How Big is The Generative AI Market:
IMARC Group, a leading market research company, has recently releases report “Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.
What is Generative AI?
Generative artificial intelligence (AI) refers to a subset of AI that involves the creation of content, such as text, images, or music, by using algorithms and models. It operates by learning patterns and structures from existing data and then generating new content that is similar in style and format. This technology holds significant potential for innovation and efficiency in content creation and problem-solving. Generative AI streamlines the creative process by generating content autonomously to reduce human effort and time, thereby boosting productivity. Furthermore, it promotes innovation by presenting novel ideas and solutions while analyzing vast datasets rapidly, extracting actionable insights and trends. It also aids companies in making informed decisions, optimizing strategies, and staying ahead of the competition. Moreover, generative AI enables the creation of personalized and engaging content, enhancing customer experiences. It helps businesses establish stronger connections with their target audiences, ultimately leading to improved customer satisfaction and loyalty, through tailored recommendations. As a result, it finds applications in creative arts, content generation, and scientific research across the globe.
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Who are The Key Players Operating in The Industry:
- Adobe Inc.
- Amazon Web Services Inc.
- D-ID
- Google LLC
- MOSTLY AI Inc.
- OpenAI
- Rephrase.ai
- Synthesia
What are the growth prospects and trends in the Generative AI Industry:
The extensive utilization of artificial intelligence-integrated systems across various verticals for enhancing productivity and agility and the expanding information technology (IT) industry are among the primary factors fueling the generative AI market. Besides this, the escalating demand for this technology in the entertainment and media sector for the smart processing of low-resolution videos and images is further augmenting the market growth. Moreover, the elevating requirement for generative AI in the healthcare industry for manufacturing several products, such as organic molecules and prosthetic limbs from scratch, using 3D printing solutions is also propelling the global market.
Apart from this, the growing popularity of this technology to assist chatbots in boosting customer satisfaction and holding effective conversations is acting as another significant growth-inducing factor. In addition to this, the incorporation of this solution across the BFSI sector for synthetic data generation, trading prediction, fraud detection, and risk factor modeling is also boosting the market growth. Furthermore, the inflating need for this technology to produce digital artworks using only text-based descriptions and create virtual worlds in the metaverse is expected to bolster the generative AI market in the coming years.
E𝐱𝐩𝐥𝐨𝐫𝐞 𝐭𝐡𝐞 𝐅𝐮𝐥𝐥 𝐑𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐂𝐡𝐚𝐫𝐭𝐬, 𝐓𝐚𝐛𝐥𝐞 𝐨𝐟 𝐂𝐨𝐧𝐭𝐞𝐧𝐭𝐬, 𝐚𝐧𝐝 𝐋𝐢𝐬𝐭 𝐨𝐟 𝐅𝐢𝐠𝐮𝐫𝐞𝐬: https://www.imarcgroup.com/generative-ai-market
What is Included in Market Segmentation?
Breakup by Offering Type:
- Image
- Video
- Speech
- Others
Breakup by Technology Type:
- Autoencoders
- Generative Adversarial Networks
- Others
Breakup by Application:
- Healthcare
- Generative Intelligence
- Media and Entertainment
- Others
By Geography:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2017-2022)
- Market Outlook (2023- 2028)
- Porter's Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
About Us:
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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