New York, April 03, 2023 (GLOBE NEWSWIRE) --
The global generative AI in business market was worth USD 1.2 billion in 2022. This market is expected to reach USD 20.9 billion by 2032 with a CAGR of 33.5% in the forecast period of 2023-2032. Generative AI is a set of algorithms capable of generating apparently realistic content such as images, audio, and text for training the data. The generative AI algorithm is made of models that are trained on large quantities of data in self-monitoring techniques to recognize the essential pattern for a wide range of tasks.
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Key Takeaway:
- By Component, the Software segment held a dominating revenue share of more than 70.0% in 2022
- By System type, the text models category had the highest revenue share in 2022.
- By End-use, with a major market share, the IT & telecommunication sector led the market in 2022
- North America held a revenue share of approximately 37% in 2022
- Asia Pacific market is anticipated to record the fastest-growing CAGR during the forecast period.
The rising usage of generative AI has the ability to evolve for business. This technology allows for the creation of content with the help of learning from existing data; it has the ability to change industries and transform the way companies work. Machines can create new things such as poetry, write code, and stories, design 3D products, and create images and videos with little to no human help.
Factors affecting the growth of Generative AI in the Business Market?
Several factors can affect the growth of generative AI in business market. Some of these factors include:
- Focus of Companies on Cost Reduction and Improving Efficiency: The use of generative AI in business is allowing companies to reduce their cost and automate their process, which reduces errors.
- Advancements in Technology: key players are investigating the technologies such as Machine Learning (ML) and Artificial Intelligence (AI). Another advantage of technology is developing an AI that can change the way of data collection, data integration, analysis, and deployment.
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Top Trends in Global Generative AI in Business Market
global adoption of generative AI in content writing, media & entertainment, IT & telecommunication for smart processing of poor-resolution images and videos is also creating market growth. The growing demand for generative AI in the healthcare business for the interpretation of several products such as prosthetic limbs as well as organic molecules from basics using 3D printing solutions, which creating positive demand in the market.
Market Growth
The significant growth in the IT sector with increasing usage of artificial intelligence integrated systems over various verticals for increasing productivity and sharpness is primarily propelling the global generative AI in business market. The rising perception of generative AI among the BFSI industry for synthetic data generation, fraud detection, trading prediction, and risk factor modeling drives this market revenue growth.
Regional Analysis
North America leads the generative AI in business market by accounting for a major revenue share of 37%. The growth of the North American region is due to the presence of many major key players in countries like the United States and Canada. Increasing adoption of generative AI in business by various businesses in the region is driving the growth of the generative AI in business market in the North American region.
Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period. The growth of the Asia Pacific region is attributed to the rising demand for AI-based solutions in the region. Many businesses are adopting generative AI in business, which is fueling the growth of generative AI in the business market of the region.
Competitive Landscape
The competitive landscape of the market has also been examined in this report. Some of the major players include Microsoft Corporation, Open AI, Google LLC, Genie AI Ltd., IBM Corporation, MOSTLY AI Inc., Veesual AI, Adobe Inc., Synthesis AI, Paige.AI, Rephrase.ai, and Other Key Players.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 1.2 Billion |
| Market Size (2032) | USD 20.9 Billion |
| CAGR (from 2023 to 2032) | 33.5% |
| North America Revenue Share | 37% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Generative AI can transform computer-generated voice into sounds like absolutely human. Synthesis is one of the major and crucial AI text-to-speech generators. This platform is leading from the front for developing algorithms of videos text-to-voice and applicable in business. The rising ultimatum for advanced manufacturing with critical designs and the need to reduce the size while upgrading automotive performance is registered to drive this market growth.
Market Restraints
When generative AI allows machines to generate new content efficiently, that also has limitations. The use of generative AI in business is still in its early stages, requiring an expert workforce and huge investments for implementation.
