PUBLISHER: Markets & Data | PRODUCT CODE: 1336076
PUBLISHER: Markets & Data | PRODUCT CODE: 1336076
Global Generative Artificial Intelligence (AI) Market Assessment, By Component, By Technology, By End-user, By Region, Opportunities and Forecast, 2016-2030F
Global Generative Artificial Intelligence (AI) Market size was valued at USD 6.93 billion in 2022 which is expected to reach USD 72.80 billion in 2030 with a CAGR of 35.95% for the forecast period between 2023 and 2030. Generative AI has several benefits, including increased understanding of abstract ideas, effective production of high-quality material, and enhanced identity protection. Because of this, generative AI is widely used in a variety of sectors, including information and technology (IT), robotics, entertainment, marketing, healthcare, education, banking, financial services, and insurance (BFSI). The availability of large data sets, increasing demand for deep learning, and expansion of the Internet of Things (IoT) are driving the market expansion.
Moreover, for spam identification, image compression, and processing data stages like eliminating noise from visual data to improve picture quality, generative AI uses unsupervised learning techniques. In addition, supervised learning algorithms are employed in image categorization and medical imaging. Owing to its various benefits, many companies are exploring their way into the market. For example, the release of ChatGPT generative AI by a startup named OpenAI has sparked competition among big tech giants such as Google and others to create technology that has the potential to revolutionize civilization.
The market is driven due to the integration of AI in autonomous vehicles as well. For example, Tesla is developing autonomous algorithms utilizing data from car sensors. Also, while communicating with potential clients, marketers are increasingly utilizing AI tactics, notably in the areas of data collecting and message targeting. Approximately 68% of B2B marketers adopt automation as part of their marketing strategy. Similarly, Netflix is a prime example of leveraging generative AI for personalized recommendations. The company's recommendation algorithm analyses user viewing patterns, ratings, and other data to generate personalized recommendations for each user, increasing user engagement and retention. However, the shortage of specialized labor and high implementation costs restrain the growth of this sector, and generative AI has security vulnerabilities that might lead to greater identity theft.
Rising Adoption Owing to its Advantage of Automation
One of the key benefits of generative AI is that it can automate processes like product design, content production, and data analysis that often require human input. Since Generative AI can produce content that appears to be identical to human-created output, many businesses are looking to simplify their processes and allocate more of their human resources to other projects. By integrating hyper-automation technologies such as generative AI, machine learning, and robotic process automation (RPA), etc., with improved operational procedures, organizations are expected to reduce operational expenses by 30%. Moreover, generative AI frequently outperforms humans in these activities, resulting in increased productivity and quality. According to the National Bureau of Economic Research, generative AI increases productivity by approximately 14%.
Integration of Generative AI by Big Firms
While the economic recession in the United States and Europe has clouded the prognosis for discretionary spending, the adoption of Generative AI provides room for many big companies to expand budgets with an aim to enhance productivity and provide more value to consumers. Technical budgets are expected to continue to grow as savings from generative AI adoption are reinvested in new programs.
In 2023, NVIDIA, a leading manufacturer of high-end graphics processing units (GPUs), declared to incorporate generative AI into every product, service, and business activity. Shift from general-purpose to accelerated computing will result due to the firm's trillion dollars of deployed global data center equipment. Similarly, Myntra, a fashion shopping site owned by the Flipkart group, has launched 'MyFashionGPT,' a search tool powered by ChatGPT. This latest invention enables consumers to convey their fashion demands, allowing them to select their preferences from over 2 million designs. Additionally, the company announced the debut of 'MyStylist', an AI-based stylist expert that gives users professional style suggestions and vernacular searches in 11 languages on its platform.
Government Initiatives and Regulations
Governments worldwide are actively supporting the generative AI market through a range of initiatives. Their efforts include providing funding and grants, establishing research and innovation centers, developing policies and regulations, promoting talent development and education, fostering industry collaboration and partnerships, and investing in AI infrastructure.
Ministry of Electronics and Information Technology (MeitY) launched Digital India Bhashini as an independent business division, which is based on Chat-GPT, which would assist students in learning scientific and technological topics in their own language .
Moreover, The European Union has proposed new copyright restrictions for generative AI. Companies adopting generative AI tools, such as ChatGPT, will be required to declare any copyrighted information utilized in the creation of their systems, as per an early EU agreement that pave the way for the world's first comprehensive legislation controlling the technology.
Healthcare Industry Contributing to Market Expansion
North America Making Significant Contributions
Impact of COVID-19
Key Players Landscape and Outlook
Table of Contents
1. Research Methodology
2. Project Scope & Definitions
3. Impact of COVID-19
4. Executive Summary
5. Voice of Customer
- 5.1. Demographics
- 5.2. Familiarity With Generative AI
- 5.3. Consumer Perception And Outlook
- 5.4. Penetration Of Generative AI
- 5.5. Generative Ai Applications
- 5.6. Factors Considered In The Adoption Of Generative Artificial Intelligence (AI)
- 5.7. Challenges With Generative AI
6. Global Generative Artificial Intelligence (AI) Market Outlook, 2016-2030F
7. Global Generative Artificial Intelligence (AI) Market Outlook, By Region, 2016-2030F
8. Market Mapping, 2022
9. Macro Environment and Industry Structure
10. Market Dynamics
11. Competitive Landscape
12. Pricing Analysis
13. Case Studies
14. Key Players Outlook
15. Strategic Recommendations
16. About Us & Disclaimer
List of Tables
- Table 01: India Generative AI Market - Competition Matrix of Market Leaders, 2022
List of Figures
- Figure 1: Respondents (%) Region
- Figure 2: Respondents by Type of Company
- Figure 3: Respondents by Company Size
- Figure 4: Respondents Familiarity with Generative AI (%)
- Figure 5: Respondents Perception and Outlook (%)
- Figure 6: Respondents Usage of Generative AI (%)
- Figure 7: Respondents Generative AI Applications (%)
- Figure 8: Respondents Factors Considered (%)
