Major players in the generative ai market are International Business Machines Corporation, iGenie, Mostly AI, Google LLC, D-ID , Amazon Web Services Inc., Rephrase.ai, Microsoft Corporation, Adobe Inc., Synthesia, Paige AI Inc., VEESUAL, Ordaos Bio, Inworld AI, and Oracle Corporation.
The global generative AI market is expected to grow from $10.28 billion in 2022 to $13.69 billion in 2023 at a compound annual growth rate (CAGR) of 33.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The generative AI market is expected to reach $42.68 billion in 2027 at a CAGR of 32.9%.
The generative AI market consists of revenues earned by entities by providing services such as customer data analysis, generation of personalized product recommendations, curation of custom journeys, and other related services.The market value includes the value of related goods sold by the service provider or included within the service offering.
The generative AI market also includes sales of image generators, video generators, design generators, voice generators, text generators, code generators products.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Generative AI is a form of artificial intelligence (AI) system that generates new outputs based on data and can produce a variety of content such as text, images, audio, and synthetic data. It processes enormous volumes of data and generates unique outputs using unsupervised or semi-supervised learning.
North America was the largest region in the generative AI market in 2022. The regions covered in generative AI report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main components of generative AI are software, and services.Generative AI software is software that is used by developers to easily and quickly implement machine learning models.
The various offering type includes image, video, speech, and others. The various technologies include generative adversarial networks (gans), transformers, variational autoencoder, and diffusion networks, that are used by various end-users such as media and entertainment, BFSI(banking, financial services, and insurance), IT and telecom, healthcare, automotive and transportation, and others.
The increasing usage of artificial intelligence is expected to boost the growth of the generative AI market going forward.Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems and other smart tools and software’s.
Generative AI automatically creates incredibly realistic and interactive virtual environments, decreasing the time and effort required to generate these environments while increasing their realism and interactivity.For instance, in December 2021, according a survey on 1843 participants conducted by McKinsey & Company, a US-based management consulting company, in emerging economies, 57% of respondents report AI adoption, 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.Major companies operating in the generative AI market are focusing on developing new technologies.
For instance, in January 2023, NVIDIA Corporation, a US-based technology company, launched new metaverse technologies for enterprises with a suite of generative AI tools.This technology’s unique feature is the addition of a group of innovative generative AI tools for 3D artists, such as Audio2Face, Audio2Gesture, and Audio2Emotion, that allow users to animate 3D characters.
Producers may now use Audio2Face to create facial expressions from audio files, as well as Audio2Emotion to create emotions and Audio2Gesture to create gestures, with the updated versions of these tools.
In February 2023, Google, a US-based technology company, acquired a stake in Anthropic PBC for a deal of 300 million dollars.Through this acquisition, Google is anticipated to acquire a stake of approximately 10%, allowing Anthropic to use the funds to purchase computing resources from the search company’s cloud computing division.
With Google’s assistance, Anthropic aims to continue exploring and developing generative AI technology. Anthropic PBC is a US-based generative AI company.
The countries covered in the generative AI market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The generative AI market research report is one of a series of new reports that provides generative AI market statistics, including generative AI industry global market size, regional shares, competitors with a generative AI market share, detailed generative AI market segments, market trends and opportunities, and any further data you may need to thrive in the generative AI industry. This generative AI market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.