Generative AI in Marketing Market Predicted to Garner US$ 22.1 Bn by 2032, At CAGR 28.6%

Advertisement

The growing trend of utilizing generative AI in marketing for creating custom images and videos of products and services has resulted in many companies from various sectors partnering with generative AI companies to develop effective AI-based marketing campaigns.

New York, April 03, 2023 (GLOBE NEWSWIRE) — According to Market.us, The Global Generative AI in Marketing Market size was valued to be worth USD 1.9 Billion in 2022. From 2023 to 2032, it is estimated to reach USD 22.1 Billion growing at a CAGR of 28.6%. Generative AI helps marketing teams to create content that relates to their customers and audience by identifying the patterns in customer behavior and analyzing the data. Generative artificial intelligence (AI) is used in marketing to create engaging, relevant, and well-structured content for the specifically targeted audience. Many industries like automotive, BFSI, media and entertainment, IT and telecommunication, and healthcare are using generative AI for marketing for various applications. This wide use of generative AI for marketing in various industries is driving the growth of generative AI in the marketing market.

Generative AI in Marketing Market

Advertisement

To get additional highlights on major revenue-generating segments, Request a Generative AI in Marketing Market sample report at https://market.us/report/generative-ai-in-marketing-market/request-sample/

Key Takeaway:

  • By Component, the software segment dominates over the service segment.
  • By System Type, the text model leads the market by covering a major share of the market.
  • By Application, text generation dominates the application segment of generative AI in the marketing market.
  • By End-User Industry, the media and entertainment industry mostly uses generative AI for marketing.
  • North America held a revenue share of approximately 41.4% in 2022
  • Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period.

Generative AI is majorly used in the marketing sector due to its advantages and benefits like budget and time efficiency through technological advancements, targeted and personalized content for a specific audience, and developing innovations. By using generative AI, marketers can optimize time and increase the efficiency of the work. This is boosting the growth of generative AI in the marketing market.

Factors affecting the growth of Generative AI in the Marketing Market?

Several factors can affect the growth of generative AI in the marketing market. Some of these factors include:

  • Rising Trend of Innovative Marketing: many companies are using generative AI to promote their products and services in innovative and efficient ways. This is driving the growth of generative AI in the marketing market.
  • Helps to Optimize the Time: the use of generative AI in marketing helps businesses to reduce the time on researching and working on marketing operations.
  • Increased Innovation: by using generative AI in marketing, businesses can offer better and more creative marketing solutions to clients. Generative AI helps to generate the data according to the targeted audience by analyzing their patterns. This helps the generative AI to provide more creative data.

To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/generative-ai-in-marketing-market/request-sample/#inquiry

Top Trends in Global Generative AI in Marketing Market

The ongoing trend in generative AI in marketing for generating images and videos of specific products from the specific brand has shown many companies across various sectors are collaborating with the generative AI offering companies to generate AI-based images and videos of the products and services for promoting that product. For instance, Heinz collaborated with Rethink to use their generative AI tool ‘DALL E 2’ to generate the AI-based image of a ketchup bottle from Heinz. For this, Rethink has trained the AI tool with 100s of Heinz ketchup bottles to process and give the proper image of Heinz ketchup bottles. This is propelling the growth of global generative AI in the marketing market.

Market Growth

The Increasing use of generative AI in marketing helps businesses to reduce the time on researching and working on marketing operations. The generative AI provides the needed data in less time and more efficiently than the others. Also, many companies are using generative AI to promote their products and services in innovative and efficient ways. By using generative AI in marketing, businesses are able to offer better and more creative marketing solutions to clients. Generative AI helps to generate the data according to the targeted audience by analyzing their patterns. This helps the generative AI to provide more creative data. All these factors are boosting the growth of generative AI in the marketing market.

