Generative AI Market
Growth Factors of Generative AI Market
The generative ai market size was valued at USD 43.87 billion in 2023, and the market is now projected to grow from USD 67.18 billion in 2024 to USD 967.65 billion by 2032, exhibiting a CAGR of 39.6% during the forecast period of 2024-2032.
The COVID-19 pandemic facilitated the adoption of synthetic intelligence (Al) tools by IT specialists and other agencies, leading to elevated productivity and eased work models in the market.
Generative AI is being utilized by developers to create immersive game environments and digital worlds, resulting in huge efficiencies in VR video games and schooling simulations. The first deployments of AI in commercial enterprise will probably contain augmenting human AI with wise digital assistants or cobots, riding generative ai market growth globally. In the Metaverse, AI requires human-created assets like pictures, sounds, and 3D fashions, leveraging processing energy and computer systems' predictability to create authentic parallel property.
Conversational Al, a new method to AI-based conversational interfaces, aims to apprehend and plan chat responses based on context and cause. This involves the usage of generative models like NLP, chatbots, deep learning, natural language generation (NLG), and LLM. These AI-driven virtual assistants have interaction with customers in human-like ways, resolving not unusual issues, automating recurring inquiries, and providing personalised assist. Startups are growing packages primarily based on OpenAl's ChatGPT or similar conversational chatbots, that could automate habitual inquiries and offer personalized help to enhance client satisfaction.
Comprehensive Analysis of Generative AI Market
The global artificial intelligence (AI) market is divided into Generative Adversarial Networks (GANs) and Transformer-based models, with GANs accounting for over 74% of the market share in 2023. Transformer-based models are predicted to grow at the highest CAGR due to their use in conversion applications like Text-to-Image AI. The market is divided into Manufacturing, Healthcare, IT & Telecom Marketing & Advertising, Travel & Transportation, Energy & Utility, and Others. Applications include product development, quality control, supply chain management, customer interactions, medical simulation, medical chatbots, medical imaging, IT & telecom applications, marketing & advertising, traffic detection, driver monitoring, road condition monitoring, and energy and supply forecasting. The healthcare sector holds a significant market share in 2023, with government agencies investing more in this sector and AI specialist companies working with healthcare providers and organizations. The marketing & advertising sector is growing at the highest CAGR due to increased awareness of digital marketing, automated content creation, data analysis, customer interaction, and personalized marketing.
The North America region lead the generative ai market share by benefitting a market size of USD 21.84 billion in 2023 due to advanced technology, research and improvement, and main Al agencies. Major companies like IBM, Adobe, and Microsoft have invested in generative Al skills, leveraging it for image manipulation, content advent, and design automation. Collaboration among enterprise players, research establishments, and startups is essential for marketplace increase in North America.
Major market players like Google, IBM, Adobe, AWS, Synthesis Al, and Nvidia Corporation are launching generative AI tools and services, whilst additionally making an investment in AI-based startups and infrastructure. Key organizations profiled consist of Google_LLC, IBM, Microsoft, Amazon Web Services, Synthesis Al, Nvidia, SAP SE, Acceleration, and Rephrase.Ai.
