Generative AI Market

Generative AI Market Size & Share - Future Growth Expectations

The global generative AI market is projected to register a CAGR of 36.7% during the forecast period, reaching USD 136.7 billion by 2030 from an estimated USD 20.9 billion in 2024. Major factors to boost the market growth include the advancement in cloud storage technology facilitating convenient data accessibility, development of AI and deep learning solutions revolutionizing businesses, and Increase in content generation and innovative applications.

The generative AI market is poised for substantial growth in the coming years, driven by several key factors:

  • Advancements in Artificial Intelligence (AI) and Machine Learning (ML)
  • Rapid Expansion of Use Cases
  • Demand for Personalized and Immersive Experiences
  • Automation of Creative and Design Processes
  • Data Augmentation and Synthetic Data Generation
  • Enhanced Content Creation and Production Workflows

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Advancements in Artificial Intelligence (AI) and Machine Learning (ML):

  • Continuous advancements in AI and ML algorithms, particularly in the field of generative models, are fueling the growth of the Generative AI Market. Breakthroughs in deep learning techniques, such as generative adversarial networks (GANs), variational autoencoders (VAEs), and transformer models, have enabled the creation of highly realistic and diverse synthetic data, images, text, audio, and video content.

Rapid Expansion of Use Cases:

  • Generative AI technologies are being applied across a wide range of industries and use cases, driving market growth. From content creation and artistic expression to data augmentation, image synthesis, text generation, virtual prototyping, and synthetic media production, generative models are revolutionizing how businesses generate, manipulate, and interact with digital content.

Demand for Personalized and Immersive Experiences:

  • There is a growing demand for personalized and immersive experiences in various domains, including entertainment, gaming, retail, marketing, and virtual reality (VR) and augmented reality (AR) applications.

Automation of Creative and Design Processes:

  • Generative AI is automating creative and design processes, empowering creators, designers, and developers to generate, iterate, and customize digital content more efficiently.

Data Augmentation and Synthetic Data Generation:

  • Generative AI techniques are being used for data augmentation and synthetic data generation in machine learning and computer vision applications.

Enhanced Content Creation and Production Workflows:

  • Generative AI is transforming content creation and production workflows by enabling the rapid generation of high-quality and customizable digital content.

Generative AI Market Share - Global Industry Landscape
The Generative AI market is characterized by the presence of several key players competing for market share. Some of the leading companies in the Generative AI industry include:

  • Microsoft (US)
  • Accenture (Ireland)
  • Capgemini (France)
  • Insilico Medicine (Hong Kong)
  • Simplified (US)

These companies represent a diverse range of players in the Generative AI Market, each offering innovative solutions and services leveraging Generative AI technologies to address various business challenges and opportunities across industries.
Microsoft (US):

  • Market Share: Microsoft is a major player in the Generative AI Market, leveraging its expertise in AI research and cloud computing.
  • Key Offering: Microsoft offers various Generative AI solutions through its Azure AI platform, including pre-trained models, development tools, and cloud-based services for text generation, image synthesis, and natural language processing. Their offerings enable developers and enterprises to build and deploy AI-powered applications that generate realistic and diverse digital content.

Accenture (Ireland):

  • Market Share: Accenture is a prominent player in the Generative AI Market, offering consulting services and AI solutions across industries.
  • Key Offering: Accenture provides consulting services and customized AI solutions leveraging Generative AI technologies to help clients innovate, optimize processes, and drive business outcomes. Their offerings include AI strategy development, model training and deployment, data augmentation, and generative design solutions tailored to specific industry use cases and business objectives.

Capgemini (France):

  • Market Share: Capgemini is a leading global consulting and technology services company with expertise in AI and digital transformation.
  • Key Offering: Capgemini offers Generative AI solutions and services to help organizations harness the power of AI for innovation and growth. Their offerings encompass AI strategy and advisory services, AI model development and implementation, data engineering and integration, and AI-powered business applications that leverage Generative AI for content generation, personalization, and optimization.

Insilico Medicine (Hong Kong):

  • Market Share: Insilico Medicine is a pioneer in AI-driven drug discovery and healthcare analytics.
  • Key Offering: Insilico Medicine specializes in applying Generative AI and deep learning techniques to accelerate drug discovery and development processes. Their offerings include AI-powered drug design platforms, molecular generation algorithms, and predictive analytics solutions for target identification, lead optimization, and biomarker discovery, enabling pharmaceutical companies to expedite the drug discovery pipeline and bring novel therapeutics to market faster.

Simplified (US):

  • Market Share: Simplified is a emerging player in the Generative AI Market, offering AI-driven content creation solutions for businesses.
  • Key Offering: Simplified provides AI-powered content creation tools and platforms that leverage Generative AI technologies to generate high-quality, personalized digital content at scale. Their offerings include AI copywriting tools, design automation platforms, and creative assistants that help marketers, designers, and content creators streamline their workflows, generate engaging content, and drive audience engagement and conversion.

Related Reports:

Generative AI Market by Offering (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LaMDA), Services), Modality (Text, Image, Video, Audio & Speech, Code), Application (Content Management, Search & Discovery), Vertical and Region - Global Forecast to 2030

Generative AI Market Size,  Share & Growth Report
Report Code
TC 8610
RI Published ON
4/7/2024
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