NEW YORK, APRIL 3, 2023 (GLOBE NEWSWIRE) —
Global generative AI in the business market was worth it US$1.2 billion This market will grow in 2022 US$20.9 billion CAGR by 2032 33.5% Forecast period 2023-2032. Generative AI is a set of algorithms that can generate visually realistic content such as images, audio, and text to train on data. Generative AI algorithms consist of models trained on large amounts of data with self-monitoring techniques to recognize patterns that are essential for various tasks.
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Important points:
- By component, Software segment Overwhelming profit share of 70.0% in 2022
- By system typethe text model category won the highest revenue share in 2022.
- By end useIT and telecom sector with major market share to lead the market in 2022
- North America Retaining revenue share of approx. 37% 2022
- The Asia-Pacific market is expected to register the fastest growing CAGR during the forecast period.
The increasing use of generative AI has the ability to evolve for business. This technology allows content to be created using learning from existing data. We have the ability to change industries and transform the way companies work. Machines can create new things like poetry, code, and stories, design 3D products, and create images and videos with little or no human help.
What factors will influence the growth of generative AI in the business market?
Several factors may influence the growth of generative AI in the business market. These factors include:
- Corporate interest in cost reduction and efficiency: By using generative AI in business, companies can reduce costs and automate processes, thus reducing errors.
- technological progress: Key players are investigating technologies such as machine learning (ML) and artificial intelligence (AI). Another advantage of technology is the development of AI that can change the way we collect, integrate, analyze and deploy data.
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Top Trends of Global Generative AI in the Business Market
Global adoption of generative AI in content creation, media and entertainment, IT and telecommunications to intelligently process low-resolution images and videos is also generating market growth. The growing demand for generative AI in the healthcare business to interpret several products such as artificial limbs and organic molecules from the ground up using 3D printing solutions is creating positive demand in the market.
market growth
Significant growth in the IT sector, with increasing use of artificial intelligence integrated systems in various fields to improve productivity and sharpness, is driving global generative AI, mainly in the business market. Growing awareness of generative AI in the BFSI industry for synthetic data generation, fraud detection, trade prediction, and risk factor modeling is driving the growth of this market revenue.
Regional analysis
North America leads the generative AI in business market with a leading revenue share of 37%. The growth of the North America region is due to the presence of many major players in countries such as the United States and Canada. The increasing adoption of generative AI in business by various companies in the region is driving the growth of generative AI in the business market in the North America region.
Asia Pacific is expected to grow at the fastest CAGR during the forecast period. Asia-Pacific’s growth is attributed to the growing demand for AI-based solutions in the region. Many companies are adopting generative AI in their business, which is driving the growth of generative AI in the regional business market.
competitive environment
The competitive landscape of the market is also studied in this report. Key players include Microsoft Corporation, Open AI, Google LLC, Genie AI Ltd., IBM Corporation, MOSTLY AI Inc., Veesual AI, Adobe Inc., Synthesis AI, Paige.AI, Rephrase.ai, and other major Includes player. .
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Reporting scope
| report attribute | detail |
| Market value (2022) | US$1.2 billion |
| Market size (2032) | US$20.9 billion |
| CAGR (from 2023 to 2032) | 33.5% |
| North America revenue share | 37% |
| historical period | 2016-2022 |
| base year | 2022 |
| Forecast year | 2023-2032 |
market driver
Generative AI can transform computer-generated speech into fully human-like speech. Synthesis is he one of the leading and important AI text-to-speech generators. The platform is at the forefront of developing text-to-speech video algorithms and applying them to businesses. Rising ultimatums for advanced manufacturing with critical design and the need to reduce size while upgrading vehicle performance are registering to drive the growth of this market.
market constraints
When generative AI enables machines to efficiently generate new content, it also has its limits. The use of generative AI in business is still in its infancy and implementation requires expert workforce and significant investment.
market opportunity
Major players in the market such as Microsoft and Apple are increasing their investment in research and development. Additionally, major players are investigating technologies such as machine learning (ML) and artificial intelligence (AI). AI service providers showcase AI and ML-focused initiatives, several advanced experiments, and generative AI efforts planned by businesses. The market is expected to experience significant growth opportunities as various companies develop and experiment with incorporating generative AI into their products and services.
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Report Segmentation of Generative AI in the Business Market
Component Insight
Based on component, the market is segmented into software and services. Recorded as the largest revenue share of 70% in 2022, the software segment is expected to dominate the market over the forecast period. Growth in the software segment can register with factors such as increased fraudulent activity, unintended consequences, overrated features, and growing concerns about data privacy. Moreover, the services segment is expected to register the fastest growing CAGR during the forecast period. Increased growth in the segment is reflected in growing concerns about data privacy, transaction prediction, fraud detection, and risk modeling.
System type insight
Based on the type of system, the global generative AI in the business market is classified into text models and multimodal models. Among these models, text models outperform multimodal models due to the presence of various text models such as GPT-3, LaMDA, and LLaMA. GPT-3 is used to generate high quality text. Multimodal models are expected to be in great demand due to the presence of models such as GPT-4, Stable Diffusion, DALL-E and Progen. GPT-4 is multimodal and useful for processing images to text or text to text to generate text.
End-user insight
With the help of generative AI, small business owners can better understand how different factors such as location and customer preferences affect their operations. It provides a powerful tool to help companies identify patterns related to their industry or product category to optimize processes and identify opportunities for innovation faster than manual methods. It is a powerful tool for small businesses to save resources spent on inefficient marketing efforts while increasing accuracy in targeting customers with relevant offers. In addition to improving efficiencies and reducing costs, you can gain important insight into how various factors affect your business operations.
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market segmentation
based on components
Based on system type
- text model
- GPT-3
- lambda
- llama
- Multimodal model
- GPT-4
- DALL-E
- stable diffusion
- Progen
Based on end use
- BFSIMore
- manufacturing industry
- customer support
- content writing
- IT and communication
- health care
- automobiles and transportation
- retail business
- Other end uses
by geography
- North America
- Western Europe
- Germany
- France
- England
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Czech Republic
- Greece
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- Korea
- India
- Australia and New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- sea bream
- Vietnam
- Rest of Asia Pacific
- latin america
- Brazil
- Columbia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East and Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- turkey
- United Arab Emirates
- Rest of the MEA
key players in the market
Recent Developments in Generative AI in the Business Market
- March 2023 – Startup OpenAI announced Tuesday that it will begin releasing a powerful artificial intelligence model known as GPT-4. This sets the stage for human-like technology to become ubiquitous and for increased competition between backers Microsoft Corp (MSFT.O) and Alphabet. Inc (GOOGL.O) Google.
- March 2023 – Microsoft outperforms its peers through investment in OpenAI, creators of ChatGPT, also with a new “Business Chat” experience that captures data with user-written commands and can perform tasks across applications introduced.
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