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Generative AI Market is predicted to reach USD 404.4 billion at a CAGR of 56.6% during the forecast period 2032

Market Research Future (MRFR) has published on the “Global Generative AI market


that contains information from 2019 to 2032. The Generative AI market is estimated to register a CAGR of 56.6% during the forecast period of 2023 to 2032.


MRFR recognizes the following companies as the key players in the global Generative AI market— Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US), Simplified (US), Insilico Medicine (Hong Kong), Genie AI (UK), Lightricks (Israel), Lumen5 (Canada), GIPHY (US), Dialpad (US), Persado (US), Codacy (Portugal), Paige.AI (US), Riffusion (US), Play.ht (India), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morphis Technologies (Portugal), Synthesia (UK), Mostly Al (Austria), Veesual (France), Deep AI (US), Galileo (US), Excel Formula Bot (Florida), JetBrains (Czech Republic), Character.AI (US), GFP-GAN (US), Fontjoy (Italy), Eleuther AI (US), Starry AI (US), and Magic Studio (US).


Market Highlights


The global Generative AI market is accounted to register a CAGR of 56.6% during the forecast period and is estimated to reach USD 404.4 billion by 2032 end.


With mounting demand for artificial intelligence (AI), the market for Generative AIs is experiencing boost in recent past, allowing organizations to produce new products more swiftly. Generative AI can help workers draught and edit text, photos, and other assets. The ability of generative AI to analyses and give broader and deeper visibility of data, such as consumer transactions and potentially problematic software code, improves pattern detection and the enterprise's ability to spot possible dangers more quickly.


Furthermore, it can also summarise, simplify, and categorise text, as well as produce, translate, and check software code and improve chatbot performance. At this point, the technology is quite capable of producing a diverse range of artefacts fast and on a larage scale.


Generative AI can automate and optimize repetitive and time-consuming tasks, leading to increased productivity and efficiency. By using AI algorithms to generate and refine ideas, designs, or solutions, businesses can accelerate their decision-making processes and streamline operations.


In addition to this Generative AI can assist and augment human creativity by providing innovative suggestions, variations, or combinations of ideas. It can help artists, designers, and creative professionals explore new possibilities, overcome creative blocks, and push the boundaries of their work. Continuous advancements in AI research, including breakthroughs in deep learning, reinforcement learning, and generative models, drive the growth of the generative AI market. These advancements lead to more sophisticated and capable AI systems, expanding the possibilities and applications of generative AI.


The availability of large amounts of data and powerful computing resources has fueled the development and training of generative AI models. With the increasing accumulation of big data and the rise of cloud computing, organizations have access to the necessary resources to train and deploy complex generative AI models.


By 2025, generative AI techniques will have systematically identified more than 35% of new pharmaceuticals and materials, up from zero today. Given the potential to save costs and time in drug discovery, generative AI appears promise for the pharmaceutical industry.


Generative AI plays a crucial role in the development of autonomous systems and robotics. By enabling machines to perceive and interpret their environment, make decisions, and learn from their experiences, generative AI helps create autonomous vehicles, industrial robots, drones, and other intelligent machines.


According to MRFR Analysis, Generative AI is expected to have a significant impact on jobs and the labor market. While it has the potential to create new opportunities and increase productivity in certain areas, it may also disrupt and change the nature of many existing job roles. The impact on jobs will depend on the specific industry, the nature of the tasks involved, and the ability of workers and organizations to adapt to the changing landscape. It will be essential for governments, businesses, and individuals to proactively prepare for these shifts by investing in education and training programs and fostering a culture of lifelong learning.


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Segmental Analysis


The global Generative AI market has been segmented based on Component, Technology, End Use, and Industry Vertical.


Based on Components, the global Generative AI market segmentation includes software and solution. The software segment held the majority share in 2022, contributing around ~65.3% to the market revenue, as estimated by MRFR analysts. This is due to fact that mounting use of generative AI-based software, providing number of advantages such as improved image resolution, reduced conversion time, improved performance, and quick output availability, is related to the segment's rise. Generative AI can be used to generate high-level architecture diagrams based on a set of inputs or specifications, and it can also be used to recommend appropriate technologies to use in a software system based on a set of requirements or constraints, such as performance, scalability, security, best practices, and trade-off analysis.


