Generative AI Market Size to Hit Around USD 118.06 Bn By 2032

Los Angeles, May 15, 2023 (GLOBE NEWSWIRE) -- The global generative AI market is driven primarily by significant growth of the information technology (IT) sector and the increasing use of AI-integrated systems across multiple verticals to improve productivity and agility. Moreover, the media & entertainment industry is using AI for the intelligent processing of low-resolution images & videos will propel market expansion.

Get the sample pages of report@ https://www.precedenceresearch.com/sample/2503

Generative AI describes artificial intelligence algorithms that can generate novel, plausible content from existing content such as audio files, text, or images. In other words, it enables computers to abstract the underlying pattern associated with the input and then apply it to generate similar content.

Component landscape in the global generative AI market

The market is divided into software and services based on components. In 2022, software had the highest revenue share and is anticipated to continue its trend during the forecast period. The segment is being driven by capability overestimation, increasing fraudulent activities, unexpected outcomes, and rising awareness about data privacy and security. For instance, in August 2022, there was a data breach at Plex, a media server app used among millions, which compromised the personal encrypted data of their customers, including passwords, usernames, and emails.

The technology landscape in the global generative AI market

Variational auto-encoders, GANs, diffusion networks, and transformers are the most widely used generative AI technologies. Transformers generated the highest revenue as of 2022. The segment growth is driven by the increasing popularity of transformer applications, such as text-to-image, which converts textual content to an image.

On the other hand, diffusion networks are anticipated to experience the fastest growth rate during the projection period. Image generation is crucial for many industries, including BFSI, healthcare, automotive & transportation, media & entertainment, and defense, among others, to meet the growing demands of image synthesis because these sectors provide high value to businesses. For instance, DALL-E is a transformer that can read text input and change it into an image.

End-user landscape in the global generative AI market

Media & entertainment, automotive & transportation, business & financial services, healthcare, and IT & telecommunications are the most notable end-users of generative AI. The media & entertainment segment generated the most revenue in 2022 and is anticipated to grow at the highest CAGR over the projected period. The growing use of generative AI to create enhanced advertisement campaigns in media & entertainment is expected to drive demand.

BFSI is anticipated to experience the fastest growth during the projected period. The rising use of AI and ML in the financial services sector to prevent fraud, data security, and fulfill the changing needs of diverse stakeholders is credited with the market growth in this sector.

Regional landscape in the global generative AI market

North America led the global generative AI market in 2022 and is expected to continue its trend during the projected period, driven by rising adoption of pseudo-imagination, as well as rising number of banking frauds. Furthermore, prominent market players such as Google LLC, Meta (Facebook), and Microsoft, and as well as other leading technology companies and experts, are expected to augment the growth of the North America generative AI market.

Asia Pacific is expected to expand at the fastest CAGR during the projected period. Growing government AI initiatives in Asia Pacific and increasing adoption of AI applications in healthcare are driving the region's growth in generative AI.

Ask here for customization study@ https://www.precedenceresearch.com/customization/2503

Scope of the report

Market Dynamics

Market Driver:

Less time required for new product launch:

Generative AI shortens R&D cycles in various industries, from medicine to product development. Generative AI can produce videos and other new types of creative content. Businesses can utilize generative AI to increase customer retention rates or generate new leads. Companies such as Insilico Medicine and Amgen are using generative AI to design proteins for medicines, which will help reduce the time taken to launch new products.

Better Image Quality

A low-resolution video or image is upscaled to a higher resolution using a class of machine learning techniques called super-resolution. Companies like Netflix and Prime Video produce almost all their content in 4K, setting quality standards. For instance, The Amazon Fire TV has a 75% increase in power, best-in-class Wi-Fi, support for Alexa, and 4K Ultra HD. Most 4K Ultra HD movies are available on Amazon Fire TV, the most affordable 4K Ultra HD streaming media device.

Frontal Face View Generation, as well as Face emoji

Generative AI creates front-on photos from photos taken from various angles for use in a face verification or identification system. It converts real photographs into emojis or avatars. It can also predict the aging of a person using young photos. 

