The global generative AI market is projected to register a CAGR of 35.6% during the forecast period, reaching USD 51.8 billion by 2028 from an estimated USD 11.3 billion in 2023. Major drivers for the market include the innovation of cloud storage enabling easy access to data, evolution of AI and deep learning, and rise in the era of content creation and creative applications.
Some leading players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US) and Insilico Medicine (Hong Kong). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the generative AI market.
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Focused on generative AI, OpenAI is the creator of GPT, Dall-E, and ChatGPT. The company was founded in 2015 and is based in San Francisco, California. Its generative pre-trained transformer (GPT) products offer a large language model (LLM) that uses deep learning to produce human-like text. In 2020, it introduced GPT-3, a language model trained on trillions of words from the internet, and it announced that an API called "the API" would form the basis of its first commercial product. GPT-3 is used for natural language processing and can also translate between languages and generate text. In 2021, OpenAl introduced DALL-E, and in 2022, it released a preview of ChatGPT, which is a conversational Al system. DALL-E 2, released in 2022, can generate more realistic and accurate images with 4 times the resolution of the original DALL-E.
Microsoft caters to a wide range of verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. In November 2020, the company pledged a USD 50 million investment in AI for Earth to accelerate innovation. As the company continues to bring rich AI capabilities directly into the data stack as large-scale models become powerful platforms. Microsoft exclusively licensed GPT-3, allowing to leverage its technical innovations to deliver advanced AI solutions for their customers, as well as create new solutions that harness the power of advanced natural language generation.
Google Cloud continues to build AI into numerous solutions that the customers can use to develop AI-powered applications — including processing documents, images, and translation — to understand and analyze data more efficiently, and to use packaged solutions for a variety of industries. In all these examples, AI significantly enhances the usefulness and multiplies the value of these products and services to people and organizations. Google has announced an ambitious new project to develop a single AI language model that supports the world’s “1,000 most spoken languages.” As a first step towards this goal, the company is unveiling an AI model trained on over 400 languages, which it describes as “the largest language coverage seen in a speech model today.” In February 2020, the company acquired Looker, a unified platform provider for business intelligence, data applications, and embedded analytics.
Generative AI Market by Offering (Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LaMDA)), Services), Application (Computer Vision, Synthetic Data Generation (Medical Imaging, Cybersecurity)), Vertical and Region - Global Forecast to 2028
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