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Generative AI Market

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 And Segment Forecasts, 2023-2031

Report ID : 1864 | Published : 2023-06-20 | Pages: 180 | Format: PDF/EXCEL

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.

Generative AI Market

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
  • Google
  • 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

Market size value in 2022

USD 8.60 Bn

Revenue forecast in 2031

USD 122.37 Bn

Growth rate CAGR

CAGR of 34.46 % from 2023 to 2031

Quantitative units

Representation of revenue in US$ Billion, and CAGR from 2023 to 2031

Historic Year

2019 to 2022

Forecast Year

2023-2031

Report coverage

The forecast of revenue, the position of the company, the competitive market statistics, growth prospects, and trends

Segments covered

Offerings, Product And Application

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

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).

Customization scope

Free customization report with the procurement of the report, Modifications to the regional and segment scope. Particular Geographic competitive landscape.

Pricing and available payment methods

Explore pricing alternatives that are customized to your particular study requirements.

Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions

Chapter 2. Executive Summary

Chapter 3. Global Generative AI Market Snapshot

Chapter 4. Global Generative AI Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis

Chapter 5. Market Segmentation 1: by Offering Estimates & Trend Analysis
5.1. by Offering & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Offering:

5.2.1. Software
5.2.2. Services

Chapter 6. Market Segmentation 2: by Application Estimates & Trend Analysis
6.1. by Application & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:

6.2.1. Natural Language Processing (NLP)
6.2.2. Automated content creation

6.2.2.1. Product Description
6.2.2.2. Marketing Copy
6.2.2.3. Sentiment Analysis
6.2.2.4. Language Translation

6.2.3. ML-based Predictive Modeling

6.2.3.1. Predictive Analytics
6.2.3.2. Personalized Recommendations
6.2.3.3. Others

6.2.4. Computer Vision

6.2.4.1. Object Recognition
6.2.4.2. Image & Video Analysis
6.2.4.3. Surveillance

6.2.5. Robotics and Automation

6.2.5.1. Assembly Line Production
6.2.5.2. Material Handling
6.2.5.3. Other

6.2.6. Speech Recognition

6.2.6.1. Speech-to-Text Conversion
6.2.6.2. Call Center Automation
6.2.6.3. Other

6.2.7. Music and Art Generation

6.2.7.1. Automated Music Composition
6.2.7.2. Visual Art
6.2.7.3. Graphics Design

6.2.8. Education and Training
6.2.9. Finance and Accounting

6.2.9.1. Fraud Detection and Risk Assessment
6.2.9.2. Investment Analysis and Financial Forecasting
6.2.9.3. Compliance Monitoring

6.2.10. Legal

6.2.10.1. Contact Analysis and Review
6.2.10.2. Legal Research and Analysis
6.2.10.3. Automated Document Summarization
6.2.10.4. Others

6.2.11. Customer Service and Support

6.2.11.1. Chatbots
6.2.11.2. Voice Assistants
6.2.11.3. Automated Ticket Resolution

6.2.12. Augmented Reality (AR) and Virtual Reality (VR)

6.2.12.1. Virtual Object Creation
6.2.12.2. Virtual Environment Creation
6.2.12.3. Personalized Avatar Creation
6.2.12.4. Training and Simulation

6.2.13. Synthetic Data Generation

6.2.13.1. Autonomous System Training
6.2.13.2. Medical Imaging
6.2.13.3. Cybersecurity
6.2.13.4. Product Design
6.2.13.5. Precision Agriculture
6.2.13.6. Environmental Sustainability

6.2.14. Video Editing/Generation

6.2.14.1. Automated Video Editing
6.2.14.2. Virtual Set Design
6.2.14.3. Special Effects and Animation


6.2.15. 3D Modeling and Reconstruction

6.2.15.1. Image and Texture Synthesis
6.2.15.2. 2D to 3D Model Generation
6.2.15.3. 3D Model Simulations

6.2.16. Game Design and Character Production

6.2.16.1. Procedural Content Generation
6.2.16.2. Non-Player Character Generation

Chapter 7. Market Segmentation 3: by Vertical Estimates & Trend Analysis
7.1. by Vertical & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Vertical:

