Pune, India, Aug. 07, 2023 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, global generative AI market size was valued at USD 29 billion in 2022 and is projected to grow from USD 43.87 billion in 2023 to USD 667.96 billion by 2030, exhibiting a CAGR of 47.5% during the forecast period. Rising need to create content is driving the market growth. Fortune Business Insights presents this information in their report titled "Global Generative AI Market Forecast, 2023-2030."
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Generative Artificial Intelligence (AI) is a type of machine learning that can create content such as code, images, audio, simulations, videos, and texts. It is a subset that practices neural networks to identify the structures and patterns within existing data to generate new content.
Key Industry Development
May 2023 – Adobe has launched Generative Fill in Photoshop, having capabilities of Adobe Firefly to design workflow. The new Generative Fill helps to create and design workflows that use simple text prompts and add, remove, or expand image content in seconds.
Key Takeaways
- Generative AI market size in North America was USD 14.49 billion in 2022
- Rising Adoption of AI During Pandemic Aided Market Growth
- Rising Need to Create Content Is Driving Market Growth
- Rising Government Investments in Healthcare Sector to Drive the Market
Discover the Leading Players Featured in the Report:
“Companies leading the global generative AI market are Google LLC (U.S.), IBM Corporation (U.S.), Microsoft Corporation (U.S.), Adobe (U.S.), Amazon Web Services, Inc. (U.S.), Synthesis AI (U.S.), Nvidia Corporation (U.S.), SAP SE (Germany), Accenture (Ireland), Rephrase.ai (U.S.)”
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 47.5% |
| 2030 Value Projection | USD 667.96 Billion |
| Base Year | 2022 |
| Generative AI Market Size in 2022 | USD 29 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 120 |
| Segments covered | Model, Industry and Geography |
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Drivers & Restraints
Rising Necessity to Create a Virtual World Propel Market Growth
Many artificial intelligence (AI) developers use generative AI to create new virtual worlds. Virtual reality (VR) developers use generative AI to create exclusive and immersive gaming environments, and implementing VR games and training simulations use cases has significant benefits, and this will significantly propel the market during the forecast period.
Unresolved generative artificial intelligence (AI) projects and data security concerns negatively impact the generative AI market growth.
Segmentation
By Model
- Generative Adversarial Networks or GANs
- Transformer-based Models
By Industry
- Manufacturing
- Healthcare
- IT & Telecom
- Marketing & Advertising
- Travel & Transportation
- Energy & Utility
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- South America
Regional Insights
Rising Advanced Technological Infrastructure to Boost the Market in North America
The North American market held the largest market share in 2022. North America is expected to dominate the market during the forecast period due to rising research and development activities, advanced technological infrastructure, and leading AI companies' presence in the region.
Asia Pacific is expected to hold the highest CAGR during the forecast period due to the presence of some of the fastest-growing economies worldwide. The region has also witnessed significant growth in AI technologies, which is propelling the market development in the region.
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Competitive Landscape
Key Players Focus on Launching New Generative AI Tools to Boost Market Growth
Many key competitors, including Google LLC, Adobe, and others are introducing new generative AI tools and services to boost their position in the generative AI market during the forecast period. It is observed that significant market players are investing in AI-based infrastructure and startups to grow.
FAQs
How big is the generative AI market?
The generative AI market size was USD 29 billion in 2022. It is expected to reach USD 667.96 billion by 2030.
How fast is the generative AI market growing?
The generative AI market will exhibit a CAGR of 47.5% during the forecast period, 2023-2030.
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