Regional Analysis

North America dominates the global generative AI in the marketing market by covering the major revenue share of 41.4%. The growth of the North American region is due to the presence of many major key players in countries like the United States and Canada. The increasing adoption of generative AI in marketing by various businesses in the region is driving the growth of generative AI in the marketing market in the North American region. Also, the Asia Pacific region is anticipated to grow at the fastest CAGR during the forecast period. The growth of the Asia Pacific region is attributed to the rising demand for AI-based solutions in the region. Many marketing businesses are adopting generative AI in marketing, which is fueling the growth of generative AI in the marketing market of the region.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Microsoft Corporation, IBM Corporation, Google LLC, Adobe Inc., and Amazon Web Services. Inc., Rephrase.AI, Genie AI Ltd., Synthesis AI, MOSTLY AI Inc., Genie AI Ltd., Open AI, Paige.AI, and other key players. Synthesis AI,  Google, and Open AI are at the forefront of this market.

  • Recent Development of the Generative AI in the Marketing Market
    • In March 2021, ALTAIR ENGINEERING. Inc launched the Thea Render V3.0. It is a 3D renderer that processes unbiased graphic refining unit engines and state-of-the-art.
    • In March 2023, Open AI launched the latest version of their AI service named GPT-4. GPT-4 allows to generation and editing the images, videos, music, and texts according to input.

Have Queries? Speak to an expert or Click here To Download/Request a Sample.

Scope of the Report

Report Attribute Details
Market Value (2022) USD 1.9 Billion
Market Size (2032) USD 22.1 Billion
CAGR (from 2023 to 2032) 28.6 %
North America Revenue Share 41.4%
Historic Period 2016 to 2022
Base Year 2022
Forecast Year 2023 to 2032

Market Drivers

Industries can now reach a specific audience in new and innovative ways, like product recommendations, by analyzing the behavior of customers and personalized advertisements. This is possible due to the introduction of generative AI in the marketing market. Generative AI is revolutionizing marketing by offering engaging, relevant, and well-structured content for the specifically targeted audience in real-time. These services are inclining more and more industries to adopt generative AI in marketing by driving the growth of generative AI in the marketing market.

Market Restraints

Generative AI can provide data that is offensive or biased toward someone. This data is generated by the AI by processing the data it was trained on. Therefore, it can also produce offensive data. It is unable to respond to the data which is not in the proper manner or in unconventional language. This can restrain the growth of generative AI in the marketing market. Also, generative AI is not able to respond to questions that require real-world understanding and common sense due to its limitations. Many companies and artists have filed cases and lawsuits against the companies offering generative AI solutions for their inappropriate and offensive data on respected companies and artists. Incidents like this are hindering the growth of generative AI in the marketing market.

Market Opportunities

By combining the data of generative AI and inputs from the professional communicator, it is completing the work more efficiently and accurately than before. Rather than thinking the Generative AI as a replacement for professional communicators, it is a tool that helps the professional communicator to work efficiently. This is expected to create many opportunities in the generative AI in the marketing market by offering marketing solutions from professional communicators with the help of generative AI tools like ChatGPT. Major companies are continuously working on the development and upgradation of generative AI to make it more efficient and accurate than before. This will create lucrative opportunities in the generative AI in the marketing market over the forecast period.

Grow your profit margin with Market.us – Purchase This Premium Report at https://market.us/purchase-report/?report_id=98985

Report Segmentation of the Generative AI in the Marketing Market

Component Insight

The software dominates the component segment of generative AI in the marketing market by covering the major revenue share. The growth of the software in the component segment is attributed to the rising demand for generative AI-based software in the market for marketing purposes. This is driving the growth of the market.

System Type Insight

The text model leads the system type segment by dominating the multimodal models. The growth of the text model is due to the presence of various text models like GPT-3, LaMDA, and LLaMA. GPT-3 is used to generate high-quality text. It can generate text according to various summarizations, language translations, and questions. While LaMDA is a little bit similar to GPT-3 but it takes more suggestions into account in open-ended conversations. LLaMA is used to generate text with upgraded features but with low parameters. All these models are helping the text models to drive the growth of the system-type segment in global generative AI in the marketing market.

