Chicago, April 7, 2023 /PR Newswire/ — The global generative AI market is US$11.3 billion in 2023 US$51.8 billion By 2028, the compound annual growth rate (CAGR) during the forecast period is 35.6%according to a new report by MarketsandMarkets™.
The generative AI market is expected to grow at a significant rate during the forecast period, owing to various business drivers such as innovations in cloud storage enabling easy access to data, and advancements in AI and deep learning. Moreover, the advent of content creation and creative applications is driving the growth of the market.
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services to register at the highest CAGR during the forecast period by providing
The scope of the services segment consists of professional services and managed services. Services are integral to the generative AI software lifecycle, including product upgrades, maintenance, training, and consulting. In the age of the digital economy, businesses are evolving and looking for new ways to improve ROI and business optimization. Vendors provide various services such as support, maintenance, and consulting in the generative AI market to run and manage the lifecycle of generative AI solutions.
Natural Language Processing To Register For The Largest Market Size During The Forecast Period, By Application
Generative AI is a subset of artificial intelligence (AI) used in natural language processing (NLP) to create new text that resembles human-generated text. Generative models can be used for tasks such as machine translation, text summarization, and question answering. In natural language processing, generative models are often used to generate text based on a given prompt or context. These models use complex algorithms and deep learning techniques to analyze large amounts of language data and learn language patterns and structures. RNNs (Recurrent Neural Networks) and transform generative models are primarily used in NLP to generate more relevant and consistent text. Generative AI plays a key role in natural language processing by enabling machines to generate human-like text that is easy to understand, relevant, and grammatically correct.
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By region, Asia Pacific Account for the highest growth rate during the forecast period
the organization of Asia Pacific Deploy generative AI solutions to improve product/service innovation. Startups like Play.ht are innovating in the field of generative AI by introducing solutions such as online AI speech generators and the best synthetic speech to generate lifelike text-to-speech (TTS) audio. We are. This solution instantly converts text into natural speech and downloads it as MP3 and WAV audio files.
Major players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (United States), Meta (US), Adobe (US), OpenAI (US). Some startups include Paige.AI (United States)Riffusion (US), Play.ht (India), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morpheus Technologies (Portugal).
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