New York, USA, Aug. 24, 2023 (GLOBE NEWSWIRE) -- According to the research report published by Market Research Future (MRFR), “Generative AI Market Information Deployment Mode, By Component, By End Use, By Industry Vertical and By Region – Market Forecast Till 2032”. The Generative AI Market could thrive at a rate of 56.6% between 2023 and 2032. The market size will be reaching around USD 404.8 Billion by the end of the year 2032.
Generative AI Market Drivers:
Advances in Deep Learning Architectures and Algorithms to Boost Market Growth:
Architectures and deep learning algorithms have made considerable strides in recent years. The market for generative AI has expanded significantly as a result of these breakthroughs. Complex neural networks have become effective tools for producing imaginative and realistic material, such as the generative adversarial networks and variational autoencoders (VAEs). The capabilities of the generative AI models are improved by the ongoing improvement of these algorithms and frameworks, which promotes their use across several sectors.
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Key Players:
Eminent market players profiled in the global generative AI market report include,
- Microsoft (US)
- IBM (US)
- Google (US)
- AWS (US)
- META (US)
- Adobe (US)
- OpenAI (US)
- Simplified (US)
- Insilico Medicine (Hong Kong)
- Genie AI (UK)
- Lightricks (Israel)
- Lumen5 (Canada)
- GIPHY (US)
- Dialpad (US)
- Persado (US)
- Codacy (Portugal)
- Paige.AI (US)
- Riffusion (US)
- Play.ht (India)
- Speechify (US)
- Media.io (France)
- Midjourney (US)
- FireFlies (US)
- Brandmark.io (Netherlands)
- Morphis Technologies (Portugal)
- Synthesia (UK)
- Mostly Al (Austria)
- Veesual (France)
- Deep AI (US)
- Galileo (US)
- Excel Formula Bot (Florida)
- JetBrains (Czech Republic)
- Character.AI (US)
- GFP-GAN (US)
- Fontjoy (Italy)
- Eleuther AI (US
- Starry AI (US)
- Magic Studio (US).
Scope of the Report - Generative AI Market:
| Report Metrics | Details |
| Market Size by 2032 | USD 404.8 Billion |
| CAGR during 2023-2032 | 56.6 % |
| Base Year | 2022 |
| Forecast | 2023-2032 |
| Key Market Opportunities | Rising acceptance of data-centric production approaches- Data-centric design has many advantages for industrial enterprises, including increased revenue, lower costs, improved productivity, and better risk management. |
| Key Market Dynamics | Expanding the use of machine learning across business verticals - Machine learning and its subsets can be applied to a wide range of problems, jobs, and applications. Providing condensed versions of discussions, articles, emails, and web pages |
Opportunities:
Increasing Adoption in Design, Healthcare, and Gaming to offer Robust Opportunities:
Significant interest has been shown in generative AI across a range of sectors, including design, gaming, and healthcare. It is essential to the healthcare industry's ability to identify new drugs, analyze medical images, and prescribe tailored treatments. Generative AI facilitates the creation of compelling virtual worlds and realistic characters in the game industry. In addition, it helps with fashion design, graphic design, and architectural modeling, all of which are crucial in the domain of design. Generative AI is a vital technology because of its adaptability and wide variety of potential uses.
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Generative AI Market Segmentation:
The global generative AI market is bifurcated based on industry vertical, end use, technology, and component.
- Based on component, software will lead the market over the forecast period.
- By technology, transformers will domineer the market over the forecast period.
- By end use, large language model will spearhead the market over the forecast period.
- By industry vertical, manufacturing and healthcare will head the market over the forecast period.
Restraints and Challenges:
Data Security to act as Market Restraint:
Data Security, privacy-related concerns, lack of expert workforce, and high initial cost for setting up a generative AI system may act as market restraints over the forecast period.
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COVID-19 Analysis:
Lockdowns and industrial closures have disrupted the supply chain, delaying the development and implementation of new products. A lack of hardware & software components was to blame for this. Additionally, businesses' budget cuts during the economic crisis resulted in a decline in income for market participants, which resulted in a decreased demand for the generative AI goods and services. The epidemic has, however, also had some positive repercussions. Applications of generative AI are increasingly in demand in the healthcare sector. By tracking the development of the disease and aiding in the development of treatments, this technology had been utilized to create predictive models for the spread of COVID-19. In spite of the difficulties, there has also been an increase in investment in the research and development. Businesses are aggressively working to create solutions for brand-new issues brought on by the epidemic. Predictive modeling for upcoming pandemics, virtual events, and remote learning & collaboration are all growing in popularity.
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Regional Analysis:
North America to Head Generative AI Market:
In terms of market share for Generative AIs, North America grabbed the greatest market share of 42.10% in 2022, and it is anticipated that this dominance will last the entire projected period. The implementation of the generative AI applications within a variety of domains, such as drug development, contact tracking, remote healthcare disinformation detection, and epidemiological modeling, has been made possible by the fast proliferation of digital platforms, especially during pandemics. In terms of market share for generative AI, North America led in 2022.
This is due to an increase in demand for the pre-training model on substantial volumes of data and optimizing them for certain tasks. Furthermore, it has been demonstrated that language models like GPT-3 perform exceptionally well in tasks like language translation, summarization, & text completion, and it is anticipated that more industries will employ these models.
APAC to Have Admirable Growth in Generative AI Market:
In comparison to the world average, the Asia Pacific area is anticipated to develop rapidly. This is a result of emerging nations' ongoing attempts to move towards autonomous solutions in order to increase the GDP contribution of the service sector and facilitate trade in the area. For instance, the Chinese government unveiled its National Artificial Intelligence Development Plan in 2017 with the goal of dominating the field by 2030. The strategy encourages investments in research, the talent development, & infrastructure while emphasizing the development of essential AI technologies, particularly generative AI.
Additionally, India plans to take use of the potential of artificial intelligence to support broad-based economic development. The Indian government has been inclined to assist entrepreneurship and innovation in new technologies through the Atal Innovation Mission. This program supports the growth of the generative AI applications throughout the predicted period by offering funding and mentoring to entrepreneurs engaged in the AI industry and other cutting-edge technologies.
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