Escalating Trends of Content Creation and Creative Applications to Boost the Global Generative Artificial Intelligence (AI) Market

The surge in content creation and creative applications drives the global generative artificial intelligence (AI) market. Artists and creators across fields utilize generative AI tools to automate 26% of tasks in arts, design, entertainment, media, and sports. AI-generated art, music, fashion designs, and interactive storytelling, captivating global audiences fuel the demand. Transformative partnerships, like Adidas with Ready Player Me and OpenAI's GPT-3, highlight the profound impact of AI-driven creativity.

According to Markets and Data Research report, “Global Generative Artificial Intelligence (AI) Market Assessment, By Region, Opportunities and Forecast, 2016-2030F”, the Global Generative Artificial Intelligence market size was valued at USD 6.93 billion in 2022. The market will grow rapidly at a CAGR of 35.95% to reach USD 72.80 billion in 2030.

The market is experiencing rapid expansion as businesses are increasingly recognizing the value of leveraging AI for various tasks, including content creation, design, supply chain management, and demand forecasting.  For example, Walmart uses generative AI to optimize its supply chain, reducing costs and improving inventory management across its vast network of stores. Moreover, the surge in the generative AI market is attributed to its pivotal role in boosting employee productivity by automating routine tasks, enabling more efficient workflows, and providing valuable insights through data analysis. According to research conducted by the National Bureau of Economic Research, the implementation of generative AI in customer support roles leads to a remarkable 14% increase in productivity, along with reductions in stress levels and higher rates of employee retention.

The market growth has benefitted from the increasing adoption of generative AI across numerous sectors such as media and entertainment, BFSI, IT and telecommunication, automotive, transportation, education, cybersecurity, and healthcare. For instance, generative AI has the potential to revolutionize healthcare by assisting in drug discovery, medical imaging analysis, and personalized treatment plans. Its capabilities in data analysis and pattern recognition are driving advancements in medical research. According to a survey, an overwhelming 98% of healthcare providers and 89% of healthcare payer executives acknowledge that generative AI advancements are leading to a transformative era of enterprise intelligence.

Spread through 295 pages, the "Global Generative Artificial Intelligence (AI) Market" report includes an in-depth TOC, over 145 market data figures, the latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

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Key Takeaways:

• The rising demand for generative AI tools and technological improvements are transforming the software and services industry.
• Government initiatives worldwide, such as Ministry of Electronics and Information Technology (MeitY)'s Digital India Bhashini and the European Union's proposed copyright restrictions, actively support the generative AI market.
• The Asia-Pacific market is expected to witness remarkable growth with the highest CAGR of 36.6% over the forecast period between 2023 and 2030.
• Despite its advantages, the generative AI market faces challenges like a shortage of specialized labor and security vulnerabilities.

The Global Generative Artificial Intelligence (AI) Market is Segmented in the Following Categories:

By Component: Software (On Premises, Cloud Based), Service (Managed Service, Professional Service)

By Technology: Transformers, Diffusion Networks, Generative Adversarial Networks (GANs), Variational Auto-Encoders

By End-User: Banking, Financial Services and Insurance (BFSI), Gaming, ICT and Telecommunications, Healthcare, Media and Entertainment, Automotive and Transportation, Others

By Region: North America, Europe, South America, Asia-Pacific, Middle East & Africa

In terms of technology, transformers dominate the market share in 2022, anticipated to ascend significantly during the forecast period. This surge is propelled by factors such as the burgeoning availability of data, diminishing computing costs, and the increasing sophistication of generative AI models. The exponential growth of data for NLP tasks, fueled by internet and social media use, plays a pivotal role. Moreover, decreasing computing costs render training and deploying generative AI transformers more economically viable.

Based on the region, North America asserts dominance in 2022, commanding a market value of USD 2.67 billion, projected to burgeon to USD 28.54 billion by 2030. Maintaining its supremacy, the region is poised to register a robust CAGR of 36.25% between 2023 and 2030. The concentration of Fortune 500 players, market leaders like Google, Amazon, IBM & Microsoft, and other key players positions North America as a promising hub for generative AI market growth. Additionally, the escalating demand for heightened data security and privacy, especially in the US, the world's largest market, is anticipated to propel innovation in the generative AI market.

Major Companies Operating in the Global Generative Artificial Intelligence (AI) Market Include:

·         Google LLC

·         Amazon Web Services, Inc.

·         Microsoft Corporation

·         NVIDIA Corporation

·         Openai Opco, Llc

·         Adobe Inc.

·         IBM Corporation

·         Meta Platforms, Inc.

·         Genie Ai Limited

·         Synthesia Limited

Companies operating in the generative AI market are strategically adopting innovative approaches to stay at the forefront of technological advancements. These strategies often involve launching versatile AI models that cater to diverse applications, enhancing user experiences, and driving market growth. For instance, Google's AI PaLM 2, launched in May 2023, stands out as a versatile model empowering chatbots, language translation, code writing, and image analysis. For say, a user can inquire about a Bulgarian restaurant in English, triggering a seamless process of web search, translation, and response with relevant images and code snippets. Similarly, Adobe's May 2023 introduction of Generative Fill, powered by Firefly AI, revolutionizes image modification in Photoshop. This groundbreaking co-pilot enables non-destructive changes using language prompts, reshaping workflows across Adobe's extensive suite of creative tools. These examples showcase how companies are strategically deploying generative AI to redefine user experiences and industry standards.

“Global Generative Artificial Intelligence (AI) Market Assessment, 2016-2030F”, evaluates the future growth potential of the global generative artificial intelligence (AI) market and provides statistics and information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report also identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global generative artificial intelligence (AI) market.

 

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