Generative AI Market Forecasted to Reach USD 12 million in 2022, with a Steady 29.6% CAGR by 2030
Global Generative AI Market: In-Depth Analysis and Forecasts for 2024-2030
MarkNtel Advisors, a leading market research firm, has showed its latest study titled “Generative AI Market“, offering a detailed industry overview and market perspective. This comprehensive research provides insights into the current state of the market, highlighting recent advancements and emerging trends.
The report combines in-depth quantitative analysis with qualitative analysis; it ranges from macro-overviews of the overall market size, industry chain, and market dynamics to micro details of segment markets. This, as a result, provides a thorough overview of the industry under study as well as a profound understanding of all of its important features.
Analysis and Insights into the Generative AI Market: 2024-2030
The Global Generative AI Market size was valued at around USD 12 million in 2022 and is estimated to grow at a CAGR of about 29.6% during the forecast period, i.e., 2024-30. The market growth is attributed to several factors, such as increasing applications of technologies, like super-resolution & text-to-video conversion, and fueling mandate to modernization workflow across industries, which are influencing the demand for generative AI applications among different sectors.
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What are the primary factors driving the growth of the Generative AI Market?
Growing Awareness About Generative AI to Thrive Market Growth – The surging consciousness about Generative AI acts as a key driver of the Generative AI Market. Conventional AI-driven conversational interfaces are often limited by predefined instructions, resulting in inadequate responses due to their inability to fully comprehend user queries. Generative AI, on the other hand, addresses this issue by understanding, learning, and formulating chat responses based on context and intent.
These generative models rely on virtual assistants, incorporating technologies like chatbots, deep learning, NLP (Natural Language Processing), NGL (Natural Language Generation), and LLM (Large Language Models). As a result, this empowers intelligent virtual assistants and other conversational interfaces to engage with users in a more human-like manner. As consumers become more aware of the advantages of generative AI, its adoption is on the rise for various applications. The user-friendly nature & benefits provided by generative AI are expected to contribute to boosting the Generative AI Market growth in the foreseeable future.
Generative AI Market Segmentation:
The Generative AI market is categorized in to different segments. Analyzing growth across these segments enables a comprehensive understanding of key growth areas within the industry. This segmentation provides valuable market insights, empowering stakeholders to make strategic decisions and identify primary market applications effectively.
By Component
- Software- Market Size & Forecast 2019-2030F, USD Million
- Service- Market Size & Forecast 2019-2030F, USD Million
By Technology
- Generative Adversarial Networks (GANs)- Market Size & Forecast 2019-2030F, USD Million
- Transformers- Market Size & Forecast 2019-2030F, USD Million
- Variational Autoencoder (VAE)- Market Size & Forecast 2019-2030F, USD Million
- Diffusion Networks- Market Size & Forecast 2019-2030F, USD Million
- Retrieval Augmented Generation- Market Size & Forecast 2019-2030F, USD Million
By Application- Market Size & Forecast 2019-2030F, USD Million
- Computer Vision- Market Size & Forecast 2019-2030F, USD Million
- NLP- Market Size & Forecast 2019-2030F, USD Million
- Robotics & Automation- Market Size & Forecast 2019-2030F, USD Million
- Content Generation- Market Size & Forecast 2019-2030F, USD Million
- Others (Chatbots & Intelligent Virtual Assistants, Predictive Analysis, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Model
- Large Language Models- Market Size & Forecast 2019-2030F, USD Million
- Image & Video Generative Models- Market Size & Forecast 2019-2030F, USD Million
- Multi-model Generative Models- Market Size & Forecast 2019-2030F, USD Million
- Others (Text-to-Text Generative Models, Audio Generative Models, etc.)- Market Size & Forecast 2019-2030F, USD Million
By End User
- Media & Entertainment- Market Size & Forecast 2019-2030F, USD Million
- BFSI- Market Size & Forecast 2019-2030F, USD Million
- Healthcare- Market Size & Forecast 2019-2030F, USD Million
- IT & Telecom- Market Size & Forecast 2019-2030F, USD Million
- Others (Automotive & Transportation, Gaming, etc.)- Market Size & Forecast 2019-2030F, USD Million
Geographical Analysis into the Generative AI Market:
The Generative AI market is categorized based regional:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Competitive Landscape and Generative AI Market Share Analysis:
The competitive landscape of the Generative AI Market includes comprehensive details about competitors. These details encompass company overviews, financial performance, revenue generation, market potential, investments in research and development, new market strategies, production facilities, strengths and weaknesses, product launches, ongoing trials, approvals, patents, product range, dominant applications, and technology life cycle.
- IBM Corporation
- Google LLC
- Amazon Web Services
- Adobe
- Microsoft Corporation
- ai
- Meta
- Genie AI Ltd.
- MOSTLY AI Inc.
- NVIDIA
- Insilico Medicine
- Open AI
- Synthesia
- Giphy
- Lumen 5
- Others
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Questions Addressed in this Study
- What factors are driving the Generative AI Market growth?
- How is the Generative AI Market expected to grow over the next five years?
- What are the key insights into the current trends in the Generative AI Market?
- What is the current size of the Generative AI Market, and how is it projected to change in the future?
- What is the future outlook for the Generative AI Market in terms of technological advancements and market expansion?
Why choose MarkNtel?
MarkNtel Advisors is a leading market research company, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 14.8 diverse industrial verticals.
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