Newark, Feb. 27, 2023 (GLOBE NEWSWIRE) -- The Brainy Insights estimates that the generative AI market will grow from USD 8.65 billion in 2022 and reach USD 188.62 billion by 2032. Most commercial industries view generative AI as improving their workflow and thus increasing their productivity. Commercial sectors are investing in generative AI to strengthen their working algorithm. Further, with growing technological advancements, many companies opt for generative AI in producing their products.
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Key Insight of the Generative AI Market
North America to account for the largest market size during the forecast period.
North America is expected to have the largest market share in the generative AI market. Key factors favoring the growth of the generative AI market in North America include adopting digital technologies and rising players in regional countries. The expenditure on advertising and marketing and many large-scale and mid-scale organizations are investing in generative AIs. The US has always been at the forefront of adapting and implementing AI and ML technologies in different industries. Further, the increasing number of innovative software launches will lead to deeper penetration of the generative AI market.
The diffusion networks segment is expected to augment the market during the forecast period.
The technology segment is divided into transformers, diffusion networks, generative adversarial networks, and variational auto-encoders. The diffusion networks segment is expected to augment the market during the forecast period. Diffusion networks are more popular nowadays for the synthesis and penetration of images. Various industries, such as automotive and transportation, media and entertainment, BFSI, etc., require diffusion networks to meet their current business requirements.
The service segment is expected to augment the market during the forecast period.
The component segment includes service and software. The service segment is expected to augment the market during the forecast period. Services are in demand in the majority of the end-user industries due to several reasons, such as the protection of data and the detection of fraud. The increase in fraudulent activities has necessitated the use of generative AI services.
The BFSI segment will likely grow at the highest CAGR during the forecast period.
The vertical segment includes BFSI, media and entertainment, healthcare, IT and telecommunication, automotive and transportation, and others. The BFSI segment will likely grow at the highest CAGR during the forecast period. Generative AI helps in the prevention of fraudulent activities in the BFSI sector. Generative AI can be produced in various applications, which can be used to protect data and meet the requirement of different dynamic needs.
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Advancement in market
In November 2021, a significant player, IBM, announced the acquisition of an Australian digital service provider company named SXiQ. SXiQ specializes in the transformation of cloud cybersecurity and cloud platforms. This acquisition aimed to develop IBM's AI capabilities and hybrid cloud advancements.
Market Dynamics
Driver: Increasing applications in end-user industries
The deployment of artificial intelligence is evolving due to generative AI and other foundation models, which also speed up application development and give non-technical people access to significant capabilities. The emergence of generative AI has the potential to alter the business landscape fundamentally. This technology can potentially disrupt industries and how businesses are run because it enables the generation of fresh content by learning from existing data. Generative AI can boost efficiency and productivity, cut costs, and provide new growth prospects by making it possible to automate numerous jobs that people previously performed. As a result, companies that can use technology well will probably have a considerable competitive edge.
Restraint: Data privacy concerns
There are often data privacy concerns associated with the deployment of generative AI. Organizations usually tend to share their data set with generative AI software. This impacts the installation of generative AIs in many commercial industries that deal with crucial data that must be protected.
Opportunity: Increasing investments in artificial intelligence
Companies are facing intense competition among different industries. The number of suppliers has grown over the years. Also, the quality of products offered by other companies is almost the same, which decreases the power of suppliers in the market. Thus, many companies are focusing on strengthening of R&D base—the objective behind it is to concentrate more on product differentiation. The need for the cloud has increased, and thus companies are conducting many research and development activities to gather a considerable number of ideas that can increase the profitability of their business. Machine learning experts have been in high demand by companies looking to develop algorithms to help them grow and become more efficient. Businesses are investing heavily in developing and implementing cutting-edge technology and automation. Enterprises are using business intelligence and automation to improve their services and better understand their operations. According to several surveys, it has been found that AI/ML activities have taken precedence over all other IT initiatives in the last 12 months.
Challenge: Lack of awareness in developing regions
In developing regions such as Asia-Pacific, the Middle East, and Latin America, there is a lack of awareness of the deployment of generative AI. In underdeveloped and developing countries, many mid and small-scale companies are unaware of generative AI uses. This leads to the underutilization of generative AI, which limits the ROI of its investment. Thus, this factor hinders the market's growth in such countries.
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Some of the major players operating in the Generative AI market are:
• Synthesia
• Genie AI Ltd
• MOSTLY AI Inc.
• IBM
• Amazon Web Services, Inc.
• Google LLC
• Adobe
• Microsoft
• D-ID
• Rephrase.ai
Key Segments Cover in the Market:
By Technology:
• Transformers
• Diffusion Networks
• Generative Adversarial Networks
• Variational Auto-encoders
By Component:
• Service
• Software
By Vertical:
• BFSI
• Media and Entertainment
• Healthcare
• IT and Telecommunication
• Automotive and Transportation
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, Product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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