Application Insight

Text generation dominates the application segment in the generative AI in the marketing market due to the increasing use of generative AI for text generation in marketing for product description generation, script writing, and content creation. With the rising use of AI tools like ChatGPT for generating text data, text generation is expected to drive the growth of generative AI in the marketing market. Search engine optimization (SEO) is expected to grow significantly during the forecast period. It analyzes huge amounts of data, identifies the patterns in customer behavior, and helps marketers by suggesting the high-performing keywords, phrases, and most relevant data for the marketing purposes

End-User Industry Insight

The media and entertainment industry mostly uses generative AI for marketing by generating various images, music, videos, and texts. Generative AI generates the expected data by processing the input given by the user and offers related data or solutions to it. The increasing use of video and music generation for marketing in the media and entertainment industry is driving the growth of generative AI in the marketing market.

For more insights on the historical and Forecast market data from 2016 to 2032 – download a sample report at https://market.us/report/generative-ai-in-marketing-market/request-sample/

Market Segmentation

Based on Component

  • Service
  • Software

Based on the System Type

  • Text Models
    • GPT-3
    • LaMDA
    • LLaMA
  • Multimodal Models
    • GPT-4
    • DALL-E
    • Stable Diffusion
    • Progen

Based on Application

  • Text Generation
  • Image Generation
  • Video Generation
  • Music Generation
  • Search Engine Optimization (SEO)
  • Other Application

Based on End-User Industry

  • Media & Entertainment
  • IT & Telecommunications
  • Healthcare
  • Automotive & Transportation
  • BFSI
  • Other End-Use Industries

Based on Geography

  • North America
    • The US
    • Canada
    • Mexico
  • Western Europe
    • Germany
    • France
    • The UK
    • Spain
    • Italy
    • Portugal
    • Ireland
    • Austria
    • Switzerland
    • Benelux
    • Nordic
    • Rest of Western Europe
  • Eastern Europe
    • Russia
    • Poland
    • The Czech Republic
    • Greece
    • Rest of Eastern Europe
  • APAC
    • China
    • Japan
    • South Korea
    • India
    • Australia & New Zealand
    • Indonesia
    • Malaysia
    • Philippines
    • Singapore
    • Thailand
    • Vietnam
    • Rest of APAC
  • Latin America
    • Brazil
    • Colombia
    • Chile
    • Argentina
    • Costa Rica
    • Rest of Latin America
  • Middle East & Africa
    • Algeria
    • Egypt
    • Israel
    • Kuwait
    • Nigeria
    • Saudi Arabia
    • South Africa
    • Turkey
    • United Arab Emirates
    • Rest of MEA

Market Key Players:

  • Google LLC
  • Microsoft Corporation
  • IBM Corporation
  • Amazon Web Services. Inc.
  • Adobe Inc.
  • Rephrase.AI
  • Synthesis AI
  • Genie AI Ltd.
  • MOSTLY AI Inc.
  • Paige.AI
  • Open AI
  • Other Key Players

Related Reports

  • Generative AI in Business Market size was valued at US$ 1.2 billion in 2022 and is expected to grow at a CAGR of 33.5% during the forecast period of 2023-2032. It is predicted to reach USD 20.9 Mn by 2032.
  • Generative AI in the Music Market was valued at USD 229 million. Between 2023 and 2032, this market is estimated to register the highest CAGR of 28.6%. It is expected to reach USD 2,660 million by 2032.
  • Generative AI in the fashion market was valued at USD 69 Mn. Between 2023 and 2032, this market is estimated to register the highest CAGR of 36.9% and will reach a valuation of USD 1,481 Mn by 2032.
  • Generative AI in healthcare market accounted for USD 0.8 billion in 2022. It is expected to reach a valuation of USD 17.2 billion with a CAGR of 37.0%.
  • Artificial Intelligence market size was valued to be worth USD 129.28 billion in 2022. From 2023 to 2032, it is estimated to reach USD 2745 billion growing at a CAGR of 36.8%.

About Us:

Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as requested. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.

Follow Us On LinkedIn Facebook Twitter

Our Blog: 

CONTACT: Global Business Development Teams – Market.us Market.us (Powered By Prudour Pvt. Ltd.) Email: [email protected] Address: 420 Lexington Avenue, Suite 300, New York City, NY 10170, United States Tel: +1 718 618 4351 Website: https://market.us

Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. AfternoonHeadlines.com takes no editorial responsibility for the same.