Generative AI Market Size to Reach ~US$118.06 Billion by 2032

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According to Precedence Research, the global generative AI market size will be valued at USD 10.79 in 2022 and is expected to grow at a CAGR of 27.02% from 2023 to 2032, reaching around USD 118.06 by 2032.

LOS ANGELES, May 15, 2023 (Globe Newswire) — World Generative AI market This is primarily driven by significant growth in the information technology (IT) sector and increasing use of AI-integrated systems across multiple industries to improve productivity and agility. Additionally, the media and entertainment industry is using AI for intelligent processing of low-resolution images and videos, driving market expansion.

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Generative AI describes artificial intelligence algorithms that can generate novel and plausible content from existing content such as audio files, text, and images. In other words, computers will be able to abstract the underlying patterns associated with their inputs and apply them to generate similar content.

component Global Generative AI Market Outlook

The market is divided into software and services based on components. In 2022, software will capture the highest revenue share and is expected to continue this trend during the forecast period. The field is driven by overestimation of capabilities, increased fraud, unintended consequences, and growing awareness of data privacy and security. For example, in August 2022, a data breach occurred at Plex, a media-his server app used by millions, that compromised encrypted personal customer data, including passwords, usernames and emails. it was done.

State of the Technology in the Global Generative AI Market

Variational autoencoders, GANs, diffusion networks, and transformers are the most widely used generative AI technologies. Transformers is the highest-grossing film as of 2022. The growth of this segment is driven by the increasing popularity of transformer applications such as Text-to-Image, which converts textual content into images.

Diffusion networks, on the other hand, are expected to experience the fastest growth rate during the forecast period. Image generation is essential for many industries such as BFSI, healthcare, automotive and transportation, media and entertainment, and defense to meet the growing demand for image synthesis. Because these areas offer high value to the business. For example, DALL-E is a transformer that can read text input and convert it to an image.

End User Situation in Global Generative AI Market

Media & Entertainment, Automotive & Transportation, Business & Financial Services, Healthcare, IT & Telecommunications are the most notable end-users of generative AI. The media and entertainment sector will generate the most revenue in 2022 and is expected to grow at the highest CAGR during the forecast period. Demand for generative AI is expected to grow as the use of generative AI for creating enhanced advertising campaigns in the media and entertainment sector increases.

BFSI is expected to experience the fastest growth during the forecast period. The growing use of AI and ML in the financial services sector for fraud prevention, data security, and meeting the changing needs of diverse stakeholders is contributing to the growth of the sector’s market. It is considered

Regional Status in the Global Generative AI Market

North America will lead the global generative AI market in 2022 and is expected to continue that trend during the forecast period, owing to increasing adoption of pseudo-imagination and increasing numbers of bank frauds. In addition, prominent market players such as Google LLC, Meta (Facebook), Microsoft, and other leading technology companies and experts are expected to drive the growth of the North American generative AI market.

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

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Report scope

coverage

detail

market revenue

US$118.06 by 2032

CAGR

27.02%

North American market share

41% in 2022

Software segment revenue share

65.5% in 2022

Media and entertainment revenue share

34% in 2022

key player

Synthesia, Genie AI Ltd., Amazon Web Services, Inc., MOSTLY AI Inc., Google LLC, Microsoft, Adobe, IBM, Rephrase.ai, D-ID, etc.

Market trend

Market drivers:

save time need For new product launches:

Generative AI shortens R&D cycles in industries ranging from healthcare to product development. Generative AI can create videos and other new types of creative content. Businesses can use generative AI to increase customer retention and generate new leads. Companies like Insilico Medicine and Amgen are using generative AI to design proteins for pharmaceuticals, helping reduce the time it takes to bring new products to market.

Improved image quality

Low-resolution videos or images are upscaled to higher resolutions using a class of machine learning techniques called super-resolution. Companies like Netflix and Prime Video produce almost all their content in 4K and set quality standards. For example, the Amazon Fire TV features 75% more power, best-in-class Wi-Fi, Alexa support, and 4K Ultra HD. Most 4K Ultra HD movies are available on Amazon Fire TV, his most affordable 4K Ultra HD streaming media device.

Front face view generation and face emoji

Generative AI creates frontal photos from photos taken from different angles for use in facial recognition or identification systems. Convert real photos into emojis and avatars. Young pictures can also be used to predict the aging of a person.

Adobe plans to incorporate generative AI into its video and graphic design applications. Microsoft harnesses the power of generative models by leveraging its own cloud infrastructure, exclusive access to OpenAI’s technology, and a large marketplace for workplace and creativity tools.

Constraints in the Generative AI Market: Data Breach

Generative AI relies heavily on deep neural networks such as generative adversarial networks. Fundamental machine learning models that are still very useful for business applications such as fraud detection, information security, and recommender systems are often ignored. This increased the chances of a data breach. For example, the CEO of his Drizly, an alcohol delivery service, was responsible for a security flaw that exposed the personal information of about 2.5 million customers. The US Federal Trade Commission will take the unusual step of imposing individual sanctions on Drizly for data privacy breaches.

Market Opportunity: Early Detection of Disease

Generative modeling enables unbiased understanding of reinforcement machine learning models. Generative AI in healthcare enables early detection of potential harm and adverse effects and the development of effective treatments. For example, generative adversarial networks (GANs) compute different angles of X-ray images to visualize tumor growth.

Generative AI market challenges:

Generative AI faces two challenges: data and creativity. Generative AI requires large amounts of data to learn the characteristics of the artifacts it is trying to create. This information can be difficult to obtain, especially for rare or unique objects.

  • In December 2020, SolarWinds became a leading US company providing IT software to 33,000 customers, including large enterprises and government agencies. A hacker introduced malicious code into one of his systems in his company’s software and distributed it to all customers during regular system updates.

On top of that, generative AI needs to be creative in order to generate new and innovative ideas. 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-generating neural network generates music samples in multiple genres and styles, including forged lyrics jointly written by the system and AI researchers.

Related reports

  • Artificial Intelligence (AI) Market – The global AI market is valued at USD 119.78 billion in 2022 and is projected to surpass USD 1.59103 trillion by 2030, at a CAGR of 38.1% from 2022 to 2030.

  • Artificial Intelligence as a Service Market – The global AI as a service market is estimated at USD 4.7 billion in 2021 and is expected to expand beyond USD 92 billion by 2030, at a CAGR of 39.16% from 2022 to 2030.

  • Enterprise AI market – The enterprise AI market is valued at USD 16.81 billion in 2022 and is expected to grow to over USD 102.9 billion by 2030, at a CAGR of 47.16% from 2022 to 2030.

Key developments in the generative AI market

  • In November 2020, Autodesk completed its acquisition of Spacemaker, a provider of urban design platforms for AI and generative design.

  • In October 2022, Dave Rogenmoser, CEO of AI content platform Jasper, raised $125 million in funding for IN Generative AI.

  • In December 2022, SellScale used generative AI to create better marketing emails.

market segmentation

To component

To technology perspective

To End-use prospects

By region

  • North America

  • Europe

  • Asia Pacific

  • Ramea

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