Generative AI Market Size, Trends, Share, Future, Forecast Report 2023-2028

How Big is The Generative AI Market:

The global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.

The latest research study “Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” The study provides a detailed analysis of the industry, including the global generative ai market growth, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

What is Generative AI?

Generative AI represents a technology that uses machine learning (ML) algorithms and AI to enable devices to create new digital images, texts, videos, audio, or code. It is driven by solutions that can identify the underlying pattern of the input and generate similar outputs. Generative AI offers various benefits, such as enhanced identity protection, improved comprehension of abstract theories, the creation of high-quality content, decreased financial and reputational risks, etc. As a result, this technology finds widespread across several sectors, including media and entertainment, healthcare, robotics, BFSI, IT, etc.

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What are the growth prospects and trends in the Generative AI Industry: 

The expanding information technology (IT) industry and the extensive usage of artificial intelligence-integrated systems across various verticals for enhancing productivity and agility are among the primary factors driving the generative AI market. Besides this, the escalating demand for this solution in the media and entertainment sector for the intelligent processing of low-resolution images and videos is further augmenting the market growth. Moreover, the growing popularity of generative AI in the healthcare industry for rendering several products, such as prosthetic limbs and organic molecules from scratch using 3D printing solutions, is also catalyzing the global market.

Apart from this, the elevating requirement for this technology to assist chatbots in holding effective conversations and boosting customer satisfaction is acting as another significant growth-inducing factor. Additionally, the incorporation of this solution across the BFSI sector for fraud detection, synthetic data generation, trading prediction, and risk factor modeling is also stimulating the market growth. Furthermore, the inflating need for this service to create virtual worlds in the metaverse and produce digital artworks using only text-based descriptions is expected to bolster the generative AI market in the coming years. 

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Who are the key players operating in the industry?

• Adobe Inc.
• Amazon Web Services Inc.
• D-ID, Google LLC
• MOSTLY AI Inc.
• OpenAI
• Rephrase.ai and Synthesia.

Generative AI Market Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Offering Type:

• Image
• Video
• Speech
• Others

Breakup by Technology Type:

• Autoencoders
• Generative Adversarial Networks
• Others

Breakup by Application:

• Healthcare
• Generative Intelligence
• Media and Entertainment
• Others

By Geography:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2017-2022)
• Market Outlook (2023- 2028)
• Porter’s Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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About Us:

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