Market Opportunities
The market key players, such as Microsoft and Apple, are increasing their investments in R&D. In addition, key players are investigating the technologies such as Machine Learning (ML) and Artificial Intelligence (AI). The AI service provider introduces an initiative focused on AI and ML, some advanced experiments, and working on generative AI planned in business. The market is expected to experience significant growth opportunities as various businesses are developing and experimenting with implanting generative AI in business with their products and services.
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Report Segmentation of the Generative AI in the Business Market
Component Insight
Based on components, the market is divided into software and services. The software segment recorded as the largest revenue share of 70% in 2022 is expected to dominate the market over the forecast period. The growth of the software segment can be registered to factors like growing false activities, unexpected outcomes, overestimation of capabilities, and rising concerns about data privacy. In addition, the service segment is expected to register the fastest-growing CAGR during the forecast period. The increase in growth of the segment can be registered to the growing concerns over the privacy of data, trading prediction, fraud detection, and risk modeling.
System Type Insight
Based on system type, global generative AI in business market is classified into text models and multimodal models. Among these models, the text model leads over the multimodal models by the presence of various text models like GPT-3, LaMDA, and LLaMA. GPT-3 is used to generate high-quality text. Multimodal models are expected to register a significant demand due to the presence of models like GPT-4, Stable Diffusion, DALL-E, and Progen. GPT-4 is multimodal which helps to generate the text by processing the image into text or text into text.
End-User Insight
Small business owners can better understand how various factors, such as location and customer preferences, may affect their operations with the aid of generative AI. It offers powerful tools for helping businesses identify patterns related to their industry or product categories to optimize processes and identify opportunities for innovation faster than manual methods. It is a powerful tool for small companies to gain greater precision when targeting customers with relevant offers while saving resources spent on inefficient marketing efforts. Along with improving efficiency and lowering costs, it can also give important insights into how various factors may affect business operations.
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Market Segmentation
Based on Component
- Service
- Software
Based on the System Type
- Text Models
- GPT-3
- LaMDA
- LLaMA
- Multimodal Models
- GPT-4
- DALL-E
- Stable Diffusion
- Progen
Based on End-Use
- BFSI
- Manufacturing
- Customer Support
- Content Writing
- IT & Telecommunication
- Healthcare
- Automotive & Transportation
- Retail Industry
- Other End Uses
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players
- Open AI
- Microsoft Corporation
- Google LLC
- Genie AI Ltd.
- IBM Corporation
- MOSTLY AI Inc.
- Veesual AI
- Adobe Inc.
- Synthesis AI
- Paige.AI
- Rephrase.ai
- Other Key Players
Recent Development of the Generative AI in Business Market
- March 2023- The startup OpenAI on Tuesday said it is beginning to release a powerful artificial intelligence model known as GPT-4, setting the stage for human-like technology to proliferate and more competition between its backer Microsoft Corp (MSFT.O) and Alphabet Inc's (GOOGL.O) Google.
- March 2023 - Microsoft, outpacing peers through investments in ChatGPT's creator OpenAI, also showcased a new "business chat" experience that can pull data and perform tasks across applications on a user's written command.
Related Reports:
- Generative AI market accounted for USD 10.6 billion In 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 31.4%.
- Generative AI in the fashion market was valued at USD 69 Mn In 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 36.9%.
- Generative AI in the Music Market was valued at USD 229 million In 2022. Between 2023 and 2032, this market is estimated to register the highest CAGR of 28.6%.
- Artificial Intelligence market size was valued to be worth USD 129.28 billion in 2022. From 2023 to 2032, it is estimated to reach USD 2745 billion growing at a CAGR of 36.8%.
- Virtual event market size is expected to reach approximately USD 1,066 billion by 2032 and exhibiting a CAGR of 18.8% from 2023 to 2032.
- Digital Asset Management market is encouraged to reach usd 15.2 billion by 2032, revenue to index 13.8% cagr (compound annual growth rate) over the next 10 years (between 2023 and 2032).
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