Adobe plans to incorporate generative AI into its video and graphic design applications. Microsoft is harnessing the power of generative models by leveraging its cloud infrastructure, exclusive access to OpenAI's technology, and the massive workplace and creativity tools market.

Generative AI Market Restraints: Data breaches

Since generative AI relies heavily on deep neural networks, such as Generative Adversarial Networks. It frequently ignores basic machine learning models that are still very useful for business applications such as fraud detection, information security, and recommendation systems. This led to higher chances of data breaches. For instance, the CEO of alcohol delivery service Drizly was responsible for security lapses that exposed the personal information of about 2.5 million customers. The Federal Trade Commission plans to take the unusual step of bringing individual sanctions against Drizly for data privacy violations.

Market Opportunities: Early Detection of diseases 

Generative modeling enables reinforcement machine learning models to be unbiased and comprehended. Generative AI in healthcare allows the early detection of potential harm or adverse effects to develop effective treatments. For example, generative Adversarial Networks (GANs) compute different angles of an x-ray image to visualize tumor growth.

Generative AI Market Challenges: 

Generative AI faces two challenges which are data and creativity. Generative AI requires a large amount of data to learn the characteristics of the artifacts it is attempting to create. This information can be challenging to obtain, especially for rare or one-of-a-kind objects.

• In December 2020, SolarWinds became a major US company that serves 33,000 customers, including large corporations and government agencies, with IT software. Hackers introduced malicious code into one of their software systems, distributed to all customers during a routine system update.
  
  

Along with that, to generate new and innovative ideas, Generative AI must be creative. This creativity can be challenging and requires human intervention to produce viable results.

• In January 2021, OpenAI, best known for its next-generation GPT-2 AI system, released Jukebox. This music-generation neural net generates music samples in multiple genres & styles, with fabricated lyrics co-written by the system & AI researchers.
  
  

Related Reports

• Artificial Intelligence (AI) Market - The global AI market was valued at USD 119.78 billion in 2022 and it is predicted to rake over USD 1,591.03 billion by 2030 with a CAGR of 38.1% from 2022 to 2030.
  
  
• Artificial Intelligence as a Service Market - The global AI as a service market was accounted at USD 4.7 billion in 2021 and is expanding over USD 92 billion by 2030with a CAGR of 39.16% from 2022 to 2030.
  
  
• Enterprise AI Market - The enterprise AI market was valued at USD 16.81 billion in 2022 and is expanding over USD 102.9 billion by 2030 with a CAGR of 47.16% from 2022 to 2030.
  
  

Key Development in the Generative AI Market

• On November 2020, Autodesk completed the acquisition of Spacemaker, a provider of AI and Generative Design-enabled urban design platforms.
• In October 2022, Dave Rogenmoser, CEO of AI content platform Jasper, raised $125 million in funding IN Generative AI.
• In December 2022, better marketing emails were created by SellScale by using generative AI.
  
  

Market Segmentation

By Component

• Software
• Services

By Technology Outlook

• Generative Adversarial Networks (GANs)
• Transformers
• Variational Auto-encoders
• Diffusion Networks

By End-use Outlook

• Media & Entertainment
• BFSI
• IT & Telecommunication
• Healthcare
• Automotive & Transportation
• Others

By Region

• North America
• Europe
• Asia Pacific
• LAMEA

Immediate Delivery Available | Buy This Premium Research Report@ https://www.precedenceresearch.com/checkout/2503

You can place an order or ask any questions, please feel free to contact at sales@precedenceresearch.com | +1 9197 992 333

About Us

Precedence Research is a worldwide market research and consulting organization. We give an unmatched nature of offering to our customers present all around the globe across industry verticals. Precedence Research has expertise in giving deep-dive market insight along with market intelligence to our customers spread crosswise over various undertakings. We are obliged to serve our different client base present over the enterprises of medicinal services, healthcare, innovation, next-gen technologies, semi-conductors, chemicals, automotive, and aerospace & defence, among different ventures present globally.

For Latest Update Follow Us:

https://www.linkedin.com/company/precedence-research/

https://www.facebook.com/precedenceresearch/

https://twitter.com/Precedence_R