Generative AI Market Observes Strong Growth Potential, With Projected Market Size of USD 151.9 Bn by 2032
According to Market.us, Media & entertainment sector is identified as the key growth driver for Generative AI Market, with a share of 22%, enabling creation of captivating content to attract and engage audiences.
New York, April 03, 2023 (GLOBE NEWSWIRE) — The global Generative AI Market size accounted for USD 10.6 billion in 2022 and growth is estimated to accelerate at a CAGR of 31.4%, registering an incremental revenue of USD 151.9 billion by 2032. Generative AI uses complex mathematical models, like neural networks and deep learning algorithms, to learn from large amounts of data and generate new content similar to the original data but not an exact copy. This technology has numerous applications, including in the fields of art, music, design, gaming, and even scientific research. The market for generative AI is expected to grow rapidly in the upcoming years, driven by increasing demand for personalized content and more immersive virtual experiences.
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- By component, the software segment held the largest market share in 2022.
- By technology, the transformer segment held the largest market with a 43.7% share.
- By end user, the media & entertainment segment is estimated to dominate the global generative AI market with a 22% market share.
- In 2022, North America dominated the global generative AI market with a 41% market share.
- APAC is anticipated to have the highest CAGR among all the regions.
Factors affecting the growth of the Generative AI Market?
Some factors are likely to affect the growth of the generative AI market in the upcoming years. These include:
- Rising demand for personalized content: With the increase of social media, e-commerce, and other online platforms, there is a growing demand for personalized content that reflects individual preferences & interests. Generative AI can help create content more efficiently and effectively than traditional methods, driving demand for the market further.
- Advancements in machine learning algorithms: The field of machine learning is continuously advancing, with new algorithms & techniques being developed all the time. This is leading to more sophisticated generative AI models that can make more complex and realistic content, further driving demand.
- Growth of virtual and augmented reality: Virtual and augmented reality technologies are becoming increasingly popular, particularly in the gaming & entertainment industries. Generative AI can help make more immersive and engaging virtual environments, driving demand for the technology.
- Increasing use of generative AI in scientific research: Generative AI is increasingly used in scientific research to help analyze big datasets and generate new insights, propelling the generative AI market growth in the scientific community.
- Availability of cloud-based generative AI services: The availability of cloud-based generative AI services is creating it easier and more affordable for businesses of all sizes to access and use the technology, driving adoption & growth.
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The generative AI market has experienced significant growth in current years and is expected to continue to grow in the upcoming years. This growth can be attributed to factors such as increasing demand for personalized and immersive content, advancements in machine learning algorithms, rising adoption of cloud-based generative AI services, growing use of generative AI in scientific research, and increasing investments in the generative AI market. Furthermore, as technology continues to advance and also new applications are discovered, the market is expected to continue to grow at a significant pace in the future.
With the greatest market share of 41% and an anticipated CAGR of 33% over the course of the forecast period, North America is predicted to be the most profitable market for generative AI globally. Because of the presence of some of the greatest technological businesses in the world in this area, the generative AI industry is seeing growth and innovation. Because of the rising demand for AI-based solutions across a variety of industries, including healthcare, banking, and retail, the United States is the largest contributor to the market in this area. Overall, in the projected period, the market for generative AI is expected to grow at the fastest rate in APAC. The greatest economies and people in the world provide the industry with substantial development prospects.
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Scope of the Report
|Market Value (2022)||USD 10.6 Billion|
|Market Size (2032)||USD 151.9 Billion|
|CAGR (from 2023 to 2032)||31.4%|
|North America Revenue Share||41%|
|Historic Period||2016 to 2022|
|Forecast Year||2023 to 2032|
Generative AI is increasingly being used in scientific research & development across a range of industries, including pharmaceuticals, materials science, and engineering. This is driving demand for the technology. As consumers continue to demand personalized content across different platforms like social media, e-commerce, and gaming, generative AI can help businesses make more personalized and engaging content. The availability of cloud-based generative AI services is making it easier and more affordable for businesses to access and use the technology, driving the adoption and growth of the generative AI market. The generative AI market is starting to be driven by a combination of technological advancements, rising demand for personalized content, growing use in research & development, the rise of virtual and augmented reality, and the availability of cloud-based generative AI services.
