Generative AI Market – Global
Generative AI is an artificial intelligence framework that can generate different content and synthetic data.
Recently, generative AI has been propelled by the ease of use of new user interfaces for quickly creating high-quality text, pictures, and movies.
Developers are investigating ways generative AI may improve existing workflows, redesigning workflows to take advantage of the technology entirely.
Some popular generative AI interfaces include ChatGPT, Dall-E, and Bard.
Market Size and Potential Growth
In 2022, the Global Generative AI market was valued at $10.79 billion and will increase and reach $14.4 billion by the end of 2023.
The Global Generative AI market is predicted to grow at an approximate CAGR of 33.6% during the forecasted period and reach $109.37 billion by 2030.
The market is mainly fueled by the enormous growth of the IT industry and the increasing use of AI-integrated systems throughout several verticals to increase productivity and agility.
The North America region held the largest market share in 2022.
Top Global Companies
Top Generative AI Applications and Tools
Market – Dynamics & Segmentation
DRIVERS
➟ Increase investment in AI and machine learning.
➟ Increase in demand for generative AI applications in industries.
➟ Easy access to data through cloud innovation
CHALLENGES
➟ Risks associated with data breaches & information leaks
➟ Complexity and technical challenges
Global Generative AI Market Segmentation – By Region
➟ In 2022, the North America market segment held the largest share of approximately 40.2% of the global generative AI market.
➟ This was followed by the Europe region which held ~30% market share.
Global Generative AI Market Segmentation – By Technology
➟ In 2022, under the technology segment, Transformers held the largest share of around 44% of the global generative AI market.
➟ The Generative Adversarial Networks (GANs) held ~30%, followed by Variational Auto-Encoders at around 20%.
MUST READ: Generative AI Market Statistics
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Data Sources: GlobeNewswire, Grand View Research, TechTarget, and other sources.
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