7.2.1. Media and Entertainment

7.2.1.1. Gaming
7.2.1.2. Publishing Agencies
7.2.1.3. Print and Electronic Media
7.2.1.4. Others

7.2.2. Transportation and Logistics

7.2.2.1. Air
7.2.2.2. Road
7.2.2.3. Rail
7.2.2.4. Maritime
7.2.2.5. Third Party Logistics (3PL)

7.2.3. Manufacturing

7.2.3.1. Discrete Manufacturing
7.2.3.2. Process Manufacturing

7.2.4. Healthcare and Life Sciences

7.2.4.1. Healthcare Institutes
7.2.4.2. Healthcare Device Manufacturing
7.2.4.3. Pharmaceutical and Lifesciences
7.2.4.4. Medical Research

7.2.5. IT and ITES

7.2.6. Construction and Real Estate
7.2.7. BFSI

7.2.7.1. Banking
7.2.7.2. Financial Services and Fintech
7.2.7.3. Insurance

7.2.8. Energy and Utilities

7.2.8.1. Oil and Gas
7.2.8.2. Utilities
7.2.8.3. Mining

7.2.9. Retail and Ecommerce

7.2.10. Government and Defense

7.2.10.1. Public Sector
7.2.10.2. Military and Defense
7.2.11. Other Verticals

Chapter 8. Generative AI Market Segmentation 4: Regional Estimates & Trend Analysis

8.1. North America

8.1.1. North America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2023-2031
8.1.2. North America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.1.3. North America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Vertical, 2023-2031
8.1.4. North America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.2. Europe

8.2.1. Europe Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2023-2031
8.2.2. Europe Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.2.3. Europe Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Vertical, 2023-2031
8.2.4. Europe Generative AI Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.3. Asia Pacific

8.3.1. Asia Pacific Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2023-2031
8.3.2. Asia Pacific Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.3.3. Asia-Pacific Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Vertical, 2023-2031
8.3.4. Asia Pacific Generative AI Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.4. Latin America

8.4.1. Latin America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2023-2031
8.4.2. Latin America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.4.3. Latin America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Vertical, 2023-2031
8.4.4. Latin America Generative AI Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

8.5. Middle East & Africa

8.5.1. Middle East & Africa Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Offering, 2023-2031
8.5.2. Middle East & Africa Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.5.3. Middle East & Africa Generative AI Market Revenue (US$ Million) Estimates and Forecasts by Vertical, 2023-2031
8.5.4. Middle East & Africa Generative AI Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031

Chapter 9. Competitive Landscape

9.1. Major Mergers and Acquisitions/Strategic Alliances

9.2. Company Profiles


9.2.1. Microsoft
9.2.2. AWS
9.2.3. Google
9.2.4. Adobe
9.2.5. IBM
9.2.6. Openai
9.2.7. Meta
9.2.8. Insilico Medicine
9.2.9. Simplified
9.2.10. Genie Ai
9.2.11. Lightricks
9.2.12. Lumen5
9.2.13. Giphy
9.2.14. Dialpad
9.2.15. Persado
9.2.16. Codacy
9.2.17. Paige.Ai
9.2.18. Riffusion
9.2.19. Play.Ht
9.2.20. Speechify
9.2.21. Media.Io
9.2.22. Midjourney
9.2.23. Fireflies
9.2.24. Brandmark.Io
9.2.25. Morphis Technologies
9.2.26. Synthesia
9.2.27. Mostly Ai
9.2.28. Veesual
9.2.29. Deep Ai
9.2.30. Galileo
9.2.31. Excel Formula Bot
9.2.32. Jetbrains
9.2.33. Character.Ai
9.2.34. Other Prominent Players

