Dublin, Nov. 21, 2024 (GLOBE NEWSWIRE) -- The "Generative AI Software Global Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
The global market for generative AI software has observed a substantial growth at a compound annual growth rate (CAGR) of 35.4% since 2018, reaching nearly $10.45 billion in 2023. Projections indicate a continued expansion with a forecast growth rate of 41% from 2023 to 2028, and the market size reaching a formidable $136.81 billion by the year 2033.
Segment Insights
The generative AI software market is diversified into multiple segments. The software component dominated the market, claiming an 82.1% stake in 2023. Meanwhile, the service segment is projected to experience the most accelerated growth during the forecast period. Large language models (LLMs) are the most significant contributors among model segments, whereas natural language processing (NLP) leads within applications. The fastest-growing applications are expected to be in the content generation area, boasting impressive CAGR projections.
End-User and Regional Dynamics
The media and entertainment industry emerged as the largest end-user segment. However, the healthcare sector is anticipated to witness the quickest growth during the forthcoming period, potentially due to increasing integration of AI in patient care and medical data management. Geographically, North America holds the lion’s share of the market, with the fastest growth projected in the Asia Pacific and North American regions.
Competitive Landscape
The competitive realm of generative AI software is highly concentrated, with major key players commanding a significant portion of the market, characterized by innovative product introductions and strategic investments. These efforts serve to solidify their market presence globally and to respond effectively to the evolving demands of a dynamic technological landscape.
Future Focus
Looking ahead, opportunities within the generative AI software market are abundant. Companies are encouraged to extend their deployment of generative AI, develop advanced technological features, foster innovative solutions, and explore strategic partnerships to harness the full potential of this burgeoning market. By concentrating on operational excellence, new product development, and tailored offerings, particularly in healthcare, enterprises can capitalize on the continued growth and transformative impact of generative AI.
The generative AI software market is demonstrating an extraordinary trajectory of growth and innovation, reinforcing its pivotal role in the burgeoning artificial intelligence ecosystem and defining a new era of digital transformation.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 302 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $10.5 Billion |
| Forecasted Market Value (USD) by 2033 | $136.8 Billion |
| Compound Annual Growth Rate | 29.3% |
| Regions Covered | Global |
Companies Featured
- OpenAI
- Microsoft Corporation
- Alphabet Iinc. (Google LLC)
- Amazon Web Services Inc.
- Anthropic PBC
- Cohere Inc.
- Meta Platforms Inc.
- NVIDIA Corporation
- Glean
- LeewayHertz
- Deloitte
- Megvii (Face++)
- Lexisnexis Risk Solutions
- OnePlus
- INDIAai
- SenseTime
- Baidu
- Alibaba Cloud
- Tencent
- Huawei
- iFlyTek
- DJI
- Pony.ai
- Cambricon Technologies
- Wipro AI Solutions
- Tata Consultancy Services (TCS)
- Infosys AI and Automation
- Preferred Networks
- NEC Corporation
- SK Telecom
- Samsung Electronics
- Canva
- Cochlear Limited
- Gojek
- Traveloka
- Aleph Alpha
- Magora
- Sage
- Elixirr
- Responsum
- Eilla AI
- Salesforce Inc.
- BrainChip Holdings
- LightOn
- Synetec
- Graphcore
- Kalray
- SAP SE
- Yandex
- QED Software
- Tooploox
- Grant Thornton
- Druid AI
- Neoteric (Poland)
- Egis
- SAS
- Dynatrace
- Brandtech Group
- Run:ai
- Global Illumination Inc.
- Rockset
- Stability AI
- Ascendion
- Pencil
- DarwinAI Corp
- IBM Corporation
- Machado Meyer Advogados
- Despegar
- Atento
- Totvs
- Stefanin
- Mercado Libre
- Globant
- Cornershop by Uber
- Arauco
- Grupo Bancolombia
- Rappi
- Intercorp
- Banco de Crédito del Perú (BCP)
- Cerebras Systems Inc.
- QX Lab AI
- Mobileye
- Nvidia Israel
- Saudi Telecom Company (STC)
- Saudi Aramco
- DarkMatter
- Mubadala Investment Company
- Qatar Foundation
- Qatar Airways
- Turkcell
- Türkiye İş Bankası
- Bill & Melinda Gates Foundation
- Vezeeta
- RiseUp
- andela
- Flutterwave
- JUMO
- Sensi.AI
- SafeBoda
- mSCAN
- Cellulant
For more information about this report visit https://www.researchandmarkets.com/r/gziaff
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