Generative AI Market Size Will Grow at a CAGR of 32% by 2023: Unveiling Growth, Trends, and Industry Implications | Valuates Reports
BANGALORE, India, Oct. 24, 2023 /PRNewswire/ -- The Global generative AI market size was valued at USD 8.2 Billion in 2021 and is projected to reach USD 126.5 Billion by 2031, growing at a CAGR of 32% from 2022 to 2031.
Major Factors:
Generative AI has become more well-known because of its revolutionary effects on a number of businesses. Thanks to improvements in content creation, quicker training times, cross-domain adaptability, and ethical AI practices, this technology is now widely used in industries including healthcare, the arts, and content creation.
It's one of the most exciting emerging technologies of the year because of its democratization and seamless integration into daily life, which are revolutionizing how we engage with technology. This factor is expected to drive the growth of the Generative AI market.
GENERATIVE AI MARKET TRENDS
Technical advancements in generative AI have been impressive. This includes increased model architectural efficiency, quicker training times, and better quality content generation. GANs are now more adaptable and useful in a variety of fields, including entertainment, the arts, and healthcare, thanks to research advancements. AI models are now able to produce content that is becoming more similar to human-produced content, ranging from text and photographs to music and movies. This development affects marketing, entertainment, and content creation in a big way.
Data analysis and content creation are two business processes where generative AI is being included more and more. It saves time and resources by automating a variety of tasks. AI is capable of producing marketing material, analyzing customer data, and even helping with financial predictions. Because of this, companies are becoming more competitive by being more data-driven and efficient.
Additionally, generative AI models are now more adaptable and can function in a variety of fields. For instance, AI models that were first created to generate images can now be modified to generate text, and vice versa. The utility of Generative AI is expanded by its cross-domain adaptability. Natural language comprehension has increased in AI models that use generative AI. This enables them to conduct more human-like and contextually relevant conversations—a crucial feature for chatbots, virtual assistants, and customer support apps.
AI is transforming healthcare, especially in the area of diagnostic image processing. With accurate diagnosis and customized treatments, it expedites the creation of new medications and improves patient care. Artificial intelligence (AI) models are getting better at analyzing medical images, which helps with more precise diagnoses. This development could lead to better healthcare results and even save lives. Platforms and tools are being created to make it simpler for companies and individuals to use generative AI without needing highly skilled technical knowledge. As generative AI gains strength, worries about its possible abuse and ethical use are mounting. Regulation of Generative AI is becoming a more prominent topic of discussion. These talks focus on striking a balance between security and innovation. This factor is expected to drive the growth of the Generative AI market.
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GENERATIVE AI MARKET SHARE
The future of labor in the United States is being profoundly impacted by generative AI. It is included in federal investment plans focused on infrastructure development and technological upgrading and falls under the automation category. The application of generative AI techniques has become widespread throughout Europe. It is among the areas where adoption rates are greater. The influence of Generative AI is evident across multiple sectors and uses, which further enhances its standing as one of the leading developing technologies.
In terms of technology, the generative AI market in 2022 had the largest market share held by the generative adversarial networks (GANs) sector. This is explained by the amazing power of GANs in producing a wide range of different and incredibly realistic content. With a generator network producing fake data and a discriminator network assessing its veracity, GANs function in a competitive environment.
Adobe, Amazon Web Services, Inc., D-ID, Genie AI Ltd., Google LLC, IBM Corporation, Microsoft Corporation, MOSTLY AI Inc., Rephrase.ai, and Synthesia are a few of the major companies that are highlighted in the research. In order to improve their market share and solidify their positions in the generative AI industry, these businesses have employed a variety of tactics.
Generative AI Market by Component (Software, Services), by Technology (Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks), by End User (Media and Entertainment, BFSI, IT and Telecom, Healthcare, Automotive and Transportation, Others)
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