Market Insights
As per recent research by MarkNtel Advisors, The Global Generative AI Market size was valued at around USD 12 million in 2022 and is estimated to grow at a CAGR of about 29.6% during the forecast period, i.e., 2024-30.
Global Generative AI Market Key Driver:
Growing Awareness About Generative AI to Thrive Market Growth – The surging consciousness about Generative AI acts as a key driver of the Generative AI Market. Conventional AI-driven conversational interfaces are often limited by predefined instructions, resulting in inadequate responses due to their inability to fully comprehend user queries. Generative AI, on the other hand, addresses this issue by understanding, learning, and formulating chat responses based on context and intent.
These generative models rely on virtual assistants, incorporating technologies like chatbots, deep learning, NLP (Natural Language Processing), NGL (Natural Language Generation), and LLM (Large Language Models). As a result, this empowers intelligent virtual assistants and other conversational interfaces to engage with users in a more human-like manner. As consumers become more aware of the advantages of generative AI, its adoption is on the rise for various applications. The user-friendly nature & benefits provided by generative AI are expected to contribute to boosting the Generative AI Market growth in the foreseeable future.
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Market Segmentation and Consumer Behavior:
By Component
- Software- Market Size & Forecast 2019-2030F, USD Million
- Service- Market Size & Forecast 2019-2030F, USD Million
By Technology
- Generative Adversarial Networks (GANs)- Market Size & Forecast 2019-2030F, USD Million
- Transformers- Market Size & Forecast 2019-2030F, USD Million
- Variational Autoencoder (VAE)- Market Size & Forecast 2019-2030F, USD Million
- Diffusion Networks- Market Size & Forecast 2019-2030F, USD Million
- Retrieval Augmented Generation- Market Size & Forecast 2019-2030F, USD Million
By Application- Market Size & Forecast 2019-2030F, USD Million
- Computer Vision- Market Size & Forecast 2019-2030F, USD Million
- NLP- Market Size & Forecast 2019-2030F, USD Million
- Robotics & Automation- Market Size & Forecast 2019-2030F, USD Million
- Content Generation- Market Size & Forecast 2019-2030F, USD Million
- Others (Chatbots & Intelligent Virtual Assistants, Predictive Analysis, etc.)- Market Size & Forecast 2019-2030F, USD Million
By Model
- Large Language Models- Market Size & Forecast 2019-2030F, USD Million
- Image & Video Generative Models- Market Size & Forecast 2019-2030F, USD Million
- Multi-model Generative Models- Market Size & Forecast 2019-2030F, USD Million
- Others (Text-to-Text Generative Models, Audio Generative Models, etc.)- Market Size & Forecast 2019-2030F, USD Million
By End User
- Media & Entertainment- Market Size & Forecast 2019-2030F, USD Million
- BFSI- Market Size & Forecast 2019-2030F, USD Million
- Healthcare- Market Size & Forecast 2019-2030F, USD Million
- IT & Telecom- Market Size & Forecast 2019-2030F, USD Million
- Others (Automotive & Transportation, Gaming, etc.)- Market Size & Forecast 2019-2030F, USD Million
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Generative AI Market Geographical Analysis:
By Region:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Key Players and Competitive Strategies in the Generative AI Market
Several prominent players dominate the Generative AI Market, including:
- IBM Corporation
- Google LLC
- Amazon Web Services
- Adobe
- Microsoft Corporation
- ai
- Meta
- Genie AI Ltd.
- MOSTLY AI Inc.
- NVIDIA
- Insilico Medicine
- Open AI
- Synthesia
- Giphy
- Lumen 5
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Questions Addressed in this Study
1.What factors are driving the Generative AI Market growth?
2.How is the Generative AI Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Generative AI Market?
4.What is the current size of the Generative AI Market, and how is it projected to change in the future?
5.What is the future outlook for the Generative AI Market in terms of technological advancements and market expansion?
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