software, Services
2) By Model Type: Text, Image or Video, Audio, Code
3) By Application: Marketing And Sales, Customer Service, Product Development, Supply Chain Management, Other Applications
4) By End-User: Information Technology And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Healthcare, Manufacturing, Media And Entertainment, Other End-Users

Subsegments:
1) By Software: Generative AI Platforms, AI Model Development Tools, AI-Powered Automation Software, Natural Language Processing (NLP) Software, Generative Design Software
2) By Services: Consulting Services, Integration And Implementation Services, Managed Services, Training And Support Services, Custom AI Solution Development

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Which Top Companies are Driving Growth in the Enterprise Generative AI Market?
Major companies operating in the enterprise generative ai market are Google LLC, accenture* Plc, International Business Machines Corporation, PricewaterhouseCoopers International Limited, Oracle Corporation, Capgemini SE, McKinsey & Company, Klaviyo Inc., Scale AI Inc., C3.ai Inc., Smartly.io Inc., DataRobot Inc., Prophecy Labs Inc., Coveo Solutions Inc., Bubble Group Inc., Grammarly Inc., Jasper.ai Inc., Aisera Inc., Kensho Technologies Inc., OpenAI Technologies Inc., Mix book Inc., Lily AI Inc., Cohere Technologies Inc., Test Fit Inc., Symbl.ai Inc.

Which Regions Will Dominate the Enterprise Generative AI Market Through 2029?
North America was the largest region in the enterprise generative AI market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise generative ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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