Dublin, June 05, 2023 (GLOBE NEWSWIRE) -- The "Global Generative Ai Market Size, Trends & Growth Opportunity, by Component, by Technology, by End-user by Region and Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The Global Generative AI Market was valued at USD $9.8 billion in 2021 which is expected to reach USD 105.3 billion by 2027 at a CAGR 8.11%.
Companies Mentioned
- Synthesia
- MOSTLY AI Inc.
- Genei AI Ltd.
- Amazon webservices Inc.
- IBM
- Google LLC
- Microsoft
- Adobe
- Rephrase.ai
- D-ID
The branch of artificial intelligence known as generative intelligence (GenAI) can produce a wide variety of data, including audio, code, photos, text, simulations, 3D models, films, and so forth. It draws inspiration from existing data but also produces novel and unexpected results, setting new standards in a variety of fields like as product design and the arts.
Market Drivers
Any computer-generated voice can be made to sound like a real person using generative AI. One of the most well-known and influential AI text-to-speech generators is called Synthesis, and anyone may use it to quickly produce a professional AI voiceover or video. This platform is at the forefront of creating algorithms for advertising-use videos with text-to-voiceover.
With the aid of Synthesis Text-to-Video (TTV) and Text-to-Speech (TTS) technologies, which transform a script into compelling media presentations and so fuel the market's growth, imagine having a natural human voice to improve website explainer films or product tutorials in minutes.
Market Restraints
While generative AI effectively enables machines to produce new content, it also has some restrictions. The adoption of generative AI still needs significant funding and a trained team because it is in its early phases.
According to IBM's worldwide AI adoption index report 2022, 34% of respondents believed that industries were unable to implement AI because of a lack of information, competence, or skills in the field. As a result, it is projected that the demand for an experienced workforce and high implementation costs will restrain the market's expansion.
Market Segmentation
By Component
- Software
- Services
By Technology
- Transformers
- Variational and Encoders
- Diffusion Networks
By End Users
- Media and Entertainment
- BFSI
- IT & Telecommunication
- Healthcare
- Automotive & transportation
- Others
By Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
For more information about this report visit https://www.researchandmarkets.com/r/i4sv1o
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