Dublin, May 09, 2024 (GLOBE NEWSWIRE) -- The "Global Generative AI Market by Offering (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LaMDA), Services), Modality (Text, Image, Video, Audio & Speech, Code), Application (Content Management, Search & Discovery), Vertical and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The generative AI market is projected to grow from USD 20.9 billion in 2024 to USD 136.7 billion by 2030, at a compound annual growth rate (CAGR) of 36.7% during the forecast period. The market is anticipated to grow due to the emergence of cloud storage solutions that make data easily accessible, evolution of AI and deep learning and rapid rise in content generation and innovative applications. 
By software type, transformer models segment is expected to register the fastest market growth rate during the forecast period
The transformer models software type of the generative AI market is expected to experience the fastest growth rate during the forecast period due to its unmatched capabilities in natural language processing (NLP) and text generation tasks. Transformer models, such as GPT-3, have demonstrated remarkable success in understanding and generating human-like text, making them invaluable for applications like chatbots, language translation, content creation, and more. As businesses increasingly rely on AI-powered language solutions for customer engagement and data analysis, the demand for transformer-based generative AI software is set to soar, driving the rapid growth of this segment.
By data modality, text modality segment is expected to account for the largest market share during the forecast period
The text data modality segment of the generative AI market is poised to capture the largest market share during the forecast period due to several compelling factors. Text-based generative AI applications, such as natural language processing (NLP) and language generation models, are widely adopted across various industries for tasks like content generation, chatbots, sentiment analysis, and language translation. The growing demand for AI-powered customer service solutions, personalized content creation, and efficient data analysis in sectors like retail, healthcare, and finance is driving the significant growth of this segment. Additionally, the maturity and availability of sophisticated text-based generative AI models have further accelerated adoption, making it the dominant modality in the generative AI market.
By Region, Asia Pacific is slated to grow at the fastest rate and North America to have the largest market share during the forecast period
The Asia Pacific generative AI market is expected to witness the fastest growth rate during the forecast period due to the region's rapid digital transformation, burgeoning adoption of AI technologies across various industries, and government initiatives promoting AI development. Countries like China, Japan, and India are investing heavily in AI research and development, driving the demand for generative AI solutions. On the other hand, North America is poised to hold the largest market share, primarily attributed to the strong presence of key market players, robust technological infrastructure, and early adoption of AI across industries such as healthcare, retail, and automotive. The region's advanced AI ecosystem, including research institutions and tech giants, further solidifies North America's position as a frontrunner in the generative AI market.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 738 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $20.9 Billion |
| Forecasted Market Value (USD) by 2030 | $136.7 Billion |
| Compound Annual Growth Rate | 36.7% |
| Regions Covered | Global |
Premium Insights
- Increase in Demand for Multimodal Generative AI and Improved Performance of Large Language Models to Drive Market Growth
- Synthetic Data Management Segment to Account for Highest Growth Rate During Forecast Period
- Software and Media & Entertainment to be Largest Segmental Shareholders in North American Market in 2024
- North America to Account for Largest Regional Share in 2024
Market Dynamics
- Drivers
- Innovation of Cloud Storage to Enable Easy Access to Data
- Evolution of AI and Deep Learning
- Rise in Content Creation and Creative Applications
- Restraints
- High Costs Associated with Training Data Preparation
- Issues Related to Bias and Inaccurately Generated Output
- Risks Associated with Data Breaches and Sensitive Information Leakage
- Opportunities
- Increase in Deployment of Large Language Models
- Growth in Interest of Enterprises in Commercializing Synthetic Images
- Robust Improvement in Generative ML Leading to Human Baseline Performance
- Challenges
- Concerns Regarding Misuse of Generative AI for Illegal Activities
- Quality of Output Generated by Generative AI Models
- Computational Complexity and Technical Challenges of Generative AI
Case Study Analysis
- Marks & Spencer Enhanced Email Conversion by 20-34% with Persado's Motivation AI
- Vodafone Group PLC Uncovered Key Trends and Rich Insights Through Persado's Motivation AI
- WPP Trained 50,000 Employees with AI Videos
- Teleperformance Trained Global Workforce with Synthesia Studio
- Cisco Scaled Video Content Localization Using Lumen5
- Siemens Digitalized Its Communications with Lumen5
- Intel and Accenture Collaborated to Create Set of 34 Open-Source AI Reference Kits
Technology Analysis
- Key Technologies
- Generative Adversarial Networks (GANs)
- Variational Autoencoders (VAEs)
- Transformer Architecture
- Attention Mechanisms
- Transfer Learning
- Adjacent Technologies
- Natural Language Processing (NLP)
- Computer Vision
- Reinforcement Learning
- Knowledge Graphs
- Complementary Technologies
- High-Performance Computing (HPC)
- Explainable AI
- Privacy-Preserving AI
- Blockchain
Companies Featured
- Microsoft
- Aws
- Adobe
- Openai
- IBM
- Meta
- Anthropic
- Nvidia
- Accenture
- Capgemini
- Insilico Medicine
- Simplified
- Lumen5
- Ai21 Labs
- Hugging Face
- Dialpad
- Persado
- Lightricks
- Paige.AI
- Play.Ht
- Speechify
- Midjourney
- Fireflies
- Synthesia
- Mostly AI
- Character.AI
- Hypotenuse AI
- Viable
- Defog.AI
- Deepsearch Labs
- Writesonic
- Ambersearch
- Copy.AI
- Synthesis AI
- Colossyan
- Inflection AI
- Glean
- Jasper
- Runway
- Inworld AI
- Typeface
- Instadeep
- Forethought
- Together AI
- Upstage
- Mistral AI
- Adept
- Mosaic ML
- Stability AI
- Cohere
- Gfp-Gan
- Fontjoy
- Eleutherai
- Starryai
- Magic Studio
- Baichuan AI
- Salesforce
- Technology Innovation Institute
- Abacus.AI
- Openlm
For more information about this report visit https://www.researchandmarkets.com/r/z4ho6o
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