Market Insights and Analysis: Global Generative AI Market Overview and Projections (2024-2030)
The Global Generative AI Market size was valued at around USD 12 million in 2022 and is estimated to grow at a CAGR of about 29.6% during the forecast period, i.e., 2024-30. The market growth is attributed to several factors, such as increasing applications of technologies, like super-resolution text-to-video conversion, and fueling mandate to modernization workflow across industries, which are influencing the demand for generative AI applications among different sectors.
Top leading companies in the Global Generative AI Market includes:
IBM Corporation, Google LLC, Amazon Web Services, Adobe, Microsoft Corporation, Rephrase.ai, Meta, Genie AI Ltd., MOSTLY AI Inc., NVIDIA, Insilico Medicine, Open AI, Synthesia, Giphy, Lumen 5, and Others.
Global Generative AI Market Key Driver:
Growing Awareness About Generative AI to Thrive Market Growth – The surging consciousness about Generative AI acts as a key driver of the Generative AI Market. Conventional AI-driven conversational interfaces are often limited by predefined instructions, resulting in inadequate responses due to their inability to fully comprehend user queries. Generative AI, on the other hand, addresses this issue by understanding, learning, and formulating chat responses based on context and intent.
These generative models rely on virtual assistants, incorporating technologies like chatbots, deep learning, NLP (Natural Language Processing), NGL (Natural Language Generation), and LLM (Large Language Models). As a result, this empowers intelligent virtual assistants and other conversational interfaces to engage with users in a more human-like manner. As consumers become more aware of the advantages of generative AI, its adoption is on the rise for various applications. The user-friendly nature benefits provided by generative AI are expected to contribute to boosting the Generative AI Market growth in the foreseeable future.
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Report Segmentation:
The market is categorized into the following segments in the report:
By Component
-Software- Market Size Forecast 2019-2030F, USD Million
-Service- Market Size Forecast 2019-2030F, USD Million
By Technology
-Generative Adversarial Networks (GANs)- Market Size Forecast 2019-2030F, USD Million
-Transformers- Market Size Forecast 2019-2030F, USD Million
-Variational Autoencoder (VAE)- Market Size Forecast 2019-2030F, USD Million
-Diffusion Networks- Market Size Forecast 2019-2030F, USD Million
-Retrieval Augmented Generation- Market Size Forecast 2019-2030F, USD Million
By Application- Market Size Forecast 2019-2030F, USD Million
-Computer Vision- Market Size Forecast 2019-2030F, USD Million
-NLP- Market Size Forecast 2019-2030F, USD Million
-Robotics Automation- Market Size Forecast 2019-2030F, USD Million
-Content Generation- Market Size Forecast 2019-2030F, USD Million
-Others (Chatbots Intelligent Virtual Assistants, Predictive Analysis, etc.)- Market Size Forecast 2019-2030F, USD Million
By Model
-Large Language Models- Market Size Forecast 2019-2030F, USD Million
-Image Video Generative Models- Market Size Forecast 2019-2030F, USD Million
-Multi-model Generative Models- Market Size Forecast 2019-2030F, USD Million
-Others (Text-to-Text Generative Models, Audio Generative Models, etc.)- Market Size Forecast 2019-2030F, USD Million
By End User
-Media Entertainment- Market Size Forecast 2019-2030F, USD Million
-BFSI- Market Size Forecast 2019-2030F, USD Million
-Healthcare- Market Size Forecast 2019-2030F, USD Million
-IT Telecom- Market Size Forecast 2019-2030F, USD Million
-Others (Automotive Transportation, Gaming, etc.)- Market Size Forecast 2019-2030F, USD Million.
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Global Generative AI Market Geographic Reach:
The Geographic Reach of the Global Generative AI Market evaluates the spread and significance of Global Generative AI market consumption across different regions/country, emphasizing areas with the largest market size and the most promising growth potential.
- North America: US, Canada
- Europe: Germany, The UK, France, Spain, Italy, Rest of Europe
- Asia-Pacific: China, India, Japan, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East Africa: GCC, South Africa, Rest of MEA.
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