Generative AI Markets: Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LAMBDA)), Services - Global Forecast to 2028 - Market to Grow at a Staggering CAGR of 35.6% - ResearchAndMarkets.com
The generative AI market is projected to grow from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, at a compound annual growth rate (CAGR) of 35.6%.
Market is anticipated to grow due to innovation of cloud storage enabling easy access to data, evolution of AI and deep learning and rise in the era of content creation and creative applications.
By offering, managed services under services segment to register for fastest growing market rate during forecast period
Managed services mainly deal with client experience. Companies do not bargain on this variable and often try to take these services from the best players in the market. Sometimes, it becomes troublesome for companies to concentrate on their core business procedures and handle various functions related to them.
This can be overcome with the adoption of managed services. These services offer specialized skills that are required to maintain and update software. All the pre- and post-deployment questions and needs of clients are covered under the managed services segment. Organizations mostly outsource such services to offer on-time conveyance to clients.
By vertical, media and entertainment segment to register fastest growing CAGR during forecast period
Generative AI is enabling media & entertainment companies to create compelling and unique content faster and more efficiently than traditional methods. For instance, generative AI is being used to create virtual sets and characters for films and TV shows, which can save time and money on production costs.
In the music industry, generative AI is being used to create new and innovative sounds and styles. In gaming, it is being used to generate game worlds and characters in real-time, providing players with a more immersive experience. In advertising, generative AI is being used to create personalized and targeted content that resonates with specific audiences.
North America to witness fastest growing market size during the forecast period
North America is estimated to lead the generative AI market during the forecast period. The adoption of generative AI technology as a key marketing and customer engagement tool for verticals will further drive market revenue generation across the region.
The presence of a growing tech-savvy population, high internet penetration, and advances in AI have resulted in an enormous usage of generative AI solutions. Most of the customers in North America have been leveraging generative AI for application-based activities that include but are not limited to, text generation, code generation, image generation, and audio/video generation.
Premium Insights
Increasing Popularity of Large-Language Models and Improving Performance of Deep Learning Models to Drive Market
Synthetic Data Generation Segment to Witness Highest Growth Rate During Forecast Period
Software and Media and Entertainment to be Largest Shareholders in North American Market in 2023
North America to Hold Largest Market Share in 2023
Market Dynamics
Drivers
Innovation of Cloud Storage Enabling Easy Access to Data
Evolution of AI and Deep Learning
Rise in Content Creation and Creative Applications
Restraints
High Costs Associated with Training Data Preparation
Issues Related to Bias and Inaccurately Generated Output
Risks Associated with Data Breaches and Sensitive Information Leakage
Opportunities
Increasing Deployment of Large Language Models
Growing Interest of Enterprises in Commercializing Synthetic Images
Robust Improvement in Generative ML Leading to Human Baseline Performance
Challenges
Concerns Regarding Misuse of Generative AI for Illegal Activities
Quality of Output Generated by Generative AI Models
Computational Complexity and Technical Challenges of Generative AI
Ethics and Implications of Generative AI
Bias and Fairness
Privacy and Security
Intellectual Property
Accountability and Responsibility
Societal and Economic Impact
Ecosystem Analysis
Generative AI Technology Providers
Generative AI Cloud Platform Providers
Generative AI API and As-A-Service Providers
Generative AI Hardware Providers
Generative AI End-users
Generative AI Regulators
Generative AI Tools and Framework
Tensorflow
Pytorch
Keras
Caffe
Theano
Mxnet
Torch
Hugging Face
Generative AI Techniques and Methods
Text Generation and Language Modeling
Recurrent Neural Networks for Text Generation
Language Modeling with Transformers
Seq2Seq Models for Translation
Image and Video Generation
Generative Adversarial Networks for Image Generation
Style Transfer and Image-To-Image Translation
Video Generation with Gans
Music and Audio Generation
Wavenet and Samplernn for Audio Generation
Music Generation with Lstm Networks
Reinforcement Learning
Policy Gradient Methods
Actor-Critic Methods
Generative AI Investment Landscape
Investor Deals and Funding in Generative AI Soared in 2022
Most Valued Generative AI Firms in 2022 (USD Billion)
Distribution of Generative AI Funding, 2021-2022
Case Study Analysis
Case Study 1: Spectrumlabs Deployed Galileo for Faster Development of Newer Language Models
Case Study 2: Bestseller Reduced 50% Classroom Time with AI Videos
Case Study 3: Galileo Helped Involve.AI Improve Customer Intelligence ML Model Accuracy by 10%
Case Study 4: Vodafone Italy Raised Lead Conversions by 42% by Developing Creative Campaigns Through Generative AI
Case Study 5: Wpp Trained 50,000 Employees with AI Videos
Case Study 6: Swiss Re Banked on Lumen5 for Social Engagement
Case Study 7: Teleperformance Trains Global Workforce
Case Study 8: Yabble Used Gpt-3 to Deliver Fast, Nuanced Insights from Customer Feedback
Case Study 9: Cisco Scaled Video Content Localization Using Lumen5
Case Study 10: Gpt-3 Helped Waymark Consistently Produce Stronger and More Relevant Scripts Compared to Human-Generated Content
Case Study 11: Siemens Digitalized Its Communications with Lumen5
Regulatory Landscape
Regulatory Bodies, Government Agencies, and Other Organizations
Payment Card Industry Data Security Standard
Gramm-Leach-Bliley Act
Health Insurance Portability and Accountability Act
General Data Protection Regulation
Personal Information Protection and Electronic Documents Act
Information Security Technology - Personal Information Security Specification Gb/T 35273-2017
Secure India National Digital Communications Policy, 2018
General Data Protection Law
Law No 13 of 2016 on Protecting Personal Data
Nist Special Publication 800-144 - Guidelines on Security and Privacy in Public Cloud Computing
Company Profiles
Key Players
Microsoft
Aws
Google
Adobe
IBM
Openai
Meta
Insilico Medicine
Simplified
Genie AI
Lightricks
Lumen5
Giphy
Dialpad
Persado
Codacy
Startup/SME Profiles
Paige.AI
Riffusion
Play.Ht
Speechify
Media.Io
Midjourney
Fireflies
Brandmark.Io
Morphis Technologies
Synthesia
Mostly AI
Veesual
Deep AI
Galileo
Excel Formula Bot
Jetbrains
Character.AI
Open-Source Companies
Gfp-Gan
Fontjoy
Eleutherai
Starryai
Magic Studio
Competitive Landscape
Comparative Analysis of Trending Text-based Generative AI Products
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