Generative AI Market Size to Grow USD 126.5 Billion by 2031 at a CAGR of 32% | Valuates Reports
BANGALORE, India, June 8, 2023 /PRNewswire/ -- The Global Generative AI Market is Segmented by Component (Software, Services), by Technology (Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks), by End User (Media and Entertainment, BFSI, IT and Telecom, Healthcare, Automotive and Transportation, Others): Global Opportunity Analysis and Industry Forecast, 2021-2031.
The global Generative AI Market size was valued at USD 8.2 Billion in 2021 and is projected to reach USD 126.5 Billion by 2031, growing at a CAGR of 32% from 2022 to 2031.
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Major Factors Driving the Growth of the Generative AI Market:
Certain tasks that would otherwise require human intervention can be automated and streamlined using generative AI. For instance, it can produce customized product suggestions, automate the generation of marketing campaign content, or help with the design of intricate graphic aspects. Generative AI increases efficiency and helps organizations save time and money by automating these procedures. This in turn is expected to fuel the generative AI market growth.
Additionally, by producing information catered to individual preferences, generative AI enables personalized and custom experiences. This factor is expected to drive the growth of the Generative AI market.
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TRENDS INFLUENCING THE GROWTH OF GENERATIVE AI MARKET:
It has been shown that generative AI has the ability to produce fresh and inventive results, frequently going beyond what was previously thought to be feasible. This includes producing lifelike visuals, musical compositions, dialogues that sound like actual people, and original visual designs. Adoption is being fueled by the capacity to provide such creative outputs across a range of sectors, including entertainment, design, marketing, and advertising. This factor is expected to drive the growth of the Generative AI market.
Deep learning methods have advanced significantly in recent years, including generative adversarial networks (GANs) and recurrent neural networks (RNNs). These methods provide computers the ability to learn and produce intricate and realistic content, such as photos, movies, text, and music. The development of technology makes it more powerful and usable, which encourages the usage of generative AI. This factor is expected to drive the growth of the Generative AI market.
By creating simulations, scenarios, or alternate options, generative AI can help in decision-making processes. It can produce artificial data for training algorithms, simulate outcomes in different circumstances, or produce different product design concepts. Generative AI assists decision-makers in making well-informed decisions by offering these insights and options. More complex generative AI models may now be trained and used because of improvements in computing power and the expanding availability of massive datasets. Generative AI models can learn from various sources and produce outputs with higher accuracy and complexity if they have access to additional data and computing power. This factor is expected to drive the growth of the Generative AI market.
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GENERATIVE AI MARKET SHARE ANALYSIS:
Due to businesses that have quickly gone digital and put a strain on cloud networks and data centers, Asia Pacific is predicted to experience significant growth during the forecast period. The adoption of AI is assisting the organization in enabling civil society members to be responsible and knowledgeable users of AI devices.
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Key Companies:
- D-ID, Microsoft Corporation,
- Google LLC,
- Genie AI Ltd.,
- Adobe.,
- MOSTLY AI Inc.,
- Amazon Web Services, Inc.,
- Rephrase.ai,
- IBM Corporation,
- Synthesia.
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- The global conversational AI market size was valued at USD 5.78 billion in 2020 and is projected to reach USD 32.62 billion by 2030, registering a Compound Annual Growth Rate (CAGR) of 20.0% from 2021 to 2030.
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- Machine Translation Market size is estimated at USD 817.5 million in the year 2022, is projected to reach a revised size of USD 1627.5 million by 2028, growing at a CAGR of 12.2% during the forecast period 2022-2028.
- The global edge AI hardware market size was valued at USD 6.88 billion in 2020, and is projected to reach USD 38.87 billion by 2030, registering a CAGR of 18.8% from 2021 to 2030.
- The global Edge AI Software market was valued at USD 931.5 million in 2022 and is anticipated to reach USD 3519.4 million by 2029, witnessing a CAGR of 24.8% during the forecast period 2023-2029.
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