The Global Generative AI Market Size is valued at 8.60 billion in 2022 and is predicted to reach 122.37 billion by the year 2031 at a 34.46% CAGR during the forecast period for 2023-2031.
Any computer-generated voice can sound like a real person using generative AI. One of the most well-known and influential AI text-to-speech generators is Synthesis, and anyone may use it to produce a professional AI voiceover or video quickly.
The desire to minimize size while enhancing vehicle performance and the rising need for sophisticated manufacturing with complicated designs are anticipated to fuel the expansion of the worldwide generative AI market. It forces automakers to spend more on R&D and employ generative design, which promotes market expansion. Factors associated with the developing uses of technologies like super-resolution, text-to-image conversion, and text-to-video conversion, as well as the growing need to modernize workflow across organizations, are driving an increase in the need for generative AI applications across industries.
The growing product usage of 3D printing technologies to make a variety of products, including organic molecules and prosthetic limbs, from scratch is a significant growth-inducing element in the healthcare sector.
Additionally, the market is being propelled forward by the growing use of generative AI, which aids chatbots in having fruitful dialogues with users and raising their satisfaction levels. An open-domain application called a generative chatbot creates unique phrase combinations rather than choosing from pre-written responses. Due to the numerous companies continuously creating and experimenting with incorporating generative AI into their services and products, the industry is predicted to have exciting growth potential. The increased use of generative AI for creating virtual worlds in the metaverse will boost the growth of the worldwide generative AI industry.
Recent Developments:
- 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.
Market Segmentation:
The generative AI market is segmented based on offerings, product and application. Offerings segment segregated into software and services. By application, the market is segmented into natural language processing, MI-based predictive modeling, computer vision, robotics and automation, speech recognition, music & art generation, education & training, finance & accounting, legal, customer care & support services, AR & VR, synthetic data generation, 3d modelling & reconstruction and game design & character production. By vertical, the market is segmented into media & entertainment, transportation & logistics, manufacturing, healthcare & life science, IT & ITES, construction & real estate, BFSI, energy utilities, government & defense and other verticals.
Based On Offerings, The Services Segment Is A Major Contributor To The Generative AI Market
The services category will hold a major share of the global generative AI market in 2022. Rising worries about data privacy, trade forecasting, indicator modeling, and fraud detection can be linked to the segment market's expansion. Concerns about data loss and security breaches have exploded in recent years across various industries, including medical treatment and BFSI. This has compelled vendors to create more sophisticated and improved services to address these problems, which is expected to drive segment market growth.
Media & Entertainment Segment Witnessed Growth At A Rapid Rate
The media & entertainment segment is projected to grow rapidly in the global generative AI market due to the widespread use of generative AI to design and construct more effective and appealing advertising campaigns. The increasing demand for high-definition graphics and immediate virtual worlds, along with the growing popularity of virtual creation, is also boosting the segment market's expansion. AI integration takes analytics to a new level by enabling businesses to use visual recognition, dialog skills, and sentiment analysis.
The North American Generative AI Market Holds A Significant Revenue Share In The Region
The North American generative AI market is expected to record the highest market share in revenue shortly. This can be attributed to the strong focus on the environment in the region, with the increasing adoption of generative AI in different industries, including food & beverages, personal care, packaging, automotive, and others. In addition, the region's chemical industry is focusing on producing generative AI to develop sustainable and environmentally friendly solutions.
Growing demand for bio-based components across industries and widespread adoption of generative AI in the production of intermediate chemicals in the region are factors increasing the growth of the target market in the region. In addition, Asia Pacific is projected to grow rapidly in the global generative AI market. Due to the expanding use of pseudo-imagination and banking frauds, the trend is anticipated to continue during the projection period. Additionally, businesses like Meta, Google LLC, and Microsoft are projected to propel the growth of the generative AI industry.
Competitive Landscape:
Some of the generative AI market players are:
- Microsoft
- AWS
- Adobe
- IBM
- Openai
- Meta
- Insilico Medicine
- Simplified
- Genie Ai
- Lightricks
- Lumen5
- Giphy
- Dialpad
- Persado
- Codacy
- Ai
- Riffusion
- Ht
- Speechify
- Io
- Midjourney
- Fireflies
- Io
- Morphis Technologies
- Synthesia
- Mostly Ai
- Veesual
- Deep Ai
- Galileo
- Excel Formula Bot
- Jetbrains
- Ai
Generative AI Market Report Scope:
|
Report Attribute |
Specifications |
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Market size value in 2022 |
USD 8.60 Bn |
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Revenue forecast in 2031 |
USD 122.37 Bn |
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Growth rate CAGR |
CAGR of 34.46 % from 2023 to 2031 |
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Quantitative units |
Representation of revenue in US$ Billion, and CAGR from 2023 to 2031 |
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Historic Year |
2019 to 2022 |
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Forecast Year |
2023-2031 |
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Report coverage |
The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends |
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Segments covered |
Offerings, Product And Application |
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Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US), and Insilico Medicine (Hong Kong). |
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Customization scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing and available payment methods |
Explore pricing alternatives that are customized to your particular study requirements. |
