Generative AI Market Size & Growth analysis by 2031

Generative AI Market Size, Share, Trends LLMs Industry Impact 2030

There has been an increasing demand for  AI-generated content over the years as there is a growing preference for AI for generating articles, reports, blogs, and other digital content across industries. Industries use this AI-generated Yakov Livshits content to grab people’s attention and improve engagement. The market is primarily driven by the expanding information technology (IT) sector and the increasing usage of AI-integrated systems for enhancing productivity and agility.

Artificial Intelligence (AI) Text Generator Market size to grow by USD … – PR Newswire

Artificial Intelligence (AI) Text Generator Market size to grow by USD ….

Posted: Mon, 04 Sep 2023 07:00:00 GMT [source]

Generative AI model aims to provide data that is consistent, significant, and frequently indistinguishable from information created by humans. Some essential tools commonly used in the field of generative AI include large language model chatbots such as ChatGPT, Bing Chat, Bard, and LLaMA, and Text Generation Tools like OpenAI GPT-3 and GPT-2. Rising development of artificial intelligence and deep learning technologies is propelling the market growth.

Generative AI Market Share

Vital functions within enterprises, encompassing marketing, sales, finance, and human resources, are prime domains that stand to harness the potential of emerging AI-driven applications. The surge of AI constitutes a paradigm shift of unparalleled magnitude, advancing at an unprecedented pace compared to preceding shifts. While technological strides such as cloud computing, 5G connectivity, and the Internet of Things (IoT) have undeniably ushered in transformative changes, none have demonstrated the rapid evolution witnessed in AI. For instance, in 2022, Jen Owen founded the organization known as Enable, often referred to as Enabling the future, in the United States.

The continuous advancements in deep learning have been a key driver for the growth of the generative AI market. Deep learning algorithms, especially those based on Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs), have revolutionized the field of generative modeling. GANs have been particularly instrumental in generating realistic and high-quality synthetic data. VAEs, on the other hand, have enabled the creation of latent spaces that facilitate smooth interpolation between data points, allowing for seamless generation of diverse outputs. Moreover, researchers and developers have made significant progress in refining these algorithms, optimizing model architectures, and introducing new techniques to stabilize training and enhance the quality of generated content.

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Moreover, Goldman Sachs Research says advances in Generative artificial intelligence could greatly impact the world economy. As tools that use breakthroughs in natural language processing make their way into businesses and society, they could boost the global GDP by 7% (or almost USD 7 trillion) and increase economic growth by 1.5% over ten years. The regions analyzed for the market include North America, Europe, South America, Yakov Livshits Asia Pacific, the Middle East, and Africa. The North American region emerged as the most significant global generative AI market, with a revenue share of 42.10% in 2022. The region has a high market growth rate due to the presence of established end-user industries. The North American market will be driven by investment in the artificial intelligence and machine learning sector to support the generative AI market.

Can generative AI make talking cars a reality? – Tech Wire Asia

Can generative AI make talking cars a reality?.

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The growing demand for video content has escalated the adoption of generative AI to enhance and automate video creation processes. As per the generative AI industry analysis, the software sub-segment gathered the maximum percentage of share in 2021 and is expected to do so in the coming years. The utmost share of the segment is credited to factors such as growing fraudulent activities, overestimation of capabilities, unexpected outcomes; and rising concerns over data privacy. On the other hand, the service sub-segment is anticipated to reach a significant growth rate in the coming years.

Generative AI Market Share to Surge in the United States Amid Growing Adoption of AI Systems

Yakov Livshits
Founder of the DevEducation project
A prolific businessman and investor, and the founder of several large companies in Israel, the USA and the UAE, Yakov’s corporation comprises over 2,000 employees all over the world. He graduated from the University of Oxford in the UK and Technion in Israel, before moving on to study complex systems science at NECSI in the USA. Yakov has a Masters in Software Development.

In addition, it helps with fashion design, graphic design, and architectural modeling, all of which are crucial in the domain of design. Generative AI is a vital technology because of its adaptability and wide variety of potential uses. Increasing concerns Yakov Livshits about data privacy and security among online businesses are expected to restrain the market. Online businesses have access to large customer data volumes, increasing their responsibility to protect customer data to maintain customer trust.

generative ai market size

According to IBM’s global AI adoption index 2022 report, 34% of respondents believed that a lack of Artificial Intelligence (AI) skills, expertise, or knowledge was restricting the adoption of Artificial Intelligence (AI) for industries. Hence, the unavailability of a skilled workforce and the high implementation costs are expected to slow down the pace of development of the market. Based on the Model, the global market is segmented into Generative Adversarial Networks or GANs and Transformer-based models. “Generative AI has the potential for innovation and disruption to software markets and applications that we’ve seen only a few times in history,” says Ritu Jyoti, group VP, Artificial Intelligence (AI) and Automation Research at IDC. According to 2022 data, transformers led the industry and generated over 42% of the revenue.

As deep learning continues to evolve, the capabilities of generative AI models are expected to improve further, leading to even more impressive and realistic results. North America dominated the industry with the largest share in 2023 and is projected to grow at a significant CAGR over the forecast period due to factors such as the rise of pseudo-imagination and medical care and banking frauds. North America has emerged as the leading region for the adoption and development of the market due to the presence of numerous market actors and government support. The United States, specifically the Silicon Valley region of California, has been at the forefront of research and development. Numerous prominent U.S. technology companies and research institutions, including OpenAI, Google, Facebook, NVIDIA, and IBM, have significantly contributed to advancing generative AI technologies.

generative ai market size

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary. If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.

In addition, enhanced customer engagement leads to increased product or service sales, which benefits the companies and in turn, propels the segment. The Cloud-based solution holds the major share in the market during the historical years. As they can easily be accessed from anywhere with an internal connection, making them highly flexible & convenient for remote businesses.

generative ai market size

This is a result of emerging nations’ ongoing attempts to move towards autonomous solutions in order to increase the GDP contribution of the service sector and facilitate trade in the area. For instance, the Chinese government unveiled its National Artificial Intelligence Development Plan in 2017 with the goal of dominating the field by 2030. The strategy encourages investments in research, the talent development, & infrastructure while emphasizing the development of essential AI technologies, particularly generative AI. Most customers in North America are currently utilizing generative AI for application-based activities, such as text, code, image, and audio/video generation, among others.

  • The technology segment is divided into transformers, diffusion networks, generative adversarial networks, and variational auto-encoders.
  • As a result, it is widely employed across several industries, such as healthcare, IT, robotics, and BFSI.
  • This can be attributed to the remarkable capabilities of GANs in generating highly realistic and diverse content.
  • Successful trend analysis is done by our analysts using extrapolation techniques, which provide the best possible forecasts for the market.
  • This is a result of emerging nations’ ongoing attempts to move towards autonomous solutions in order to increase the GDP contribution of the service sector and facilitate trade in the area.

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