[Latest] Global Generative AI Market Size/Share Worth USD

Austin, TX, USA, Aug. 01, 2024 (GLOBE NEWSWIRE) -- Custom Market Insights has published a new research report titled “Generative AI Market Size, Trends and Insights By Offering (Software, Services, Hardware), By Application (Design and Creativity, Graphic Design, Music Composition, Storytelling, Content Generation, Text Generation, Image Generation, Video Generation, Simulation and Modeling, Engineering, Weather Forecasting, Medical Research, Gaming and Entertainment, Game Content Generation, Virtual Environment Creation, Interactive Experience Design, Optimization and Planning, Resource Allocation, Strategic Planning, Operations Optimization, Personalization and Recommendation, E-commerce, Content Streaming, Social Media), By Vertical (Healthcare, Automotive, Retail and E-commerce, Finance, Manufacturing, Media and Entertainment, Architecture and Construction, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” in its research database.

“According to the latest research study, the demand of global Generative AI Market size & share was valued at approximately USD 15,815.1 Million in 2023 and is expected to reach USD 20,275.1 Million in 2024 and is expected to reach a value of around USD 189,649.7 Million by 2033, at a compound annual growth rate (CAGR) of about 28.2% during the forecast period 2024 to 2033.”

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Generative AI Market: Growth Factors and Dynamics

Advancements in AI Research: Continuous advancements in deep learning and neural network architectures have significantly improved the capabilities of generative AI models. Breakthroughs such as GANs (Generative Adversarial Networks) and transformers have enhanced the quality and diversity of generated content, driving adoption across industries.

Expanding Applications: Generative AI is finding applications across a wide range of sectors including healthcare, entertainment, design, and finance. As businesses recognize the potential for generating realistic content, optimizing processes, and enhancing user experiences, the demand for generative AI solutions continues to grow.

Personalized Experiences: Generative AI enables businesses to offer highly personalized experiences to their customers. Whether it’s generating tailored product recommendations, creating personalized content, or simulating customized environments, generative AI helps businesses cater to individual preferences, driving customer engagement and loyalty.

Cost Reduction and Efficiency Improvement: In industries such as manufacturing and healthcare, generative AI is being used to optimize processes, improve efficiency, and reduce costs. For example, in manufacturing, generative design algorithms can automatically generate optimized product designs, leading to material savings and faster time-to-market.

Data Availability and Quality: The proliferation of data, coupled with improvements in data quality and accessibility, fuels the development and adoption of generative AI models. Access to large datasets enables the training of more accurate and robust generative models, leading to better performance across various tasks and applications.

Growing Investment and Industry Adoption: There’s a significant increase in investment and R&D efforts by technology companies, startups, and research institutions in the field of generative AI. Additionally, industries are increasingly recognizing the potential of generative AI to drive innovation, gain competitive advantage, and address complex challenges, leading to widespread adoption across different sectors.

Ethical and Regulatory Considerations: As generative AI technology becomes more pervasive, there is a growing focus on ethical and regulatory considerations surrounding its use. Concerns related to privacy, bias, and misuse of generated content are prompting the development of guidelines and regulations by governments and industry bodies.

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Generative AI Market: Partnership and Acquisitions

In 2023, IBM and Microsoft expanded their collaboration to accelerate the adoption of generative AI among shared clients. This collaboration introduces a new offering, providing clients with technology and expertise to revolutionize business procedures and seamlessly enhance the utilization of generative AI.

In 2023, Google and Cognizant partnered to develop healthcare solutions using Google’s LLMs. This collaboration aims to harness generative AI’s capabilities to tackle healthcare challenges, opening new growth avenues for the LLM market.

In 2023, Shutterstock expanded its partnership with OpenAI to create tools utilizing generative AI. Extending their agreement, Shutterstock plans to provide training data for OpenAI’s AI models, enhancing their capabilities and fostering innovation in content creation and discovery.