Salesforce brought AI merchandise in June 2023, Commerce GPT and Marketing GPT, which use real-time records from its cloud platform to create progressive audience segments, personalized emails, and advertising and marketing techniques.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2019-2032
Base Year 2023
Estimated Year 2024
Forecast Period 2024-2032
Historical Period 2019-2022
Growth Rate CAGR of 39.6% from 2024 to 2032
Unit Value (USD Billion)
Segmentation By Model
- Generative Adversarial Networks or GANs
- Transformer-based Models
- Manufacturing
- Product Development & Design
- Quality Control
- Supply Chain Management
- Customer Interactions and Support
- Healthcare
- Medical Simulation
- Medical Chatbots
- Medical Imaging
- IT & Telecom
- Network Optimization
- Predictive Maintenance
- Network Security
- Intelligent Infrastructure
- Marketing & Advertising
- Targeted Advertising
- Digital Advertising
- Email Marketing and Campaign Analytics
- Travel & Transportation
- Traffic Detection
- Traffic Flow Analysis
- Driver Monitoring
- Road Condition Monitoring
- Energy & Utility
- Energy and Supply Forecasting
- Distribution Management
- Storage Optimization
- Others
- North America (By Model, By Industry vs Application, and By Country)
- U.S. (By Industry)
- Canada (By Industry)
- Mexico (By Industry)
- South America (By Model, By Industry vs Application, and By Country)
- Brazil (By Industry)
- Argentina (By Industry)
- Rest of South America
- Europe (By Model, By Industry vs Application, and By Country)
- U.K. (By Industry)
- Germany (By Industry)
- France (By Industry)
- Italy (By Industry)
- Spain (By Industry)
- Russia (By Industry)
- Benelux (By Industry)
- Nordics (By Industry)
- Rest of Europe
- Middle East & Africa (By Model, By Industry vs Application, and By Country)
- Turkey (By Industry)
- Israel (By Industry)
- GCC (By Industry)
- North Africa (By Industry)
- South Africa (By Industry)
- Rest of the Middle East & Africa
- Asia Pacific (By Model, By Industry vs Application, and By Country)
- China (By Industry)
- Japan (By Industry)
- India (By Industry)
- South Korea (By Industry)
- ASEAN (By Industry)
- Oceania (By Industry)
- Rest of Asia Pacific
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- 1. Introduction
- 1.1. Definition, By Segment
- 1.2. Research Methodology/Approach
- 1.3. Data Sources
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Macro and Micro Economic Indicators
- 3.2. Drivers, Restraints, Opportunities and Trends
- 4. Competition Landscape
- 4.1. Business Strategies Adopted by Key Players
- 4.2. Consolidated SWOT Analysis of Key Players
- 4.3. Global Generative AI Key Players Market Share/Ranking, 2023
- 5. Global Generative AI Market Size Estimates and Forecasts, By Segments, 2019-2032
- 5.1. Key Findings
- 5.2. By Model (USD)
- 5.2.1. Generative Adversarial Networks or GANs
- 5.2.2. Transformer-based models
- 5.3. By Industry vs Application (USD)
- 5.3.1. Manufacturing
- 5.3.1.1. Product Development & Design
- 5.3.1.2. Quality Control
- 5.3.1.3. Supply Chain Management
- 5.3.1.4. Customer Interactions and Support
- 5.3.2. Healthcare
- 5.3.2.1. Medical Simulation
- 5.3.2.2. Medical Chatbots
- 5.3.2.3. Medical Imaging
- 5.3.3. IT & Telecom
- 5.3.3.1. Network Optimization
- 5.3.3.2. Predictive Maintenance
- 5.3.3.3. Network Security
- 5.3.3.4. Intelligent Infrastructure
- 5.3.4. Marketing & Advertising
- 5.3.4.1. Targeted Advertising
- 5.3.4.2. Digital Advertising
