DUBLIN--(BUSINESS WIRE)--The "Generative AI Market Size, Share & Trends Analysis Report By Component (Software, Service), By Application (Computer Vision, NLP), By End-use (BFSI, Healthcare), By Model, By Technology, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global generative AI market is set to witness remarkable growth, projected to reach a value of USD 109.37 billion by the year 2030, with a robust compound annual growth rate (CAGR) of 35.6% during the forecast period from 2023 to 2030. The proliferation of Artificial Intelligence (AI) and deep learning, coupled with the rise of creative applications and content creation, is expected to be a key driver of this expansion. Cloud storage innovations enabling seamless data access, as well as the introduction of AI-powered gaming, are also expected to contribute significantly to market growth.
The COVID-19 pandemic catalyzed the generative AI market as organizations turned to Machine Learning (ML) and AI solutions to adapt and respond effectively. Leading market players, including Microsoft, IBM, Google, and Amazon Web Services, Inc., experienced a surge in the adoption of AI-based technologies during the pandemic. This acceleration of digital platforms further facilitated the uptake of generative AI applications, such as the introduction of Amazon Web Services, Inc.'s Autoregressive Convolutional Neural Network (AR-CNN) within the AWS DeepComposer suite, empowering developers to create exceptional digital music.
The generative AI market encompasses various industry players providing solutions for applications ranging from text-to-image and image-to-image conversion to super-resolution. Notably, Microsoft Corp. unveiled Microsoft 365 Copilot, an AI assistant feature for Microsoft 365 services and applications, streamlining IT processes and boosting productivity for businesses. Innovations are also underway in advanced image resolution, face aging, and video resolution technologies, including Tesla's development of autonomous algorithms using car sensor data.
Report Highlights
- The software component segment led the market with a revenue share of 64.8% in 2022, projected to maintain its dominance due to the adoption of generative AI-based software for improved image resolution, quicker output availability, enhanced performance, and reduced conversion time.
- Transformers technology held a substantial market share of 41.5% in 2022, expected to maintain its growth momentum with a CAGR of 34.9% over the forecast period, driven by widespread adoption in predicting text and analyzing words.
- Diffusion networks are anticipated to exhibit the fastest CAGR of 38.1%, attributed to their versatile applications delivering realistic generative models.
- The media & entertainment sector captured the highest revenue share of 22.7% in 2022, driven by the increased adoption of generative AI for creating captivating advertisements and digital platforms, with the BFSI segment projected to experience the fastest CAGR of 38.1% in the forecast period.
- North America accounted for the largest market share of 40.2% in 2022, with a projected CAGR of 35.6% driven by its tech-rich landscape, while the Asia Pacific region is set to achieve the fastest growth due to expanding end-user industries and supportive government initiatives.
Key Companies Mentioned
The generative AI market is characterized by the presence of prominent industry players, including:
- Adobe Inc.
- Amazon Web Services, Inc.
- D-ID
- Genie AI Ltd.
- Google LLC
- International Business Machines Corporation (IBM)
- Microsoft Corporation
- MOSTLY AI Inc.
- Rephrase.ai
- Synthesia
Market Dynamics
The generative AI market's growth trajectory is propelled by several key factors:
- Evolution of AI and deep learning
- Rise of creative applications and content creation
- Innovations in cloud storage facilitate easy data access
- Introduction of AI-powered gaming for enhanced visual experiences
- Acceleration of digital platforms and adoption of AI-based technologies during the pandemic
About the Report
The comprehensive generative AI market report provides insights into various market segments, trends, and dynamics. The report delves into the market's component, technology, end-use, application, and model segments, along with regional analyses. It also includes a valuable executive summary and essential industry topics, encompassing methodology, market outlook, and value chain analysis
For more information about this report visit https://www.researchandmarkets.com/r/my19bx
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