Selbyville, Delaware, Aug. 09, 2023 (GLOBE NEWSWIRE) --
The generative AI market is expected to cross USD 119 billion by 2032, as reported in a research study by Global Market Insights Inc.
The primary driver for market growth is the development of sophisticated models and algorithms capable of generating high-quality and realistic content across various industries. From generating art and music to creating virtual characters and landscapes, Generative AI has revolutionized the creative process, offering new possibilities and opportunities for businesses. As consumers seek more tailored experiences, businesses are leveraging Generative AI technologies to create customized content that resonates with individual preferences. Whether it's generating personalized product recommendations, designing unique marketing campaigns, or crafting interactive user interfaces, Generative AI empowers businesses to deliver personalized experiences that drive customer engagement and satisfaction. The increasing demand for personalized content is propelling the market growth .
Generative AI market from the service segment is expected to witness significant growth through 2032, as service providers play a vital role in implementing and maintaining Generative AI solutions, ensuring their seamless integration into existing systems. With the growing adoption of the technology across industries, the demand for services such as consulting, system integration, and support is on the rise. Service providers are focusing on offering tailored solutions to address specific business requirements, enhancing the overall user experience and optimizing the benefits derived from Generative AI.
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Generative AI market from the variational auto-encoders (VAEs) technology segment is poised gain traction during the forecast period. VAEs are deep learning models that enable the generation of high-quality synthetic data by learning the underlying structure of the input data. This technology finds applications in diverse domains, including image synthesis, natural language processing, and drug discovery. VAEs have gained significant attention due to their ability to generate novel and realistic outputs, making them a valuable tool for research, product development, and creative applications. The increasing popularity of the technology across various application sectors is adding to the segmental share.
The Asia Pacific region is expected to emerge as a lucrative avenue for Generative AI market players during the forecast period. Rapid technological advancements, increasing digitalization, and the growing adoption of AI technologies across various industries are driving the solution demand in the region. Moreover, countries such as China, Japan, and South Korea are at the forefront of AI R&D. The increasing focus on discovering the potential usage of AI in healthcare, manufacturing, finance, and marketing, coupled with large talent pool and supportive government polices are shaping the industry dynamics in the APAC region.
Some of the leading companies involved in the generative AI market include Adobe Inc., Google LLC (Alphabet Inc.), Microsoft Corporation, IBM Corporation, NVIDIA Corporation, Amazon Web Services (AWS), and Autodesk, Inc. These behemoths are readily leveraging the innovation potential of the technology and focusing on introducing new features to gain a competitive advantage in the industry.
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For instance, in July 2023, Meta announced that it is planning to launch a commercial version of its artificial intelligence (AI) model to enter the highly competitive field of Generative AI, that has contenders like OpenAI's ChatGPT backed by Microsoft and Google's AI experiment Bard.
Partial chapters of report table of contents (TOC):
Chapter 2 Executive Summary
2.1 Generative AI market 360º synopsis, 2018 - 2032
2.2 Business trends
2.2.1 TAM
2.3 Regional trends
2.4 Component trends
2.5 Deployment model trends
2.6 Technology trends
2.7 End-user trends
Chapter 3 Generative AI Market Insights
3.1 Impact on COVID-19
3.2 Russia- Ukraine war impact
3.3 Industry ecosystem analysis
3.4 Vendor matrix
3.5 Profit margin analysis
3.6 Technology & innovation landscape
3.7 Patent analysis
3.8 Key news and initiatives
3.9 Regulatory landscape
3.10 Impact forces
3.10.1 Growth drivers
3.10.1.1 The increasing use of AI-integrated systems across multiple industries
3.10.1.2 The rise of creative applications & content creation
3.10.1.3 Increasing use of generative AI in media & entertainment industry
3.10.1.4 Growing demand for personalized and customized solutions
3.10.1.5 Advancements in deep learning and neural networks
3.10.2 Industry pitfalls & challenges
3.10.2.1 Ethical and legal concerns
3.10.2.2 Data quality and bias
3.11 Growth potential analysis
3.12 Porter’s analysis
3.13 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