Report Scope

Feature of the Report	Details
Market Size in 2024	USD 20,275.1 Million
Projected Market Size in 2033	USD 189,649.7 Million
Market Size in 2023	USD 15,815.1 Million
CAGR Growth Rate	28.2% CAGR
Base Year	2023
Forecast Period	2024-2033
Key Segment	By Offering, Application, Vertical and Region
Report Coverage	Revenue Estimation and Forecast, Company Profile, Competitive Landscape, Growth Factors and Recent Trends
Regional Scope	North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America
Buying Options	Request tailored purchasing options to fulfil your requirements for research.

(A free sample of the Generative AI report is available upon request; please contact us for more information.)

Our Free Sample Report Consists of the following:

Introduction, Overview, and in-depth industry analysis are all included in the 2024 updated report.
The COVID-19 Pandemic Outbreak Impact Analysis is included in the package.
About 220+ Pages Research Report (Including Recent Research)
Provide detailed chapter-by-chapter guidance on the Request.
Updated Regional Analysis with a Graphical Representation of Size, Share, and Trends for the Year 2024
Includes Tables and figures have been updated.
The most recent version of the report includes the Top Market Players, their Business Strategies, Sales Volume, and Revenue Analysis
Custom Market Insights (CMI) research methodology

(Please note that the sample of the Generative AI report has been modified to include the COVID-19 impact study prior to delivery.)

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Generative AI Market: COVID-19 Analysis

The COVID-19 pandemic has significantly impacted the Generative AI Market, with the industry experiencing both positive and negative effects. Here are some of the key impacts:

Disruption in Supply Chains and Operations: The COVID-19 pandemic disrupted global supply chains and operations, leading to delays in hardware production and distribution. This affected the availability of specialized hardware accelerators and processors optimized for generative AI tasks, impacting the market’s growth.

Shift in Priorities and Budgets: Many businesses faced financial constraints and shifted their priorities towards maintaining core operations and adapting to remote work setups during the pandemic. This led to a slowdown in investment and adoption of emerging technologies like generative AI, as organizations focused on short-term stability rather than long-term innovation.

Accelerated Digital Transformation: The pandemic accelerated the pace of digital transformation across industries as businesses sought to adapt to remote work and online operations. This increased reliance on digital technologies presents opportunities for the generative AI market, as businesses look for innovative solutions to enhance virtual collaboration, content creation, and customer engagement.

Increased Focus on Automation and Efficiency: In the post-pandemic recovery phase, businesses are likely to prioritize automation and efficiency-enhancing technologies to streamline operations and reduce costs. Generative AI, with its ability to automate content generation, optimize processes, and personalize experiences, can play a crucial role in helping businesses adapt to new market dynamics and gain competitive advantage.

R&D Investments and Innovation: Governments, enterprises, and research institutions are expected to ramp up investments in R&D and innovation to stimulate economic recovery and address emerging challenges post-COVID-19. This increased investment in research and development can drive advancements in generative AI technologies, leading to the development of more sophisticated models and applications that cater to evolving market needs.

Resilience and Adaptability: Businesses that demonstrate resilience and adaptability in the face of the pandemic are better positioned to recover and thrive in the post-COVID-19 landscape. Generative AI companies that can pivot their offerings to address emerging market demands, such as remote collaboration tools, virtual event platforms, and AI-driven content creation solutions, stand to benefit from the recovery.

In conclusion, the COVID-19 pandemic has had a mixed impact on the Generative AI Market, with some challenges and opportunities arising from the pandemic.

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Key questions answered in this report:

What is the size of the Generative AI market and what is its expected growth rate?
What are the primary driving factors that push the Generative AI market forward?
What are the Generative AI Industry's top companies?
What are the different categories that the Generative AI Market caters to?
What will be the fastest-growing segment or region?
In the value chain, what role do essential players play?
What is the procedure for getting a free copy of the Generative AI market sample report and company profiles?