Based on Technology, the global Generative AI market segmentation includes Generative Adversarial Networks (GANs), Transformers, Variational Auto-encoders (VAEs), Diffusion, and NeRFs. The Transformers segment held the majority share in 2022, contributing around ~37.5% to the market revenue.


Based on the End Use, the global Generative AI market segmentation includes Large Language Model (LLM), Content Generation, Code Generation, Video Creation, and Image & Art Generation, and others. By End Use, the Large Language Model (LLM) segment holds the majority of the market share in 2022.


Based on the Industry Vertical, the global Generative AI market segmentation includes Manufacturing, IT & Telecommunication, Healthcare, Automotive & Transportation, Gaming, Academic and Research Institutions, BFSI, Aerospace & Defence, and Others. By Industry Vertical, the healthcare and manufacturing segment holds the majority of the market share in 2022.


Regional Analysis


On the basic of region Generative AI market has been analyzed with respect to demand emerging from North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Among these regions, North America is currently dominating the market backed by high level of usage from enterprise clients and integration of these services in customer care solutions. The imperative factors, such as the significant number of key players in North America, making it the primary contributor to the market share which is boosting the growth of the region.


On the other hand, Asia as a region is expected to grow with a high CARG compared to the global average. This is due to the fact that, developing economies are continuously making efforts for migrating towards autonomous solutions to enhance contribution of service sector in GDP and provide ease of doing business in the region. For instance, Chinese government in 2017 introduced National Artificial Intelligence Development Plan with focus of becoming a global leader in AI by 2030. The plan emphasizes towards development of key AI technologies, including generative AI, and promotes investments in research, talent development, and infrastructure.


Furthermore, India is set to capitalize on the prospect of artificial intelligence (AI) to promote large-scale economic growth and development. With Atal Innovation Mission, the Indian government is inclined towards supporting innovation and entrepreneurship in emerging technologies. This scheme provides funding and mentorship to startups working in AI field and other advanced technologies, fostering the development of generative AI applications during forecast period.


Europe is making significant strides in generative AI technologies, particularly in the context of the automotive industry. Key players in automotive industry are actively exploring potential of Generative AI and it’s integration with numerous task including vehicle prototyping, driving algorithms for autonomous vehicles and human-machine interface systems. In addition to this, the European Union has also taken steps to ensure implementation of this technology with ascending digitalizing. For instance, the European Union-funded project "Dreams4Cars" focuses on developing generative AI algorithms to optimize vehicle architectures and powertrain design for improved efficiency and sustainability.


Rest of the world's market for Generative AIs is divided into the Middle East, Africa, and South America. Market factors such as increasing technological advancements and greater competition among rivals are positively influencing the market.


Key Findings of the Study



  • The global Generative AI market is expected to reach USD 404.4 billion by 2032, at a CAGR of 56.6% during the forecast period.

  • The North America region accounted for the fastest-growing global market, imperative factors, such as the significant number of key players in North America, making it the primary contributor to the market share.

  • Based on component, the software segment was attributed to holding the largest market in 2022, with an approximate market share of 65.3 %.

  • Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US), Simplified (US), Insilico Medicine (Hong Kong), Genie AI (UK), Lightricks (Israel), Lumen5 (Canada), GIPHY (US), Dialpad (US), Persado (US), Codacy (Portugal), Paige.AI (US), Riffusion (US), Play.ht (India), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morphis Technologies (Portugal), Synthesia (UK), Mostly Al (Austria), Veesual (France), Deep AI (US), Galileo (US), Excel Formula Bot (Florida), JetBrains (Czech Republic), Character.AI (US), GFP-GAN (US), Fontjoy (Italy), Eleuther AI (US), Starry AI (US), and Magic Studio (US), are the key market players.

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