Generative AI Market size to grow by USD 34.70 billion, 66% of market growth is expected in North America, Technavio

NEW YORK, March 25, 2024 /PRNewswire/ -- The Global Generative AI market size is forecast to increase by USD 34.70 billion at a CAGR of 32.65% between 2022 and 2027. North America is estimated to contribute 66% to the growth of the global market during the forecast period. The growth of the market will be driven by the Increasing demand for AI-generated content, Increasing adoption of generative AI in various industries, and Emergence of fully autonomous generative AI solutions.

Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. 

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Technavio has extensively analyzed 15 major vendors, including Accenture Plc, Adobe Inc., Alphabet Inc., Altair Engineering Inc., Amazon.com Inc., Autodesk Inc., DataRobot Inc., De Identification Ltd., Diabatix NV, Genie AI Ltd., Hexagon AB, International Business Machines Corp., LeewayHertz, Microsoft Corp., MOSTLY AI Solutions MP GmbH, nTopology Inc., NVIDIA Corp., OpenAI L.L.C., Rephrase Technologies Pvt. Ltd., and Synthesia Ltd.

Vendor Offering -

• Accenture Plc: The company offers services such as Accenture , which is a suite of tools that help businesses build and deploy applications.
• Adobe Inc: The company offers such as Adobe Sensei, which is a suite of AI-powered tools that help users create, edit, and deliver content more efficiently.
• Alphabet Inc: The company offers Google Cloud AutoML, which is a suite of tools that help developers build custom machine learning models without having to write any code.

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• The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
• It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
• The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.

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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio

• One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage. 
• Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
• Furthermore, market adoption rates for all regions have been covered.

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Segmentation Assessment

The market is segmented by Component (Software and Services), Technology (Transformers, Generative adversarial networks (GANs), Variational autoencoder (VAE), and Diffusion networks ), and Geography (North America, APAC, Europe, South America, and Middle East and Africa).

• The software segment undergoes significant change with growing demand for data analysis and unique outputs across enterprises. Leading examples like GPT-4 and StyleGAN utilize deep learning and machine learning techniques, catering to applications such as content creation, customer service automation, and virtual modeling in fashion. This trend propels market growth.
• The transformer segment is poised for growth, driven by its ability to produce high-quality datasets and content effortlessly. Offering robust solutions for ML tasks handling large and complex data volumes, transformers ensure accurate and realistic outputs, especially in natural language processing. This versatility fuels its adoption across enterprises, propelling market expansion.

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Regional Analysis:

North America is estimated to contribute 66% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the global market in North America is factors such as advancements in machine learning and natural language processing that led to the development of innovative solutions that have transformed several industries in the region. Some of the key industries that are transformed due to the development of the market include the health sector and financial sector. For instance, AI-powered tools are widely utilized across companies to give personalized investment expertise advice to clients. Hence, such wide applications of AI-based tools across enterprises are expected to drive global market growth during the forecast period.

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What are the key data covered in this Generative AI Market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the Generative AI Market between 2023 and 2027
• Precise estimation of the size of the Generative AI Market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the Generative AI Market industry across North America, APAC, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of Generative AI Market vendors

Analyst Review:

The Generative Artificial Intelligence (AI) Market is witnessing exponential growth, driven by advancements in machine learning algorithms, deep learning technology, and neural network models. These developments have fueled the proliferation of AI-powered solutions across various industries, enabling automated data analysis, predictive modeling, and intelligent automation.

AI-driven applications leverage natural language processing, cognitive computing systems, and algorithmic innovation to facilitate data-driven decision-making and autonomous systems. With the rise of AI software development, organizations are adopting smart algorithms and advanced analytics to harness machine-generated content and self-learning systems for cognitive computing.

Generative algorithms play a crucial role in enabling AI-driven creativity, automated pattern recognition, and intelligent data processing. Neural network architecture and deep learning algorithms contribute to the development of self-improving systems and intelligent predictive analytics.

Market growth analysis indicates a promising outlook for the generative AI market, with significant opportunities for startups and established players to innovate and integrate AI-driven solutions across various sectors, including healthcare, design, and audio.

As organizations increasingly embrace AI applications such as chatbots and AI-driven responses, the competition in the artificial intelligence market intensifies, driving further innovation and integration of generative artificial intelligence technologies. Market research and growth forecasts underscore the immense potential of AI-driven capabilities in revolutionizing industries and shaping the future of intelligent automation.

Market Overview:

The Generative Artificial Intelligence (AI) Market is driven by advancements in machine learning, deep learning, and neural network technologies. AI-powered solutions enable automated data analysis, predictive modeling, and intelligent automation, revolutionizing various industries. With cognitive computing systems and natural language processing capabilities, AI applications facilitate complex problem-solving and decision-making processes. Innovative generative algorithms drive creativity and innovation, generating machine-generated content and insights. Market growth analysis and forecasting play crucial roles in guiding organizations and startups in leveraging AI capabilities effectively. As AI continues to evolve, businesses integrate smart automation and predictive analytics to gain a competitive edge. From chatbots to healthcare solutions, the Generative AI market presents vast opportunities for innovation and disruption across diverse sectors. The market offers products like ChatGPT, enhancing music and activities through neural networks. With increasing demand and supply for AI-powered activities, the market shows promising growth prospects.

Related Reports: 

• The Artificial Intelligence (AI) Market size is estimated to grow at a CAGR of 22.26% between 2022 and 2027. The size of the market is forecast to increase by USD 125.3 billion. 
• The Mobile Artificial Intelligence (AI) Market size is projected to increase by USD 39.91 billion, at a CAGR of 26.78% between 2023 and 2028.

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