BANGALORE, India, Oct. 24, 2023 /PRNewswire/ — The Global generative AI market size was valued at USD 8.2 Billion in 2021 and is projected to reach USD 126.5 Billion by 2031, growing at a CAGR of 32% from 2022 to 2031.
Generative AI has become more well-known because of its revolutionary effects on a number of businesses. Thanks to improvements in content creation, quicker training times, cross-domain adaptability, and ethical AI practices, this technology is now widely used in industries including healthcare, the arts, and content creation.
It’s one of the most exciting emerging technologies of the year because of its democratization and seamless integration into daily life, which are revolutionizing how we engage with technology. This factor is expected to drive the growth of the Generative AI market.
GENERATIVE AI MARKET TRENDS
Technical advancements in generative AI have been impressive. This includes increased model architectural efficiency, quicker training times, and better quality content generation. GANs are now more adaptable and useful in a variety of fields, including entertainment, the arts, and healthcare, thanks to research advancements. AI models are now able to produce content that is becoming more similar to human-produced content, ranging from text and photographs to music and movies. This development affects marketing, entertainment, and content creation in a big way.
Data analysis and content creation are two business processes where generative AI is being included more and more. It saves time and resources by automating a variety of tasks. AI is capable of producing marketing material, analyzing customer data, and even helping with financial predictions. Because of this, companies are becoming more competitive by being more data-driven and efficient.
Additionally, generative AI models are now more adaptable and can function in a variety of fields. For instance, AI models that were first created to generate images can now be modified to generate text, and vice versa. The utility of Generative AI is expanded by its cross-domain adaptability. Natural language comprehension has increased in AI models that use generative AI. This enables them to conduct more human-like and contextually relevant conversations—a crucial feature for chatbots, virtual assistants, and customer support apps.
AI is transforming healthcare, especially in the area of diagnostic image processing. With accurate diagnosis and customized treatments, it expedites the creation of new medications and improves patient care. Artificial intelligence (AI) models are getting better at analyzing medical images, which helps with more precise diagnoses. This development could lead to better healthcare results and even save lives. Platforms and tools are being created to make it simpler for companies and individuals to use generative AI without needing highly skilled technical knowledge. As generative AI gains strength, worries about its possible abuse and ethical use are mounting. Regulation of Generative AI is becoming a more prominent topic of discussion. These talks focus on striking a balance between security and innovation. This factor is expected to drive the growth of the Generative AI market.
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GENERATIVE AI MARKET SHARE
The future of labor in the United States is being profoundly impacted by generative AI. It is included in federal investment plans focused on infrastructure development and technological upgrading and falls under the automation category. The application of generative AI techniques has become widespread throughout Europe. It is among the areas where adoption rates are greater. The influence of Generative AI is evident across multiple sectors and uses, which further enhances its standing as one of the leading developing technologies.
In terms of technology, the generative AI market in 2022 had the largest market share held by the generative adversarial networks (GANs) sector. This is explained by the amazing power of GANs in producing a wide range of different and incredibly realistic content. With a generator network producing fake data and a discriminator network assessing its veracity, GANs function in a competitive environment.
Adobe, Amazon Web Services, Inc., D-ID, Genie AI Ltd., Google LLC, IBM Corporation, Microsoft Corporation, MOSTLY AI Inc., Rephrase.ai, and Synthesia are a few of the major companies that are highlighted in the research. In order to improve their market share and solidify their positions in the generative AI industry, these businesses have employed a variety of tactics.
Generative AI Market by Component (Software, Services), by Technology (Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks), by End User (Media and Entertainment, BFSI, IT and Telecom, Healthcare, Automotive and Transportation, Others)
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– The Large Language Model (LLM) Market was valued at 10.5 Billion USD in 2022 and is anticipated to reach 40.8 Billion USD by 2029, witnessing a CAGR of 21.4% during the forecast period 2023-2029.
– Conversational AI market size was valued at USD 5.78 billion in 2020 and is projected to reach USD 32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
– Artificial intelligence market size was valued at USD 65.48 billion in 2020, and is projected to reach USD 1,581.70 billion by 2030, growing at a CAGR of 38.0% from 2021 to 2030.
– Artificial Intelligence as a Service (AIaaS) Market size (AIaaS Market size) is expected to reach USD 77,047.7 million in 2025, from USD 2,397.2 million in 2017, growing at a CAGR of 56.7% from 2018 to 2025.
– Synthetic data generation market was valued at USD 168.9 Million in 2021, and is projected to reach USD 3.5 Billion by 2031, growing at a CAGR of 35.8% from 2022 to 2031.
– Call Center AI market was valued at USD 959.80 million in 2020, and is projected to reach USD 9,949.61 million by 2030, registering a Compound Annual Growth Rate (CAGR) of 26.3%.
– Korea call center AI market was valued at USD 959.80 million in 2020, and is projected to reach USD 9,949.61 million by 2030, registering a Compound Annual Growth Rate (CAGR) of 26.3%.
– Artificial Intelligence in healthcare market size was valued at USD 8.23 billion in 2020 and is projected to reach USD 194.4 billion by 2030, growing at a CAGR of 38.1% from 2021 to 2030.
– Japan edge AI market size was valued at USD 7.79 Billion in 2020 and is projected to reach USD 40.81 Billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
– Voice Cloning market size is projected to reach USD 1723.9 million by 2028, from USD 364.8 million in 2021, at a CAGR of 24.6% during 2022-2028.
– Algorithmic IT Operations (AIOps) market size is projected to reach USD 23.9 Billion by 2027, from USD 4.0 Billion in 2020, at a CAGR of 30% during 2021-2027.
– Artificial Intelligence in Manufacturing and Supply Chain market is projected to grow from USD 1165.4 million in 2023 to USD 7671.9 million by 2029, at a Compound Annual Growth Rate (CAGR) of 36.9% during the forecast period.
– AI Governance market size is projected to reach USD 116.3 million by 2028, from USD 23 million in 2021, at a CAGR of 25.1% during 2022-2028.
– Natural Language Processing (NLP) market size is projected to reach USD 3081.5 million by 2028, from USD 843 million in 2021, at a CAGR of 20.1% during 2022-2028.
– Chatbots market size is projected to reach USD 3892.1 Million by 2028, from USD 1079.9 Million in 2021, at a CAGR of 20.0% during 2022-2028.
– Deep Learning Artificial Intelligence market is projected to reach USD 101260 million in 2029, increasing from USD 15240 million in 2022, with a CAGR of 31.1% during the period of 2023 to 2029.
– Artificial Intelligence Software System market is projected to grow from USD 30320 million in 2023 to USD 156800 million by 2029, at a Compound Annual Growth Rate (CAGR) of 31.5% during the forecast period.
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