Evolve Business Intelligence has published a research report on the Global Generative AI Market, 2023–2033. The global Generative AI market is projected to exhibit a CAGR of around 38.68% during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Generative AI Market: Synthesia, Adobe, D-ID, Google LLC, MOSTLY AI Inc, Microsoft Corporation, Amazon Web Services Inc, IBM Corporation, Rephrase.ai, Genie AI Ltd.
Market Highlights
The Generative AI market is projected to be valued at USD 1.96 Billion by 2033, recording a CAGR of around 38.68% during the forecast period. Generative AI refers to a class of artificial intelligence systems designed to generate or create new content, such as text, images, music, or other data, that resembles human-generated content. These models are typically based on deep learning techniques and are trained on large datasets to learn patterns and structures present in the data. Generative AI models, such as Generative Adversarial Networks (GANs) or autoregressive models like OpenAI’s GPT (Generative Pre-trained Transformer), can autonomously produce creative and realistic outputs, enabling applications in various fields, including art, storytelling, image synthesis, and natural language generation.
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The COVID-19 pandemic had a positive impact on the Generative AI market. As the pandemic led to significant disruptions in various industries, organizations turned to AI-driven solutions to address emerging challenges. Generative AI technologies, such as natural language processing and image synthesis, played a crucial role in drug discovery, vaccine development, medical research, and data analysis. Moreover, with remote work becoming the norm, there was an increased focus on automation and AI-driven tools to enhance productivity and efficiency. This surge in demand and adoption of Generative AI applications has led to an expansion of the market and further investment in AI research and development. As a result, the pandemic has accelerated the growth and utilization of Generative AI technologies in diverse sectors, creating new opportunities and advancements in the field.
Segmental Analysis
The global Generative AI market has been segmented based on Offerings, Applications, Verticals, and regions.
Based on the Offerings, the Generative AI market is segmented based on Hardware, Software, and Services. Hardware is expected to have the largest market share throughout the forecast period, while Software is expected to grow at the fastest rate.
Based on the Application, the global Generative AI market has been divided into Natural Language Processing, ML-based Predictive Modeling, Computer Vision, Robotics and Automation, and Others. The Natural Language Processing segments are anticipated to dominate the market.
Based on the Verticals, the global Generative AI market has been divided into Media & Entertainment, Transportation and Logistics, Manufacturing, Healthcare & Life Science, IT and ITES, and Others. The Media & Entertainment segments are anticipated to dominate the market.
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Regional Analysis
The Generative AI market is divided into six regions: North America, Europe, Asia-Pacific, Latin America, the Middle East, and Africa. North America, particularly the U.S., has been a major hub for AI research, development, and innovation. The region has a robust technology infrastructure and investment ecosystem, driving significant advancements in Generative AI technologies and applications. Europe is also a significant player in the Generative AI market, with countries like the U.K., Germany, and France contributing to research and adoption in various sectors, such as healthcare, finance, and manufacturing. Asia-Pacific is experiencing rapid growth in the AI market, with countries like China, Japan, South Korea, and India making substantial strides in Generative AI development and implementation. Latin America, the Middle East, and Africa are regions where AI adoption is on the rise, albeit at a slower pace compared to the aforementioned regions. These regions offer potential opportunities for growth as they explore AI applications in sectors like agriculture, healthcare, and finance.
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