Key Offerings:

Market Share, Size & Forecast by Revenue | 2024−2033
Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Leading Trends
Market Segmentation – A detailed analysis by Types of Services, by End-User Services, and by regions
Competitive Landscape – Top Key Vendors and Other Prominent Vendors

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Generative AI Market – Regional Analysis

The Generative AI Market is segmented into various regions, including North America, Europe, Asia-Pacific, and LAMEA. Here is a brief overview of each region:

North America: In North America, the trend for Generative AI revolves around its widespread adoption across various industries, driven by robust investment in research and development, as well as a thriving startup ecosystem. The region is witnessing increased collaboration between tech giants, startups, and research institutions to push the boundaries of Generative AI applications. Additionally, there’s a growing emphasis on addressing ethical and regulatory challenges to ensure responsible deployment of Generative AI technologies.

Europe: Europe is witnessing a trend towards the integration of Generative AI into traditional sectors such as manufacturing and automotive, as well as emerging sectors like healthcare and agriculture. Governments and industry stakeholders are investing in initiatives to foster innovation and skills development in Generative AI, aiming to position Europe as a global leader in AI technologies. Furthermore, there’s a growing focus on privacy and data protection regulations, influencing the development and deployment of Generative AI solutions.

Asia-Pacific: In the Asia-Pacific region, the trend for Generative AI is characterized by rapid technological advancement and adoption, driven by strong government support, thriving tech ecosystems, and a growing demand for AI-driven solutions. Countries like China, South Korea, and Japan are leading the way in deploying Generative AI across various sectors, including finance, retail, and entertainment. Additionally, there’s a focus on developing AI talent and fostering international collaboration to accelerate innovation in Generative AI technologies.

LAMEA (Latin America, Middle East, and Africa): In the LAMEA region, the trend for Generative AI is marked by a growing recognition of its potential to drive innovation and address societal challenges. Governments and businesses are investing in AI research and development initiatives to harness Generative AI for applications in healthcare, agriculture, and education. Additionally, there’s a rising interest in leveraging Generative AI to promote cultural diversity and preserve indigenous knowledge, reflecting the region’s rich cultural heritage and diverse demographic landscape.

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Browse the full “Generative AI Market Size, Trends and Insights By Offering (Software, Services, Hardware), By Application (Design and Creativity, Graphic Design, Music Composition, Storytelling, Content Generation, Text Generation, Image Generation, Video Generation, Simulation and Modeling, Engineering, Weather Forecasting, Medical Research, Gaming and Entertainment, Game Content Generation, Virtual Environment Creation, Interactive Experience Design, Optimization and Planning, Resource Allocation, Strategic Planning, Operations Optimization, Personalization and Recommendation, E-commerce, Content Streaming, Social Media), By Vertical (Healthcare, Automotive, Retail and E-commerce, Finance, Manufacturing, Media and Entertainment, Architecture and Construction, Others), and By Region - Global Industry Overview, Statistical Data, Competitive Analysis, Share, Outlook, and Forecast 2024–2033” Report at https://www.custommarketinsights.com/report/generative-ai-market/

List of the prominent players in the Generative AI Market:

OpenAI (OpenAI LP)
NVIDIA Corporation
Google LLC (Alphabet Inc.)
Microsoft Corporation
IBM Corporation
Adobe Inc.
Autodesk Inc.
Unity Technologies
DALL-E (Developed by OpenAI)
DeepMind Technologies Limited
Sony Corporation
Siemens AG
Amazon Web Services Inc. (AWS)
com Inc.
SAP SE
Others

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The Generative AI Market is segmented as follows:

By Offering

Software
Services
Hardware

By Application

Design and Creativity
- Graphic Design
- Music Composition
- Storytelling
Content Generation
- Text Generation
- Image Generation
- Video Generation
Simulation and Modeling
- Engineering
- Weather Forecasting
- Medical Research
Gaming and Entertainment
- Game Content Generation
- Virtual Environment Creation
- Interactive Experience Design
Optimization and Planning
- Resource Allocation
- Strategic Planning
- Operations Optimization
Personalization and Recommendation
- E-commerce
- Content Streaming
- Social Media

