Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) -- The "Generative AI Market Size, Share & Trends Analysis Report By Component (Software, Service), By Application (Computer Vision, NLP), By End-use (BFSI, Healthcare), By Model, By Technology, By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global generative AI market is poised for significant growth, with a projected market size of USD 109.37 billion by 2030 and an expected compound annual growth rate (CAGR) of 35.6% from 2023 to 2030.
Several key factors are driving this growth:
- Evolution of AI and Deep Learning: Advancements in artificial intelligence (AI) and deep learning technologies are contributing to the growth of the generative AI market. These technologies are enabling innovative applications and content creation.
- Rise of Creative Applications and Content Creation: Generative AI is empowering creative applications and content creation across various industries. This trend is enhancing productivity and fostering innovation.
- AI-Powered Gaming: The introduction of AI-powered gaming with high-level visuals, graphics, interactivity, and realism is boosting the generative AI market.
- Innovation in Cloud Storage: Innovations in cloud storage solutions are allowing easy data access and supporting generative AI applications.
- Positive Impact of COVID-19: The COVID-19 pandemic accelerated the adoption of machine learning and AI, benefiting significant market players such as Microsoft, IBM, Google, and Amazon Web Services.
Key Market Highlights:
- Software Segment: The software segment holds the highest revenue share (64.8%) in 2022 and is expected to retain its position. Generative AI-based software offers benefits such as improved image resolution, reduced conversion time, enhanced performance, and quick availability of output.
- Transformers Technology: Transformers dominate the market with a 41.5% share in 2022. The diffusion networks segment is expected to grow at the fastest CAGR of 38.1% over the forecast period.
- Media & Entertainment: The media & entertainment segment accounted for the highest revenue share (22.7%) in 2022. Generative AI is increasingly adopted for better advertisement campaigns and digital platforms, driving demand in this sector.
- Regional Growth: North America leads the market with a 40.2% share in 2022 and is expected to grow at a CAGR of 35.6%. Asia-Pacific is projected to grow at the highest CAGR (over 36.5%) due to developing technology infrastructure and government initiatives.
Key Players in the Market:
- Adobe Inc.
- Amazon Web Services, Inc.
- D-ID
- Genie AI Ltd.
- Google LLC
- International Business Machines Corporation
- Microsoft Corporation
- MOSTLY AI Inc.
- Rephrase.ai
- Synthesia
The generative AI market is characterized by dynamic growth, driven by the convergence of advanced technologies and creative applications. This report offers a comprehensive understanding of current and emerging trends in the generative AI market, making it a valuable resource for organizations aiming to harness the potential of generative AI and stay ahead of the competition.
For more information about this report visit https://www.researchandmarkets.com/r/qv9645
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