India, Oct. 20, 2023 (GLOBE NEWSWIRE) -- According to a report published by Evolve Business Intelligence, the Global Generative AI Market is projected to achieve a substantial valuation of USD 144.09 Billion by the year 2033 growing at an impressive compound annual growth rate (CAGR) of more than 38% from 2023 to 2033. This growth is driven by several key factors such as the increasing use of AI systems, and the surge in the use of generative AI in the healthcare industry. The top players in the global generative AI market include Google, Microsoft, IBM, Adobe, and Meta.
Generative AI is an artificial intelligence technique and model that is designed to generate new content that resembles or fits within a certain type of data it has been trained on. It is capable of generating text, images, audio, and other types of content that can be creative and often indistinguishable from content created by humans. The Generative AI market revolves around the development, deployment, and utilization of generative artificial intelligence technologies, tools, and solutions. This market encompasses a wide range of industries and sectors that leverage generative AI to create, enhance, or automate various processes, products, and services.
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Market Segmentation
Hardware Segment to Hold the Largest Share
The Generative AI Market is segmented on the basis of offerings into hardware, software, and services. The hardware segment of the global generative AI market is expected to hold the highest market share in 2023. Dedicated hardware, such as GPUs and TPUs optimized for AI workloads, is crucial for accelerating the training and inference of complex generative AI models. However, due to the availability of cloud-based solutions and the ability to use existing hardware in many cases, the hardware segment's market share is expected to reduce.
Natural Language Processing Dominates the Market in 2023
The natural language processing (NLP) segment is expected to hold the highest market share in the global generative AI market in 2023. NLP is a branch of artificial intelligence that deals with the interaction between computers and human (natural) languages. It is used in a variety of applications, such as text generation, machine translation, and sentiment analysis. The machine learning-based predictive modeling segment is also expected to grow significantly in the coming years. Machine learning is a type of artificial intelligence that allows computers to learn without being explicitly programmed. It is used in a variety of applications, such as fraud detection, risk assessment, and customer segmentation.
Media and Entertainment Dominates the Market in 2023
The media and entertainment vertical is expected to hold the highest market share in the global generative AI market in 2023. This is due to the increasing demand for generative AI-powered applications in the media and entertainment industry for content creation, virtual production, and personalized experiences.
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North America Leads in Market Share, while Asia Pacific Shows Rapid Growth Potential
On the basis of Region, the Generative AI Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is home to a large number of technology companies and research institutions that are developing generative AI applications. The region also has a large amount of data available for training generative AI models. Europe has a strong focus on research and development, and there is government funding available for generative AI projects. The automotive, healthcare, and financial services industries are among the early adopters of generative AI in Europe. Asia Pacific is expected to be the fastest-growing market for generative AI in 2023. Governments and businesses in the region are increasing their investments in generative AI. The manufacturing, retail, and healthcare industries are among the major users of generative AI in Asia Pacific.
The Top 10 Generative AI Companies in the World
The global generative AI market is highly competitive, with a number of major players vying for market share. The top three players in the market are Google, Microsoft, and Adobe. These three companies account for a combined market share of over 65%. The competitive landscape of the global Generative AI market is expected to remain highly competitive in the coming years. This is due to the fact that new players are entering the market on a regular basis and existing players are constantly developing new features and services to stay ahead of the competition. Top 10 Players in the global generative AI market include:
- Microsoft Corporation
- Adobe
- Meta
- IBM
- Genie AI
- Rephrase.ai
- Synthesia
- OpenAI
- MostlyAI