By Vertical

Healthcare
Automotive
Retail and E-commerce
Finance
Manufacturing
Media and Entertainment
Architecture and Construction
Others

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Regional Coverage:

North America

U.S.
Canada
Mexico
Rest of North America

Europe

Germany
France
U.K.
Russia
Italy
Spain
Netherlands
Rest of Europe

Asia Pacific

China
Japan
India
New Zealand
Australia
South Korea
Taiwan
Rest of Asia Pacific

The Middle East & Africa

Saudi Arabia
UAE
Egypt
Kuwait
South Africa
Rest of the Middle East & Africa

Latin America

Brazil
Argentina
Rest of Latin America

This Generative AI Market Research/Analysis Report Contains Answers to the following Questions.

What Developments Are Going On in That Technology? Which Trends Are Causing These Developments?
Who Are the Global Key Players in This Generative AI Market? What are Their Company Profile, Product Information, and Contact Information?
What Was the Global Market Status of the Generative AI Market? What Was the Capacity, Production Value, Cost and PROFIT of the Generative AI Market?
What Is the Current Market Status of the Generative AI Industry? What's Market Competition in This Industry, Both Company and Country Wise? What's Market Analysis of Generative AI Market by Considering Applications and Types?
What Are Projections of the Global Generative AI Industry Considering Capacity, Production and Production Value? What Will Be the Estimation of Cost and Profit? What Will Be Market Share, Supply and Consumption? What about imports and exports?
What Is Generative AI Market Chain Analysis by Upstream Raw Materials and Downstream Industry?
What Is the Economic Impact On Generative AI Industry? What are Global Macroeconomic Environment Analysis Results? What Are Global Macroeconomic Environment Development Trends?
What Are Market Dynamics of Generative AI Market? What Are Challenges and Opportunities?
What Should Be Entry Strategies, Countermeasures to Economic Impact, and Marketing Channels for Generative AI Industry?

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Reasons to Purchase Generative AI Market Report

Generative AI Market Report provides qualitative and quantitative analysis of the market based on segmentation involving economic and non-economic factors.
Generative AI Market report outlines market value (USD) data for each segment and sub-segment.
This report indicates the region and segment expected to witness the fastest growth and dominate the market.
Generative AI Market Analysis by geography highlights the consumption of the product/service in the region and indicates the factors affecting the market within each region.
The competitive landscape incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions, and acquisitions in the past five years of companies profiled.
Extensive company profiles comprising company overview, company insights, product benchmarking, and SWOT analysis for the major market players.
The Industry's current and future market outlook concerning recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging and developed regions.
Generative AI Market Includes in-depth market analysis from various perspectives through Porter's five forces analysis and provides insight into the market through Value Chain.

Reasons for the Research Report

The study provides a thorough overview of the global Generative AI market. Compare your performance to that of the market as a whole.

Aim to maintain competitiveness while innovations from established key players fuel market growth.

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What does the report include?

Drivers, restrictions, and opportunities are among the qualitative elements covered in the worldwide Generative AI market analysis.

The competitive environment of current and potential participants in the Generative AI market is covered in the report, as well as those companies' strategic product development ambitions.

According to the component, application, and industry vertical, this study analyzes the market qualitatively and quantitatively. Additionally, the report offers comparable data for the important regions.

For each segment mentioned above, actual market sizes and forecasts have been given.

Who should buy this report?

Participants and stakeholders worldwide Generative AI market should find this report useful. The research will be useful to all market participants in the Generative AI industry.
Managers in the Generative AI sector are interested in publishing up-to-date and projected data about the worldwide Generative AI market.
Governmental agencies, regulatory bodies, decision-makers, and organizations want to invest in Generative AI products' market trends.
Market insights are sought for by analysts, researchers, educators, strategy managers, and government organizations to develop plans.

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