Generative AI refers to the subset of artificial intelligence (AI) technologies that can generate new content, ideas or data that is similar but not identical to the original training data. The primary purpose of generative AI is to create realistic and novel content based on patterns and structures learned from existing data.
The generative AI market consists of sales, by entities (organizations, sole traders or partnerships), of software and services based on AI that enable a range of services, such as solution customization, deployment assistance, technical support and training, along with the creation of new content, including text, images, audio and synthetic data, based on the data that they have been trained on.
The global generative AI market was valued at $3,366.70 million in 2018 which grew till 2023 at a compound annual growth rate (CAGR) of more than 34.0%.
Increased Cloud Computing Adoption
An increase in cloud computing adoption supported the growth of the generative AI market during the historic period. Cloud computing companies provide affordable and easily accessible ways to implement AI applications, such as generative AI models. Cloud-based AI services are available to organizations of all sizes, including startups and small enterprises, and don't require expensive hardware infrastructure purchases or the hiring of professional information technology (IT) personnel. This accessibility speeds up the adoption of artificial intelligence (AI) technology across sectors and businesses and democratizes access to it. In November 2021, according to survey results published by O'Reilly Media, a US-based learning company that publishes books, produces tech conferences and provides online learning platforms, 90% of businesses aim to use cloud computing, and cloud adoption was expected to increase in 2021, an increase from 88% in 2020, and at least 75% of participants worked for companies that used the cloud in every area. Therefore, increased cloud computing adoption drove the growth of the generative AI market.
Technological Advancements In Generative AI Models To Improve User Experiences
Companies operating in the generative AI market are focusing on advancements in technologies to develop products which improve user experiences. For example, in November 2023, Samsung, a South Korea-based information technology company, launched Samsung Gauss, a new generative artificial intelligence model, designed for AI applications on devices. Samsung Gauss enhances the consumer experience by enabling intelligent device control when integrated into products. The AI technology helps in image generation and editing, swift coding, email composition and content translation. Further, in November 2023, Amazon, a US-based technology company focusing on cloud computing, launched Q, a business chatbot powered by generative AI to synthesize content, streamline day-to-day communications and help employees with responsibilities, like writing blog entries. Companies can integrate Q with their systems and data to provide a personalized and relevant experience for their business.
The global generative AI market is concentrated, with a few large players operating in the market. The top ten competitors in the market made up 40.71% of the total market in 2022.
Generative AI Global Market Opportunities And Strategies To 2033 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global generative AI market as it emerges from the COVID-19 shut down.
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Where is the largest and fastest-growing market for generative AI? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The generative AI market global report from The Business Research Company answers all these questions and many more.
The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market's history and forecasts market growth by geography. It places the market within the context of the wider generative AI market; and compares it with other markets.
The report covers the following chapters
- Introduction and Market Characteristics: Brief introduction to the segmentations covered in the market, definitions and explanations about the segment by component, by offering type, by technology and by end-user.
- Key Trends: Highlights the major trends shaping the global market. This section also highlights likely future developments in the market.
- Macroeconomic Scenario: The report provides an analysis of the impact of the COVID-19 pandemic, impact of the Russia-Ukraine war and impact of rising inflation on global and regional markets, providing strategic insights for businesses in the generative AI market.
- Global Market Size And Growth: Global historic (2018-2023) and forecast (2023-2028, 2033F) market values and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
- Regional And Country Analysis: Historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison by region and country.
- Market Segmentation: Contains the market values (2018-2023) (2023-2028, 2033F) and analysis for each segment by segment by component, by offering type, by technology and by end-user in the market. Historic (2018-2023) and forecast (2023-2028) and (2028-2033) market values and growth and market share comparison by region market.
- Regional Market Size And Growth: Regional market size (2023), historic (2018-2023) and forecast (2023-2028, 2033F) market values and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
- Competitive Landscape: Details on the company profiles of other major and innovative companies in the market
- Other Major And Innovative Companies: Details on the company profiles of other major and innovative companies in the market.
- Competitive Benchmarking: Briefs on the financials comparison between major players in the market.
- Competitive Dashboard: Briefs on competitive dashboard of major players.
- Key Mergers And Acquisitions: Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
- Market Opportunities And Strategies: Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
- Conclusions And Recommendations: This section includes recommendations for generative AI providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
- Appendix: This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Markets Covered:
- 1) By Component: Software; Services
- 2) By Offering: Image; Video; Speech; Other Offering
- 3) By Technology: Generative Adversarial Networks (Gans); Transformers; Variational Autoencoder (Vae); Diffusion Networks
- 4) By End-User: Media And Entertainment; Banking Financial Services And Insurance; It And Telecom, Healthcare, Automotive; Transportation
- Companies Mentioned: OpenAI; Microsoft Corporation; Google LLC; Adobe Inc; NVIDIA Corporation
- Countries: China; Australia; India; Indonesia; Japan; South Korea; USA; Canada; Brazil; France; Germany; UK; Italy; Spain; Russia.
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa.
- Time-series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; generative AI indicators comparison.
- Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.