Generative AI is a complex technology that wants specialized skills and expertise to develop and deploy effectively. This can make it difficult for few businesses to adopt the technology, particularly smaller businesses with limited resources. Generative AI models can be difficult to interpret and explain, creating challenges in transparency and accountability. This can make it difficult for businesses to ensure the accuracy and fairness of the content generated by these models. Using generative AI in making realistic content raises ethical concerns around fake news, deep fakes, and copyright infringement.
The creative industry is the biggest market, including advertising, media, entertainment, and art. Generative AI can be used to make compelling content for these industries, such as ads, videos, and graphics, which can be used to attract and engage audiences. The gaming industry is another market that can benefit from Generative AI. The technology can be used to make realistic and immersive gaming environments, characters, and storylines that offer players a unique experience. Generative AI can be used to make personalized shopping experiences for customers. For example, it can be used to generate product recommendations based on the customer’s purchase history, search history, and behavior on the e-commerce platform.
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Report Segmentation of the Generative AI Market
In 2022, the software segment will account for 65.5% of the market’s overall revenue as generative AI models are becoming more and more popular. The market for generative AI software is extremely competitive, with numerous businesses vying to provide the most cutting-edge and potent generative AI solutions. The fastest expanding category in the market for generative AI was service, which might include consulting services, the creation of unique models, and the deployment and administration of generative AI software.
With a predicted CAGR of 32.2% over the course of the forecast period and the highest revenue share of 43.7% in the worldwide generative AI market, the transformer category is anticipated to be the most profitable one. GANs are a form of deep learning model used for generative tasks like the creation of images and videos. The generative AI market’s fastest-growing technology segment is anticipated to be diffusion networks. In the subject of generative AI, diffusion networks are one kind of probabilistic generative model. They work by repeatedly updating a collection of latent variables, which stand for a particular data distribution’s characteristics.
The end-user segment of the generative AI market is dominated by media & entertainment, with a market share of 22% and a CAGR of 36.4%. Owing to generative AI is predominantly used in the media & entertainment sector for tasks like making images and videos, making special effects, and making virtual worlds. BFSI is another significant industry with applications in risk management, fraud detection, and investment research. With applications in natural language processing, chatbots, and recommendation systems, the IT and telecoms industry has also been a key end-user area for generative AI. With applications in medical imaging analysis, medication development, and customized treatment, healthcare is another sector that is expanding quickly.
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Based on Component
Based on the Technology
- Generative Adversarial Networks (GANs)
- Variational Auto-encoder (VAE)
- Diffusion Networks
Based on End-User
- Media & Entertainment
- IT & Telecommunication
- Automotive & Transportation
- Other End-Users
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The competitive landscape of the generative AI market is rapidly evolving, with more players entering the space and offering a range of products & services. For example, OpenAI is one of the most well-known players in the Generative AI space. It offers a range of products, including GPT-3, which is a state-of-the-art language model that can generate human-like text.
Some of the major players include:
- IBM Corporation
- Genie AI Ltd.
- MOSTLY AI Inc.
- Google LLC
- Amazon Web Services Inc.
- Microsoft Corporation
- Adobe Inc.
- Other Key Players
Recent Development of the Generative AI Market
- January 2023: In January, OpenAI released DALL-E 3, a top version of its image-generating AI model. DALL-E 3 can generate the highest resolution images with more complex shapes and textures than the old version.
- March 2023: In March, Google introduced LaMDA, a new conversational AI model that can carry on more natural and informative conversations with users.
Browse More Related Reports:
- Generative AI in the fashion market size accounted for USD 69 million in 2022. It is expected to grow at a CAGR of 36.9% and is predicted to reach USD 1,481 million by 2032.
- Generative AI in business market was worth USD 1.2 billion in 2022. This market is expected to reach USD 20.9 billion by 2032 with a CAGR of 33.5% in the forecast period of 2023-2032.
- 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 Animation market was valued at USD 0.9 billion in 2022. It is projected to achieve a remarkable CAGR of 35.7% during the period from 2023 to 2032 and is anticipated to reach USD 17.7 billion by 2032.
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