Global Generative AI Market Size study & Forecast, by Component (Software, Services), by Technology (Generative Adversarial Networks (GANs), Transformers, Variational auto-encoders, Diffusion Networks), by End-use (Media & Entertainment, BFSI, IT & Teleco

Global Generative AI Market Size study & Forecast, by Component (Software, Services), by Technology (Generative Adversarial Networks (GANs), Transformers, Variational auto-encoders, Diffusion Networks), by End-use (Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transporation, Others) and Regional Analysis, 2022-2029

Global Generative AI Market is valued at approximately USD 8339.2 million in 2021 and is anticipated to grow with a healthy growth rate of more than 34.73% over the forecast period 2022-2029. Generative AI is a form of artificial intelligence that uses machine learning algorithms to produce new, original data or material. This is specially designed to generate images, music, text, or other types of media. Additionally, generative AI has been tested in business to improve data for robotics process automation as well as in manufacturing as a tool for fast prototyping (RPA). The surge in the demand for machine learning and deep learning, coupled with the increasing adoption of transformers applications are the key factors that are stipulating the market demand across the globe.

The increasing government initiatives in artificial intelligence are acting as a catalyzing factor for the growth of the global market. The National Security Commission on Artificial Intelligence the Biden administration reported that the Biden administration's fiscal 2023 budget plan is for raising the government R&D budget to USD 204 billion, a 28% increase over financial year 2021 authorized levels. Part of that funding is likely to support new and existing National AI Research Institutes to bring federal, state, and local agencies together with the private sector, non-profits, and academics to tackle AI based research and workforce development challenges. Therefore, these aforementioned factors are likely to exhibit a positive influence on market expansion at a substantial rate. Moreover, the increasing use of generative AI for building virtual worlds in the metaverse, as well as rising investments in Research & Development (R&D) activities are presenting various lucrative opportunities over the forecasting years. However, the lack of skilled professionals is challenging the market growth throughout the forecast period of 2022-2029.

The key regions considered for the Global Generative AI Market study include Asia Pacific, North America, Europe, Latin America, and the Rest of the World. North America dominated the market in terms of revenue of USD 3059.5, owing to the rising funding investment of Artificial intelligence services, and rising initiatives for the adoption of generative AI applications in the region. Whereas, the Asia Pacific is also expected to grow with the highest CAGR of 37.65% during the forecast period, owing to factors such as rising deployment of AI related technologies, rising investment in AI technologies, rising research and development of Generative AI, and rising animation industry in the market space.

Major market players included in this report are:
Synthesia
MOSTLY AI Inc.
Genie AI Ltd.
Amazon Web Services, Inc.
IBM
Google LLC
Microsoft
Adobe
Rephrase.ai
D-ID


Recent Developments in the Market:
 In January 2022, MOSTLY AI raised a fund of around USD 25 million in order to bring synthetic data across enterprises. It is deemed Europe’s largest synthetic data investment which aims to build smarter AI platforms. It is a joint venture investment by Molten Ventures with participation from existing investors Earlybird and 42CAP, and new investor Citi Ventures.
 In December 2022, Amazon Web Services, Inc. announced the launch of stability AI. Stability AI selected AWS as its preferred cloud provider to build and scale its AI models for language, audio, video, and 3D content generation. Along with this Stability AI will collaborate with AWS to make its open-source tools and models available to students, researchers, startups, and enterprises around the world.


Global Generative AI Market Report Scope:
Historical Data 2019-2020-2021
Base Year for Estimation 2021
Forecast period 2022-2029
Report Coverage Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
Segments Covered Component, Technology, End-use, Region
Regional Scope North America; Europe; Asia Pacific; Latin America; Rest of the World
Customization Scope Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Component:
Software
Services

By Technology:
Generative Adversarial Networks (GANs)
Transformers
Variational auto-encoders
Diffusion Networks
By End-use:
Media & Entertainment
BFSI
IT & Telecommunication
Healthcare
Automotive & Transportation
Others

By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
RoLA
Rest of the World



Companies Mentioned
Synthesia
MOSTLY AI Inc.
Genie AI Ltd.
Amazon Web Services, Inc.
IBM
Google LLC
Microsoft
Adobe
Rephrase.ai
D-ID

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