Generative AI Market Size
The Business Research Company recently published a comprehensive report on the analysis of global generative AI market size and trends with forecast 2024-2033. This latest market research report offers a wealth of valuable information and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and data critical to success in the industry.
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According to The Business Research Company, the size of the generative AI market has grown exponentially in recent years. It will grow from $13.64 billion in 2023 to $18.1 billion in 2024, at a compound annual growth rate (CAGR) of 32.7%. The growth over the historical period can be attributed to advancements in computing power, data availability, research and development, industrial applications, and breakthroughs in deep learning.
The generative AI market size is expected to grow exponentially over the next few years. It will reach $57.96 billion in 2028, at a compound annual growth rate (CAGR) of 33.8%. The growth during the forecast period can be attributed to AI hardware innovations, cross-industry integration, ethical considerations in AI, autonomous systems, and adoption of edge computing . Key trends in the forecast period include proliferation, personalization and personalization of AI-generated content, cross-domain applications, ethical AI and bias mitigation, human-AI collaboration.
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Market Drivers and Trends:
The increasing use of artificial intelligence is expected to drive the growth of the generative AI market in the future. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, particularly computer systems and other intelligent tools and software. Generative AI automatically creates incredibly realistic and interactive virtual environments, reducing the time and effort required to generate these environments while increasing their realism and interactivity. For example, as of December 2021, according to a survey of 1,843 participants by McKinsey & Company, a US-based management consulting firm, in emerging economies, 57% of respondents say they have adopted AI, up from 45% in 2020. Therefore, the rising need to create virtual worlds is driving the growth of the generative AI market.
Technological advancement is the key trend gaining popularity in the generative AI market. Large companies operating in the generative AI market are focusing on the development of new technologies. For example, in January 2023, NVIDIA Corporation, a US-based technology company, launched new metaverse technologies for businesses with a suite of generative AI tools. The unique feature of this technology is the addition of a group of innovative generative AI tools for 3D artists, such as Audio2Face, Audio2Gesture and Audio2Emotion, which allow users to animate 3D characters. Producers can now use Audio2Face to create facial expressions from audio files, as well as Audio2Emotion to create emotions and Audio2Gesture to create gestures, with updated versions of these tools.
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Top Key Market Players:
Alphabet Inc., Microsoft Corporation, Meta Platforms Inc., Dell Technologies Inc., Amazon Web Services Inc., Amazon Web Services Inc., Siemens AG, General Electric Company, Intel Corporation, Lenovo Group Ltd., International Business Machines Corporation, Cisco Systems Inc., Oracle Corporation, SAP SE, Tata Consultancy Services Limited, NVIDIA Corporation, Salesforce Inc., Adobe Inc., Wipro Limited, VEESUAL, OpenAI LP, Larsen & Toubro Technology Services Limited, iGenie, Paige AI Inc., Synthesia, Inworld AI, Ordaos Bio, Rephrase.ai, D-ID, mainly AI
Key Insights of Generative AI Market 2024:
• The generative AI market size is expected to grow exponentially over the coming years. It will reach $57.96 billion in 2028, at a compound annual growth rate (CAGR) of 33.8%.
• Growing demand for artificial intelligence propels generative AI market growth
• Technological advancement for the development of the metaverse
• North America was the largest region in the generative AI market in 2023.
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