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TOKYO, Dec. 14, 2022 (GLOBE NEWSWIRE) — The Global Generative AI Market Size accounted for USD 7.9 Billion in 2021 and is projected to occupy a market size of USD 110.8 Billion by 2030 growing at a CAGR of 34.3% from 2022 to 2030.
Businesses have been able to eliminate obstacles by automating many manual and complex processes, resulting in lower costs and increased efficiency. As a result, organizations can better utilize their resources and increase their productivity. In order to create new content, generative modeling, a type of unsupervised machine learning, analyses the input image, text, and audio for underlying patterns using AI, statistics, and probability to predict probabilities. Generative AI, in particular, is being widely used in applications such as identity protection, better robotics control, and even in healthcare for early disease detection and implementation of effective preventive and treatment protocols.
Generative AI Market Statistics
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Generative AI Market Coverage:
Market | Generative AI Market | |
Generative AI Market Size 2021 | USD 7.9 Billion | |
Generative AI Market Forecast 2030 | USD 110.8 Billion | |
Generative AI Market CAGR During 2022 – 2030 | 34.3% | |
Generative AI Market Analysis Period | 2018 – 2030 | |
Generative AI Market Base Year | 2021 | |
Generative AI Market Forecast Data | 2022 – 2030 | |
Segments Covered | By Component, By Technology, By End-User, And By Geography | |
Generative AI Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
Key Companies Profiled | Amazon Web Services, Inc., Adobe, D-ID, Genie AI Ltd., Google LLC, IBM, Microsoft, MOSTLY AI Inc., Rephrase.ai, and Synthesia. | |
Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis |
Generative AI Market Dynamics
All facets of human activity, from drug development and law to art, music, and design, could be impacted by generative AI. For instance, generative AI could come up with fresh architectural concepts, explain how cancer cells function, or even create images of your dream home. People will be able to be more creative, innovative, and imaginative thanks to generative AI. It has the potential to expand human imagination and generate new ideas that we could never have imagined before.
This is possible through a technique known as generative design, in which you start with a set of rules or limitations and then let it run for a while. Users can then see what designs it generates, which may help you solve their problem or discover alternative ways of understanding about it. Generative AI is transforming the way we work, play, and create. It’s a promising field for consumers, businesses, governments, and non-profit organizations.
Recent Funding in Generative AI industry
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Generative AI Market Segmentation
The global market has been split into component, technology, end-user, and region.
The component segment is divided into two parts: software and services. According to our generative AI industry analysis, the deep water sub-segment will account for the majority of market revenue in 2021. In terms of growth, services will experience rapid expansion in the coming years.
The market is divided into four technology sectors: variational auto-encoders, generative adversarial networks (GANs), transformers, and diffusion networks. According to our analysis, the transformers sub-segment reached its peak in 2021 and will continue to do so in the coming years. GANs, on the other hand, will experience rapid growth from 2022 to 2030.
Furthermore, the end-user segment is categorized into media & entertainment, BFSI, IT & telecommunication, healthcare, automotive & transportation, and others. BFSI is one of the leading sectors in terms of growth, whereas the media & entertainment sector will lead in terms of revenue.
Generative AI Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa account for the majority of the worldwide generative AI industry. North America accounted for the majority of the share in 2021 and will lead the market during the projected timeframe. Based on numerous banking frauds, website hacks, and healthcare IT frauds – the US industry is extensively implementing the generative AI solutions. In addition to that, the US have decent IT infrastructure to implement machine learning, generative algorithms, and robotic process automation processes. Furthermore, the presence of IT giants such as Amazon, Meta, Microsoft, IBM, and Google will also favor the US generative AI market to rise substantially.
In the mean time, Asia-Pacific region is growing at a rapid pace due to the rising number of investments in the AI technology.
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Generative AI Market Players
Some prominent generative AI companies covered in the industry include Amazon Web Services, Inc., Adobe, D-ID, Genie AI Ltd., Google LLC, IBM, Microsoft, MOSTLY AI Inc., Rephrase.ai, and Synthesia.
Questions Answered By This Report
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