Segmentation of Generative AI Market-

Generative AI Market By Offerings-

  • Software
  • Services

Generative AI Market

Generative AI Market By Application-

  • Natural Language Processing (NLP)
    • Automated content creation
    • Product Description
    • Marketing Copy
    • Sentiment Analysis
    • Language Translation
  • ML-based Predictive Modeling
    • Predictive Analytics
    • Personalized Recommendations
    • Others
  • Computer Vision
    • Object Recognition
    • Image & Video Analysis
    • Surveillance
  • Robotics and Automation
    • Assembly Line Production
    • Material Handling
    • Other
  • Speech Recognition
    • Speech-to-Text Conversion
    • Call Center Automation
    • Other
  • Music and Art Generation
    • Automated Music Composition
    • Visual Art
    • Graphics Design
  • Education and Training
  • Finance and Accounting
    • Fraud Detection and Risk Assessment
    • Investment Analysis and Financial Forecasting
    • Compliance Monitoring
  • Legal
    • Contact Analysis and Review
    • Legal Research and Analysis
    • Automated Document Summarization
    • Others
  • Customer Service and Support
    • Chatbots
    • Voice Assistants
    • Automated Ticket Resolution
  • Augmented Reality (AR) and Virtual Reality (VR)
    • Virtual Object Creation
    • Virtual Environment Creation
    • Personalized Avatar Creation
    • Training and Simulation
  • Synthetic Data Generation
    • Autonomous System Training
    • Medical Imaging
    • Cybersecurity
    • Product Design
    • Precision Agriculture
    • Environmental Sustainability
  • Video Editing/Generation
    • Automated Video Editing
    • Virtual Set Design
    • Special Effects and Animation
  • 3D Modeling and Reconstruction
    • Image and Texture Synthesis
    • 2D to 3D Model Generation
    • 3D Model Simulations
  • Game Design and Character Production
    • Procedural Content Generation
    • Non-Player Character Generation

Generative AI Market By Vertical-

  • Media and Entertainment
    • Gaming
    • Publishing Agencies
    • Print and Electronic Media
    • Others
  • Transportation and Logistics
    • Air
    • Road
    • Rail
    • Maritime
    • Third Party Logistics (3PL)
  • Manufacturing
    • Discrete Manufacturing
    • Process Manufacturing
  • Healthcare and Life Sciences
    • Healthcare Institutes
    • Healthcare Device Manufacturing
    • Pharmaceutical and Lifesciences
    • Medical Research
  • IT and ITES
  • Construction and Real Estate
  • BFSI
    • Banking
    • Financial Services and Fintech
    • Insurance
  • Energy and Utilities
    • Oil and Gas
    • Utilities
    • Mining
  • Retail and Ecommerce
  • Government and Defense
    • Public Sector
    • 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

 InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.

Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.

Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.

Secondary research

The secondary research sources that are typically mentioned to include, but are not limited to:

  • Company websites, financial reports, annual reports, investor presentations, broker reports, and SEC filings.
  • External and internal proprietary databases, regulatory databases, and relevant patent analysis
  • Statistical databases, National government documents, and market reports
  • Press releases, news articles, and webcasts specific to the companies operating in the market

The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista

Primary Research:

Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies

The contributors who typically take part in such a course include, but are not limited to: 

  • Industry participants: CEOs, CBO, CMO, VPs, marketing/ type managers, corporate strategy managers, and national sales managers, technical personnel, purchasing managers, resellers, and distributors.
  • Outside experts: Valuation experts, Investment bankers, research analysts specializing in specific markets
  • Key opinion leaders (KOLs) specializing in unique areas corresponding to various industry verticals
  • End-users: Vary mainly depending upon the market

Data Modeling and Analysis:

In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.

The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.

To know more about the research methodology used for this study, kindly contact us/click here.

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Frequently Asked Questions

How big is the Generative AI Market?

Generative AI Market expected to grow at a 34.46% CAGR during the forecast period for 2023-2031

Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US), and Insilico Medicine (Hong Kong).

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