Portland, OR, Aug. 22, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Generative AI Market by Component (Software and Services), Technology (Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks, and Retrieval Augmented Generation), and End User (Media & Entertainment, BFSI, IT & Telecom, Healthcare, Automotive & Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. According to the report, the global Generative AI industry generated $ 10.5 billion in 2022 and is anticipated to generate $ 191.8 billion by 2032, witnessing a CAGR of 34.1% from 2023 to 2032.
Generative AI is a sector within artificial intelligence that concentrates on the creation or production of novel content, encompassing authentic and real-time images, text, music, and videos. This field involves the training of machine learning models to comprehend and assimilate patterns within existing data, which can then be utilized to generate fresh and distinct content. Generative AI methodologies frequently leverage advanced deep learning algorithms like generative adversarial networks (GANs) and variational auto-encoders (VAEs) to fabricate content that closely mirrors the input data. These models grasp the fundamental patterns and structures inherent in the training data, enabling them to originate new content by extrapolating from acquired knowledge.
Prime Determinants of Growth
The global generative AI market is driven by advancements in deep learning, personalization and customization needs, and advancements in deep learning. However, ethical and privacy concerns and high computational complexity restrain market growth. Nevertheless, integration of generative AI in industry-specific applications is expected to provide remunerative growth opportunities in the upcoming years.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $10.5 Billion |
| Market Size in 2032 | $191.8 Billion |
| CAGR | 34.1% |
| No. of Pages in Report | 296 |
| Segments Covered | Component, Technology, End User, and Region. |
| Drivers | Advancements in deep learning. Growing demand for AI-generated content. Personalization and customization need. |
| Opportunities | Integration of generative AI in industry-specific applications |
| Restraints | Ethical and privacy concerns High computational complexity |
COVID-19 Scenario
- The impact of COVID-19 on the generative AI market has been predominantly positive. This transition led to a shift toward virtual and augmented reality, as well as other forms of digital content. With many people working and learning from home, there was an increase in demand for digital experiences such as virtual tours, online classes, and digital events. As a result, generative AI technologies, such as GPT-3, became increasingly popular for creating realistic and engaging digital content.
- In addition, generative AI can be used to create virtual assistants, such as chatbots and voice assistants that can help consumers with tasks such as scheduling appointments ordering food and answering questions. This can be helpful during the huge restriction on socialization during the pandemic is boosting the market.
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The software segment to maintain its leadership status throughout the forecast period
Based on component, the software segment held the highest market share in 2022, accounting for more than two-thirds of the global generative AI market revenue and is estimated to maintain its leadership status throughout the forecast period, this was attributed to an increase in adoption in various industries. Generative AI is expected to be adopted in a wide variety of industries, including healthcare, finance, and manufacturing. In addition, the surge in advancements in NLP is expected to aid the market growth. However, the service segment is projected to manifest the highest CAGR of 36.3% from 2023 to 2032, owing to the increase in demand for consulting & implementation services. As more companies adopt generative AI, there will be an increase in demand for consulting & implementation services to help organizations effectively leverage the technology, which is expected to positively impact market growth.
The generative adversarial networks (GANs) segment dominated the market share in 2022
Based on technology, the generative adversarial networks (GANs) segment held the highest market share in 2022, accounting for nearly one-third of the global generative AI market revenue, this is because of advances in deep learning and the availability of large amounts of data. As GANs become more powerful, they have the potential to revolutionize a wide range of industries and applications. The key growth trend for GANs includes improving image & video generation, which is driving the growth of the market. However, the retrieval augmented generation segment is projected to manifest the highest CAGR of 38.7% from 2022 to 2032, this is because of its ability to combine retrieval and speech generation, resulting in higher-quality results. They excel at AI conversational apps, enabling more natural interactions with chatbots and virtual assistants. Moreover, the RAG model provides versatility in various tasks such as answering questions, summarizing content, and creating personalized content.
The automotive and transportation segment dominates the market during the forecast period.
Based on end users, the media and entertainment segment held the highest market share in 2022, accounting for more than one-fourth of the global generative AI market revenue, this is attributed due to the integration of generative AI with virtual reality (VR) and augmented reality (AR) technologies has created new avenues for interactive storytelling and immersive experiences. With the ongoing advancements in generative AI algorithms and hardware capabilities, the media and entertainment industry is projected for further growth and innovation in content creation and consumer engagement. However, the automotive and transportation segment is projected to manifest the highest CAGR of 39.4% from 2022 to 2032. The growing interest in autonomous vehicles and the push for sustainable transportation solutions are driving the adoption of generative AI in the automotive industry. Technology’s role in simulating real-world driving conditions accelerates the development and testing of autonomous vehicle technology.
North America garnered the major share in 2022
Based on region, North America held the highest market share in 2022 accounting for nearly two-fifths of the global generative AI market revenue, this is because growth in demand for GANs is being used in various applications such as image generation, super-resolution, and video synthesis is expected to continue to aid the North America generative AI market growth. Moreover, generative is an area of active R&D in the healthcare and biotechnology industry, such as drug discovery, personalized medicine, and medical imaging. This factor is expected to have a positive impact on market growth across North America. However, the Asia-Pacific region is expected to witness the fastest CAGR of 38.5% from 2023 to 2032, many countries in Asia-Pacific are planning to develop & adopt AI, and are investing heavily in R&D, creating opportunities for collaboration & funding for researchers & companies working in this field. Furthermore, this region has a vibrant start-up ecosystem, and many new companies are being formed to develop & commercialize AI technology, including generative AI.
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Leading Market Players: -
- Adobe
- Amazon Web Services, Inc.
- D-ID
- Genie AI Ltd.
- Google LLC
- IBM Corporation
- Microsoft Corporation
- MOSTLY AI Inc.
- Rephrase.ai
- Synthesia
The report provides a detailed analysis of these key players in the global generative AI market. These players have adopted different strategies such as expansion, merger, and product launches to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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