Generative AI Market worth $136.7 billion by 2030 - Exclusive Report by MarketsandMarketstm

CHICAGO, April 29, 2024 /PRNewswire/ -- Cross-domain applications, personalised content at scale, and increased creativity are what will define the Generative AI Market in the future. Innovation, human-AI cooperation, and ethical concerns will propel its advancement towards more responsible, significant, and adaptable uses in a variety of sectors.

The Generative AI Market is anticipated to experience substantial expansion, ascending from a value of USD 20.9 billion in 2024 to a substantial worth of USD 136.7 billion by the year 2030. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 36.7% over the forecast period, according to a new report by MarketsandMarketstm. The surge in the Generative AI Market is poised to be driven by a confluence of influential factors within the business landscape. Notably, evolution of cloud storage technology simplifying data accessibility, coupled with the emergence of AI and deep learning technologies changing the landscape, stands out as significant contributors to this trend. Additionally, the upswing in content generation and the growing demand for innovative creative applications are playing a pivotal role in propelling the upward trajectory of this market.

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Scope of the Report

By software type, deep learning to register the largest market share during the forecast period.

Deep learning software type is projected to hold the largest market share in the Generative AI Market during the forecast period due to its unparalleled ability to manage complex and unstructured data. Deep learning algorithms, such as Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs), are at the forefront of generating realistic and diverse content, from images to text and audio. One notable trend related to deep learning software in this market is the increasing adoption of pre-trained models and transfer learning techniques, which enable faster deployment and customization of generative AI solutions for specific use cases. This trend streamlines the development process and reduces the need for extensive data labeling, making deep learning software more accessible and attractive to a wider range of industries and applications.

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By data modality, video segment is poised for the fastest growth rate during the forecast period.

Video data modality in the Generative AI Market is poised for the fastest growth rate during the forecast period due to the increasing popularity of video content across industries. Businesses are leveraging videos for marketing, customer engagement, training, and entertainment purposes, creating a massive demand for AI tools that can analyze and generate video content. Trends indicate a shift towards multi-modal generative AI, where systems can process not just text but also images, audio, and video. This trend is driving the development of AI models capable of understanding, editing, and even generating videos, enabling applications such as video synthesis, deepfake detection, and personalized video content creation. The rise of video-centric social media platforms and the integration of AI-driven video analysis into security and surveillance systems are further propelling the growth of the video data modality within the Generative AI Market.

By region, North America accounts for the largest market during forecast period.

The region boasts a robust ecosystem of technology companies, research institutions, and AI startups, fostering innovation and adoption of generative AI across industries. Additionally, North America leads in AI research and development, with major players like Google, Microsoft, and IBM investing heavily in generative AI technologies. Moreover, the region's advanced infrastructure, favorable government initiatives, and early adoption of AI in sectors such as healthcare, finance, and automotive contribute to its market dominance. Contemporary trends in North America include the increasing use of generative AI in content creation, virtual assistants, and creative applications, driving further market growth and solidifying its position as a frontrunner in the global generative AI landscape.

Top Key Companies in Generative AI Market:

The major players in the Generative AI Market include Microsoft (US), OpenAI (US), Google (US), AWS (US), Adobe (US) along with startups such as Anthropic (US), Paige.AI (US), Midjourney (US), Jasper (US) and Synthesia (UK).

Recent Developments:

