Chicago, April 17, 2023 (GLOBE NEWSWIRE) -- The global Generative AI Market size is anticipated to grow at a CAGR of 35.6% during the forecast period, from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, according to a new report by MarketsandMarkets™. The generative AI market is expected to grow at a significant rate during the forecast period, owing to various business drivers. The innovation of cloud storage enabling easy access to data, evolution of AI and deep learning and rise in the era of content creation and creative applications are some factors guiding the growth of the generative AI market.
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Scope of the Report
| Report Metrics | Details |
| Market size available for years | 2019–2028 |
| Base year considered | 2022 |
| Forecast period | 2023–2028 |
| Forecast units | USD (Billion) |
| Segments covered | Offering, Application, Vertical, and Region |
| Geographies covered | North America, Asia Pacific, Europe, the Middle East & Africa, and Latin America |
| Companies covered | Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US), Simplified (US), Insilico Medicine (Hong Kong), Genie AI (UK), Lightricks (Israel), Lumen5 (Canada), GIPHY (US), Dialpad (US), Persado (US) and many more. |
Generative technology, a new form of human-machine partnership that leverages deep learning engines to generate content and ideas like humans, is witnessing rapid investments. Jasper, a generative tech company, reportedly achieved revenue of nearly USD 100 million and a valuation of USD 1.5 billion within 18 months of launching. OpenAI, the company behind GPT-3 and other AI models, is said to be raising capital at a valuation of several billion dollars. Additionally, Anthropic, a prominent AI model builder, has raised over USD 700 million. These developments indicate a growing interest in and potential for generative technology in the market.
Based on offering, the Generative AI Market is segmented into software and services. The software segment is expected to garner a higher revenue during the forecast period, attributed to growing importance of generative AI software among creative professionals to develop models for image and video generation, style transfer, and text-to-image synthesis to enhance customer experience is expected to drive the demand for generative AI software. The services segment is projected to witness a higher growth rate during the forecast period.
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Based on application, the segment has been bifurcated into natural language generation (MLG), ML-based predictive modeling, computer vision, robotics and automation, speech recognition, music and art generation, education and training, finance and accounting, legal, customer service and support, augmented reality (AR) and virtual reality (VR), synthetic data generation, game design and character production, 3D modeling and reconstruction, and video editing/generation. The computer vision segment is expected to garner a higher revenue during the forecast period. The growth of computer vision in generative AI is driven by the increasing demand for intelligent automation and decision-making capabilities in various industries, such as healthcare, automotive, and retail.
The Generative AI Market has been segmented into five regions: North America, Europe, the Middle East and Africa, the Asia Pacific, and Latin America. North America is estimated to account for the largest market share during the forecast period, while the Asia Pacific region is expected to grow at the highest growth rate. Generative AI software and services in North America are highly effective across most organizations and verticals. Asia Pacific is gradually advancing toward incorporating generative AI within its region. Europe, the Middle East, and Africa, followed by Latin America, are showing a substantial rise in generative AI software and services.
Some major players in the Generative AI Market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US). Some startups include Paige.AI (US), Riffusion (US), Play.ht (India), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morphis Technologies (Portugal).
Frequently Asked Questions (FAQ)
What is the total CAGR expected to be recorded for the generative AI market during 2023-2028?
The market is expected to record a CAGR of 35.6% from 2023-2028.
Which are the key technology trends prevailing in the generative AI market?
The three key technologies gaining foothold in the generative AI market are generative pre-trained transformers (GPTs), reinforcement learning, and natural language processing. It is also anticipated that meta-learning - which involves training a model to learn how to learn - will substantially improve the efficiency of generative AI systems by allowing them to learn from fewer data points.
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