PUBLISHER: Allied Market Research | PRODUCT CODE: 1365642
PUBLISHER: Allied Market Research | PRODUCT CODE: 1365642
According to a new report published by Allied Market Research, titled, "Generative AI Market," The generative ai market was valued at $8.15 billion in 2021, and is estimated to reach $126.5 billion by 2031, growing at a CAGR of 32% from 2022 to 2031.
The generative AI market has experienced significant growth due to the advancements in deep learning. Generative models are type of machine learning that uses AI, probability, and statistics to produce a computer-generated representation of a targeted variable calculated from prior observations, input, or datasets. These improvements make deep learning models more intelligent and capable, enabling them to perform complex tasks such as image recognition, language translation, and content generation more accurately and effectively. In addition, the rise of generative AI is driven by the desire to provide users and consumers with more personalized, engaging and relevant content and experiences, have further fueled the market growth. However, ethical and privacy concerns pose significant challenges and barriers to the development and adoption of generative AI technologies, with one major concern being the creation of false content. These realistic-looking images or videos can mislead people into believing that things never happened. This can lead to the spread and manipulation of disinformation, which is harmful to individuals and society. On the contrary, the demand for generative AI applications in industries such as entertainment, healthcare, engineering, finance, and defense is driven by the growing use of innovative solutions such as super-resolution, text-to-image conversion, and text-to-video conversion. Moreover, the growing application of artificial intelligence is a result of its increased computing power and ability to solve problems in different industrial sectors. Expanding into these industries will provide major lucrative opportunities for the growth of the generative AI market.
The generative AI market is segmented on the basis of component, technology, end user, and region. On the basis of component, the market is bifurcated into software and services. By technology, it is segmented into generative adversarial networks (GANs), transformer, variational autoencoder (VAE), diffusion networks, and retrieval augmented generation. On the basis of end user, it is classified into media & entertainment, BFSI, IT & telecom, healthcare, automotive & transportation, and others. On the basis of region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the generative AI market such as Adobe, Inc., Amazon Web Services, Inc., D-ID, Genie AI Ltd., Google LLC, IBM Corporation, Microsoft Corporation, MOSTLY AI Inc., Rephrase.ai and Synthesia. These players have adopted various strategies to increase their market penetration and strengthen their position in the generative AI market.
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