Wilmington, DE, Nov. 01, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report “Generative AI Market by Component (Software and Services), Technology (Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks, and Retrieval Augmented Generation), and End User (Media & Entertainment, BFSI, IT & Telecom, Healthcare, Automotive & Transportation, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032”. As per the report, the global generative AI market is projected to generate $191.8 billion by 2032. The market accounted for $10.5 billion in 2022 and is estimated to surge at a CAGR of 34.1% during the 2023-2032 period.
Generative AI refers to the use of artificial intelligence for the creation of innovative content including text, real-time images, music, and videos. It involves the use of machine learning models to recognize and analyze patterns to generate unique content. Variational auto-encoders (VAEs) and generative adversarial networks (GANs) are two deep learning algorithms regularly used for content generation.
Prime Determinants of Growth
Advancements in deep learning, along with growth in personalization and customization needs are the two main growth drivers of the market. On the contrary, privacy and ethical concerns associated with artificial intelligence and high computational complexity might create hurdles in the full-fledged growth of the market. Nonetheless, the integration of generative AI in end-use industries is anticipated to offer lucrative growth opportunities in the coming period.
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Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $10.5 Billion |
| Market Size in 2032 | $191.8 Billion |
| CAGR | 34.1% |
| No. of Pages in Report | 296 |
| Segments Covered | Component, Technology, End User, and Region |
| Drivers |
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| Opportunities |
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| Restraints |
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The software segment to be highly dominant in the forecast timeframe
By component, the software segment held the highest market share in 2022 and is expected to continue its dominance during the analysis period. Generative AI is being adopted in various sectors including manufacturing, healthcare, and finance. Moreover, advancements in natural language processing are expected to augment the growth of the market. On the other hand, the service segment is estimated to have the highest CAGR of 36.3% during the 2023-2032 period. Rising demand for consulting & implementation services from technology companies has led to an increase in adoption of generative AI content. This will ultimately strengthen the position of the sub-segment.
The generative adversarial networks (GANs) segment garnered the highest revenue in 2022
By technology, the generative adversarial networks (GANs) segment accounted for the highest revenue in 2022. Generative adversarial networks are widely being used for image & video generation, which is pushing the growth of the market. On the other hand, the retrieval augmented generation segment is estimated to have the fastest CAGR of 38.7% during 2022-2032. Retrieval augmented generation models are employed for creating conversational AI apps such as chatbots and virtual assistants. The ability of RAG model to create applications for answering questions and generating personalized content has led to an increase in its popularity, thereby aiding the industry’s growth.
The automotive and transportation segment to offer lucrative opportunities in the analysis timeframe
By end users, the media and entertainment segment held a dominant position in 2022. Integration of generative AI with virtual reality (VR) and augmented reality (AR) technologies for content creation and consumer engagement has intensified the use of generative AI in media and entertainment sub-segment. On the other hand, the automotive and transportation segment is anticipated to have the highest CAGR of 39.4% during the 2022-2032 period. The rising adoption of sustainable transportation practices and autonomous vehicles is estimated to improve the prospects of this sub-segment.
North America held the highest market share in 2022
By region, the North America generative AI market was the most profitable in 2022 mainly due to rising demand for generative adversarial networks for image generation and video synthesis. Also, generative AI is extensively used in R&D in the healthcare and biotechnology industry for drug discovery and medical imaging. This will further help the growth of the market in North America. On the other hand, the Asia-Pacific generative AI market is estimated to have the fastest growth with a CAGR of 38.5% during the 2023-2032 period. Increasing investments in R&D and rising commercialization of generative AI will have a positive impact on the market in this region.
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Major Companies in the Market:
- Adobe
- Google LLC
- MOSTLY AI Inc.
- Amazon Web Services, Inc.
- IBM Corporation
- Rephrase.ai
- D-ID
- Microsoft Corporation
- Synthesia
- Genie AI Ltd.
The report offers a comprehensive study of these companies in the global generative AI market. These companies have entered into strategic alliances such as acquisitions, mergers, collaborations, and product launches to increase their footprint in the market.
Key Industry Development -
October 2023: Australian artificial intelligence company Katonic AI and hyper-automation and AI advisory firm Mindfields have partnered to enable organisations to leverage generative AI without concerns surrounding data privacy, security and accuracy. The collaboration aims to tackle these concerns by integrating generative AI models into an organisation's infrastructure, enhancing data security and precision. Through the partnership, Mindfields and Katonic AI will help organisations with an end-to-end generative AI solution for their business.
October 2023: Genpact, NASSCOM Partner to Bring Generative AI Playbook. Generative AI is rapidly becoming a transformative force in various industries. That is why Genpact, in collaboration with NASSCOM, has unveiled an essential playbook designed to demystify and harness the power of this technology. Genpact and NASSCOM have recognised the challenge that enterprise leaders go through for grappling and adoption of generative AI. Thus, both have joined forces to provide a comprehensive guide, equipping organizations with the knowledge they need to develop effective generative AI solutions.
October 2023: Rockwell Automation & Microsoft announced an extension of their longstanding relationship to help accelerate industrial automation design and development through generative artificial intelligence (AI). The companies are combining technologies to further empower the workforce and accelerate time-to-market for customers building industrial automation systems. The first outcome of this collaboration will add Microsoft’s Azure OpenAI Service into FactoryTalk Design Studio to deliver capabilities that help to accelerate time-to-market for their customers who are building industrial automation systems. Rockwell Automation and Microsoft recognize that using AI to enhance automation across various roles, from decision-makers to control engineers and operators, is a key area where they can come together to help customers further streamline their processes and drive greater worker productivity.
October 2023: Cognizant and Vianai Systems, Inc. announced the launch of a global strategic go-to-market partnership to accelerate human-centered generative AI offerings. This partnership leverages Vianai's hila Enterprise platform alongside Cognizant's Neuro AI, creating a seamless, unified interface to unlock predictive, AI-driven decision making. For both companies, this partnership is expected to enable growth opportunities in their respective customer bases, and through Cognizant's plans to resell Vianai solutions. Vianai's hila Enterprise provides clients a platform to safely and reliably deploy any large language model (LLM), optimized and fine-tuned to speak to their systems of record – both structured and unstructured data, enabling clients to better analyze, discover and explore their data leveraging the conversational power of generative AI.
July 2023: Persistent Systems has strengthened its partnership with Google Cloud, launching a suite of Google Cloud-powered Generative AI solutions. These offerings will equip clients throughout their AI journeys, from AI explorers to Generative AI disruptors, to understand how to successfully identify and implement these advanced technologies to their businesses at scale.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Wilmington, Delaware. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports Insights" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies, and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