• In March 2024, Microsoft and Adobe announced plans to bring Adobe Experience Cloud workflows and insights to Microsoft Copilot. The collaboration aims to leverage Microsoft 365 to help marketers overcome application and data silos and more efficiently manage everyday workflows.
• In March 2024, Adobe and NVIDIA, longstanding R&D partners, announced a new partnership to unlock the power of generative AI to further advance creative workflows. Adobe and NVIDIA will co-develop a new generation of advanced generative AI models with a focus on deep integration into applications the world's leading creators and marketers use.
• In February 2024, the GSMA and IBM announced a new collaboration to support the adoption and skills of generative artificial intelligence (AI) in the telecom industry through the launch of GSMA Advance's AI Training program and the GSMA Foundry Generative AI program.
• In February 2024, OpenAI announced the introduction of Sora, a text-to-video generative AI model. Sora can generate videos for up to a minute long while maintaining visual quality and adherence to the user's prompt. This model is not publicly available as of now and limited access has been granted to handful of red teamers, visual artists, designers, and filmmakers.
• In February 2024, Google unveiled Gemini 1.5, an updated generative AI model that comes with long context understanding across different modalities. In the same month, Google also announced the launch of Gemma, a new family of lightweight open-weight models. Starting with Gemma 2B and Gemma 7B, these new models were "inspired by Gemini" and are available for commercial and research usage.
• In January 2024, Capgemini and AWS expanded their strategic collaboration to enable broad enterprise generative AI adoption. Through this collaboration, Capgemini and AWS are focusing on helping clients realize the business value of adopting generative AI while navigating challenges, including cost, scale, and trust.
• In December 2023, Microsoft launched InsightPilot, an automated data exploration system powered by a Generative AI. This innovative system is specifically designed to simplify the data exploration process. InsightPilot incorporates a set of meticulously designed analysis actions to simplify data exploration.
• In December 2023, Google unveiled an unprecedented Generative AI named VideoPoet, which is multimodal and capable of generating videos. This groundbreaking model introduces video generation functionalities previously unseen in generative AI.
• In December 2023, Axel Springer and OpenAI announced a global partnership to strengthen independent journalism in the age of artificial intelligence (AI). The initiative will enrich users' experience with ChatGPT by adding recent and authoritative content on various topics and explicitly values the publisher's role in contributing to OpenAI's products
• In November 2023, OpenAI announced the launch of GPT-4 Turbo, a next-generation model of GPT-4. GPT-4 Turbo is more capable and has knowledge of world events up to April 2023. It has a 128k context window to fit the equivalent of more than three hundred pages of text in a single prompt.

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Generative AI Market Advantages:

• Businesses can now create a wide variety of high-quality material automatically, including text, images, videos, and music, thanks to generative AI, which makes it possible to produce creative assets quickly and widely.
• Personalised and customised content that is based on a person's interests, behaviours, and demographics may be created thanks to generative AI, which increases consumer happiness and engagement.
• By streamlining the process of creating content, generative AI helps businesses create content more rapidly and cheaply by eliminating the need for manual labour and traditional production methods.
• By producing original designs, ideas, and concepts that would not have been investigated using more conventional techniques, generative AI promotes creativity and uniqueness in product development and marketing.
• In order to meet the changing needs and aspirations of both organisations and consumers, generative AI solutions are incredibly flexible and scalable. They can produce enormous volumes of content for a variety of platforms and formats.
• By eliminating the mistakes, inconsistencies, and variability that come with manual production, generative AI preserves brand identity and standards while guaranteeing consistency and quality control in content generation.
• With the use of generative AI, businesses can gain significant insights and possibilities to better understand customer preferences and market trends by analysing and producing insights from unstructured data sources, like text, voice, and images.

Report Objectives

• To define, describe, and predict the Generative AI Market by offering (software and services), data modality, application, vertical, and region
• To provide detailed information related to major factors (drivers, restraints, opportunities, and industry-specific challenges) influencing the market growth
• To analyze the micro markets with respect to individual growth trends, prospects, and their contribution to the total market
• To analyze the opportunities in the market for stakeholders by identifying the high-growth segments of the Generative AI Market
• To analyze opportunities in the market and provide details of the competitive landscape for stakeholders and market leaders
• To forecast the market size of segments for five main regions: North America, Europe, Asia Pacific, Middle East Africa, and Latin America
• To profile key players and comprehensively analyze their market rankings and core competencies.
• To analyze competitive developments, such as partnerships, new product launches, and mergers and acquisitions, in the Generative AI Market
• To analyze the impact of recession across all the regions across the Generative AI Market

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