Generative AI Market to Surpass USD 440 Billion by 2032
Pune, Dec. 12, 2024 (GLOBE NEWSWIRE) — Generative AI Market Size Analysis:
“The Generative AI Market was valued at USD 20.21 billion in 2023 and is expected to reach USD 440 billion by 2032, growing at an impressive CAGR of 41.31% over the forecast period from 2024 to 2032.”
Generative AI Market to Transform Industries, Driving Innovation in Gaming, Healthcare, and Beyond
Generative AI Market is a crucial branch of artificial intelligence market that will change the face of industries by generating new content, ranging from text to images to code. This disruptive technology thrives on the basis of other breakthroughs in areas such as super-resolution, text-to-image, and text-to-video conversion. The gaming sector is making use of generative AI by enhancing user experiences, automating content, and designing immersive virtual worlds.
Healthcare is another sector witnessing the transformative effects, with innovation in medical imaging and diagnostics. The Healthcare AI Market is expected to grow up to USD 370.14 billion by 2032, partly because of generative AI applications. Industries such as finance, marketing, and customer service are adapting this technology for fraud detection, personalized campaigns, and automated support beyond gaming and healthcare.
While there are challenges associated with high implementation costs and lack of skilled professionals, 87% companies report difficulties in filling AI roles the economic impact of generative AI is monumental. Research estimates AI could contribute USD 13 trillion to the global economy by 2030.
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Major Players Analysis Listed in this Report are:
· Synthesia
· IBM
· Microsoft
· Rephrase.ai
· Genei AI Ltd
· Google LLC
· Adobe
· Runway
· Capgemini
· Accenture
· Mistral AI
· OpenAI
Generative AI Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 20.21 Billion |
| Market Size by 2032 | US$ 440 Billion |
| CAGR | CAGR of 41.31% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]Africa [Nigeria, South Africa, Rest of Africa]Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • Generative AI: Driving Hyper-Personalization and Customized Experiences Across Industries |
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Generative AI Market to Revolutionize Customer Experiences with Hyper-Personalization and Innovative Applications
Generative AI enables hyper-personalization by analyzing vast datasets to deliver tailored experiences. For instance, AI is used on Netflix and Spotify to suggest content based on individual preferences, which in return increases engagement and sales by 10-30%. This makes things easy by revolutionizing design with customized products and increasing customer satisfaction.
Virtual avatars is another new market powered by generative AI, growing to USD 528 million by 2027. These applications are examples of how generative AI will help businesses win customer love and differentiate themselves from competition.
Dominance of Software Segment and Rapid Development in BFSI led the growth of Generative AI Market
By Product Type
In 2023, the Software segment dominated the Generative AI Market with a 62% revenue share. Companies such as H&M and Adidas are using generative AI for innovative clothing and footwear designs, demonstrating its versatility. The software segment is expected to continue dominating the market over the forecast period 2024-2032, driven by concerns over data privacy and fraud prevention.
The Service segment is expected to grow at the fastest CAGR, driven by the growing adoption of cloud-based AI tools. For example, Amazon Bedrock, launched in April 2023, is an example of the growing demand for generative AI services.
By End User
The Media and Entertainment segment dominated in 2023, with 23% revenue share, driven by AI-powered advertising and personalization of content. For instance, the partnership that BuzzFeed has with OpenAI showcases the potential of AI within this space. BFSI is expected to grow quickly over the forecast period 2024-2032, leveraging generative AI for fraud detection, security of data, and creation of marketing content.
Generative AI Market Segmentation:
BY PRODUCT TYPE
BY TECHNOLOGY
- Variational Auto-encoders
- Diffusion Networks
- GANs
- Transformers
BY APPLICATION
- Computer Vision
- Predictive Analysis
- Content Generation
- NLP
- Robotics & Automation
- Chatbots & Intelligent Virtual Assistants
- Others
BY MODEL
- Image & Video Generative Models
- Chatbots & Intelligent Virtual Assistants
- Large Language Models
- Others
BY END USER
- Media & Entertainment
- BFSI
- Automotive & Transportation
- Gaming
- IT & Telecommunication
- Others
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North America Leads While Europe and Asia Pacific Witness Accelerated Growth of Generative AI Market
North America region led the Generative AI Market with a 34% share in 2023, mainly due to the strength of its technology ecosystem and the skilled workforce, besides an increasing demand for AI-powered content in healthcare and media.
Europe region is also experiencing a lot of growth because of government funding, innovation by startups, and region-specific applications. In Asia Pacific region, rapid digitalization and abundant data are driving growth, and countries are investing heavily in technologies such as GANs and deep learning to drive innovation.
RECENT DEVELOPMENTS
September 2024: The newly formed service offering from CBTS is on generative AI, which modernizes workplace operations and can be used to accelerate copilot for Microsoft 365 implementation.
February 2024: GSMA in partnership with IBM announced joint work to promote the uptake of generative AI into telecom. They also launched the GSMA Advance’s AI Training programme as well as the GSMA Foundry Generative AI programme to improve skills as well as adoption.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Generative AI Market Segmentation, by Product Type
8. Generative AI Market Segmentation, By Technology
9. Generative AI Market Segmentation, By Application
10. Generative AI Market Segmentation, By Model
11. Generative AI Market Segmentation, By End User
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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