The global generative AI market is projected to register a CAGR of 31.5% during the forecast period, reaching USD 76.8 billion by 2030 from an estimated USD 11.3 billion in 2023. Major factors to boost the market growth include the advent of cloud storage has facilitated convenient data accessibility, the progression of AI and deep learning, and the emergence of an era focused on content creation and imaginative applications.
Some leading players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US), Insilico Medicine (Hong Kong), Simplified (US), Genie AI (UK), Lightricks (Israel), Lumen5 (Canada), Giphy (US), Dialpad (US), Persado (US) and Codacy (Portugal). 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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OpenAl, founded in 2015 in San Francisco, California, is renowned for its AI innovations including GPT, DALL-E, and ChatGPT. These encompass the Generative Pre-trained Transformer (GPT) products, utilizing deep learning to emulate human-like text. GPT-3, launched in 2020, is a language model trained on extensive internet text and serves as the basis for the commercial "the API" product. This technology excels in natural language processing, translation, and text generation. OpenAl's journey continued with DALL-E's introduction in 2021 and a ChatGPT preview in 2022, focusing on conversational AI. The release of DALL-E 2 in 2022 further revolutionized image generation with quadruple the resolution. OpenAl's prowess lies in driving AI evolution, revolutionizing language and image processing.
Amazon Web Services (AWS) offers a comprehensive set of artificial intelligence (AI) and machine learning (ML) services to meet business needs. AWS has the broadest and deepest portfolio of AI and ML services at all three layers of the stack. AWS offers the easiest way to build and scale generative AI applications, grounded in model choice and flexibility, making it possible for builders of all levels to innovate with machine learning. AWS provides readily available AI services, allowing users to add AI capabilities to their business applications without requiring ML experience. AWS has invested and innovated to offer the most performant, scalable infrastructure for cost-effective ML training and inference. AWS offers generative AI built-in services such as Amazon CodeWhisperer, an AI coding companion.
Google Cloud is dedicated to infusing AI across solutions, enabling customers to build AI-powered applications for document processing, data analysis, and more. This approach enhances data understanding and delivers industry-specific solutions. A noteworthy endeavor involves creating an AI language model supporting the world's top 1,000 languages, starting with a model covering over 400 languages, marking a significant leap in language inclusivity. In a strategic acquisition in February 2020, Google gained Looker, a unified platform provider specializing in business intelligence, data applications, and embedded analytics. This move strengthens Google's data-oriented offerings and reinforces its foothold in the business intelligence sector. Through these initiatives, Google maximizes the value of AI, catering to diverse industries and propelling innovation in language processing and analytics.
Generative AI Market by Offering (Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LaMDA)), Services), Application (Data Modality (Text, Image, Video), Business Function (Marketing & Sales, Finance)), Vertical and Region - Global Forecast to 2030
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