New York, NY, Jan. 20, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Generative AI Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Services); By Technology; By End-Use; By Region; Segment Forecast, 2023 - 2032” in its research database.
“According to the latest research study, the global Generative AI Market size & share are expected to generate revenue of USD 200.73 Billion By 2032 and are estimated to be valued at USD 10.63 Billion in 2022, at a compound annual growth rate (CAGR) of 34.2% from 2023 to 2032”
What is Generative AI? What is the total addressable market size & share for Generative AI?
- Overview
In recent times, generative AI seems to come out as an effective platform everywhere in the mainstream. With the announcement of ChatGPT and the popularity of text-to-image tools, and avatars on social media feeds, generative AI has been creating a series of opportunities for businesses and individuals as well. This software embraces Machine learning and Artificial Intelligence algorithms, which enables computers to produce text, images, audio, and video.
Generative AI pinpoints applications in various sectors, including Healthcare, In GPS, Film Business, and Search Engine services. However, the software also tends to grow with diverse applications across other industries. The generative AI market size is expected to be driven by the increasing use of generative AI for spam detection, image compression, preprocessing data, and noise reduction from visual data. The rising demand for streamlining workflow across industries is further boosting the demand for generative AI applications among industries.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report May Includes:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Key Highlights of the Report
- Market size (value & volume) by company, key regions/countries, products and applications, history data, and forecast
- The value and volume of submarkets, with respect to key regions
- Data on significant drivers, restraints, and opportunities
- Market segment analysis by types, applications, and regions
- Value chain analysis with price analysis and forecast
- Current market trends, application solutions, and market landscapes may be useful to organizations in the industry.
Some of the Top Market Players Are:
- Amazon Web Services.
- Microsoft Corporation
- Genie AI Ltd.
- Synthesia
- MOSTLY AI
- Google LLC
- Rephrase.ai
- Adobe
- Meta
- Oracle Corporation
- Alibaba Cloud
- Baidu
- Hewlett Packard Enterprise Development
- Samsung Electronics
- Intel Corporation
- Siemens
- Salesforce
- NVIDIA
- SAP SE
- SAS Institute
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Market Dynamics:
Key Growth Driving Factors
- Various applications of generative AI across industries to drive the market growth
With generative AI, businesses and organizations can be able to automate complex and manual processes. As a result, they could add value to their business and enhance their productivity along with the new generative pattern and unsupervised machine learning. These benefits offered by generative AI are anticipated to positively influence generative AI market demand. The rising prevalence of audio synthesis through generative AI to convert computer-generated voice into one that sounds like a human-generated voice is one of the key factors accelerating the generative AI industry growth over the forecast period.
Moreover, the growing application of generative AI in healthcare, from creating prosthetic limbs to organic molecules, is projected to propel the demand for generative in the coming years. Also, increasing awareness about the early detection of cancers and effective treatment plans is likely to bolster the growth of the generative AI market over the foreseen period.
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Recent Trends Influencing the Market
Development of AI governance framework and increasing R&D activities to flourish the market growth
- The introduction of various guidelines and the AI governance framework for forming ethical AI is estimated to flourish the market growth. Global key AI service/solution providers, administrative authorities, and governments are taking initiatives to tackle ethical problems around AI and ML technologies.
- Leading companies such as U.S.-based Microsoft and Apple Inc. are increasingly investing in Research & Development activities to make use of generative AI in their products. For instance, in May 2020, World Wide Technology, a technology service provider, announced an initiative that focused on artificial intelligence and machine learning.
Segmental Analysis
- Services segment is likely to generate the fastest growth
Based on the component generative AI market segmentation, the services segment is anticipated to grow at the fastest rate over the forecast period owing to the increasing issues related to data protection, risk factor modeling, trading prediction, and fraud detection. Also, the problems like data losses and security breaches have increased in the last few years among sectors like healthcare and BFSI. Due to such concerns, market players are focusing on developing and improving services to tackle these issues, which is expected to propel the segment growth.
- Transformers segment accounted for the major revenue share
By technology, the transformers category dominated the market in 2022 and is anticipated to maintain its influence over the estimated period. This growth can be attributed to the increased adoption of a range of transformer applications like text-to-image coupled with the growing demand for natural language processing. In addition, rising awareness about the advantages of transformer solutions among users positively favors the segment growth in the market.
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Generative AI Market Report Scope & Trends
| Report Attribute | Details |
| Revenue forecast in 2032 | USD 200.73 Billion |
| Market size value in 2023 | USD 14.26 Billion |
| Expected CAGR Growth | 34.2% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | Amazon Web Services Inc., Microsoft Corporation, Genie AI Ltd., Synthesia, MOSTLY AI Inc., Google LLC, Rephrase.ai, Adobe, Meta, Oracle Corporation, Alibaba Cloud, Baidu Inc., Hewlett Packard Enterprise Development, Samsung Electronics, Intel Corporation, Siemens, Salesforce, NVIDIA, SAP SE, and SAS Institute. |
| Segments Covered | By Component, By Technology, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
North America region witnessed the largest generative AI market share in 2022
On the basis of geography, North America held the greatest revenue share in 2022 and is predicted to show significant growth throughout the projected period. The crucial factors supporting the market growth include the increasing number of several banking frauds and the acceptance of pseudo-imagination & medical care. In addition, growing need for the modernization of workflow across diverse sectors.
Moreover, the generative AI market in the Asia Pacific is estimated to register the fastest CAGR during the foreseen period owing to a surge in favorable initiatives by the government to encourage the adoption and integration of artificial intelligence in a number of applications, particularly in emerging countries like India, China, and South Korea. Further, the regional market is gaining traction because major companies are making efforts to incorporate generative AI in their products.
Browse the Detail Report “Generative AI Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Services); By Technology; By End-Use; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/generative-ai-market
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Recent Developments
- In November 2022, Charli AI introduced Anacaeus, a new AI generative platform for the enterprise. The latest AI platform has been invented to discover, understand, and use facts from millions of pieces of content for generating insights, presentations, spreadsheets, and natural language reports across an enterprise.
Some of The Important Questions Answered in the Market:
- Which region offers the most rewarding open doors for the market?
- What are the business threats and variable scenarios concerning the market?
- Who are the significant players confronting and developing in the market?
- What is the projected size of the market?
- What are the opportunities and threats to which players are exposed in the market?
Polaris Market Research has segmented the generative AI market report based on component, technology, end-user, and region:
By Component Outlook
- Software
- Services
By Technology Outlook
- Generative Adversarial Networks
- Transformers
- Variational Auto-encoders
- Diffusion Networks
By End-Use Outlook
- Media & Entertainment
- BFSI
- IT & Telecommunication
- Healthcare
- Automotive & Transportation
- Others
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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