- 5.3.4.3. Email Marketing and Campaign Analytics
- 5.3.5. Travel & Transportation
- 5.3.5.1. Traffic Detection
- 5.3.5.2. Traffic Flow Analysis
- 5.3.5.3. Driver Monitoring
- 5.3.5.4. Road Condition Monitoring
- 5.3.6. Energy & Utility
- 5.3.6.1. Energy and Supply Forecasting
- 5.3.6.2. Distribution Management
- 5.3.6.3. Storage Optimization
- 5.3.7. Others
- 5.4. By Region (USD)
- 5.4.1. North America
- 5.4.2. South America
- 5.4.3. Europe
- 5.4.4. Middle East & Africa
- 5.4.5. Asia Pacific
- 6. North America Generative AI Market Size Estimates and Forecasts, By Segments, 2019-2032
- 6.1. Key Findings
- 6.2. By Model (USD)
- 6.2.1. Generative Adversarial Networks or GANs
- 6.2.2. Transformer-based models
- 6.3. By Industry vs Application (USD)
- 6.3.1. Manufacturing
- 6.3.1.1. Product Development & Design
- 6.3.1.2. Quality Control
- 6.3.1.3. Supply Chain Management
- 6.3.1.4. Customer Interactions and Support
- 6.3.2. Healthcare
- 6.3.2.1. Medical Simulation
- 6.3.2.2. Medical Chatbots
- 6.3.2.3. Medical Imaging
- 6.3.3. IT & Telecom
- 6.3.3.1. Network Optimization
- 6.3.3.2. Predictive Maintenance
- 6.3.3.3. Network Security
- 6.3.3.4. Intelligent Infrastructure
- 6.3.4. Marketing & Advertising
- 6.3.4.1. Targeted Advertising
- 6.3.4.2. Digital Advertising
- 6.3.4.3. Email Marketing and Campaign Analytics
- 6.3.5. Travel & Transportation
- 6.3.5.1. Traffic Detection
- 6.3.5.2. Traffic Flow Analysis
- 6.3.5.3. Driver Monitoring
- 6.3.5.4. Road Condition Monitoring
- 6.3.6. Energy & Utility
- 6.3.6.1. Energy and Supply Forecasting
- 6.3.6.2. Distribution Management
- 6.3.6.3. Storage Optimization
- 6.3.7. Others
- 6.4. By Country (USD)
- 6.4.1. United States
- 6.4.1.1. By Industry
- 6.4.2. Canada
- 6.4.2.1. By Industry
- 6.4.3. Mexico
- 6.4.3.1. By Industry
- 7. South America Generative AI Market Size Estimates and Forecasts, By Segments, 2019-2032
- 7.1. Key Findings
- 7.2. By Model (USD)
- 7.2.1. Generative Adversarial Networks or GANs
- 7.2.2. Transformer-based models
- 7.3. By Industry vs Application (USD)
- 7.3.1. Manufacturing
- 7.3.1.1. Product Development & Design
- 7.3.1.2. Quality Control
- 7.3.1.3. Supply Chain Management
- 7.3.1.4. Customer Interactions and Support
- 7.3.2. Healthcare
- 7.3.2.1. Medical Simulation
- 7.3.2.2. Medical Chatbots
- 7.3.2.3. Medical Imaging
- 7.3.3. IT & Telecom
- 7.3.3.1. Network Optimization
- 7.3.3.2. Predictive Maintenance
- 7.3.3.3. Network Security
- 7.3.3.4. Intelligent Infrastructure
- 7.3.4. Marketing & Advertising
- 7.3.4.1. Targeted Advertising
- 7.3.4.2. Digital Advertising
- 7.3.4.3. Email Marketing and Campaign Analytics
- 7.3.5. Travel & Transportation
- 7.3.5.1. Traffic Detection
- 7.3.5.2. Traffic Flow Analysis
- 7.3.5.3. Driver Monitoring
- 7.3.5.4. Road Condition Monitoring
- 7.3.6. Energy & Utility
- 7.3.6.1. Energy and Supply Forecasting
- 7.3.6.2. Distribution Management
- 7.3.6.3. Storage Optimization
- 7.3.7. Others
- 7.4. By Country (USD)
- 7.4.1. Brazil
- 7.4.1.1. By Industry
- 7.4.2. Argentina
- 7.4.2.1. By Industry
- 7.4.3. Rest of South America
- 8. Europe Generative AI Market Size Estimates and Forecasts, By Segments, 2019-2032
- 8.1. Key Findings
- 8.2. By Model (USD)
- 8.2.1. Generative Adversarial Networks or GANs
- 8.2.2. Transformer-based models
- 8.3. By Industry vs Application (USD)
- 8.3.1. Manufacturing
- 8.3.1.1. Product Development & Design
- 8.3.1.2. Quality Control
- 8.3.1.3. Supply Chain Management
- 8.3.1.4. Customer Interactions and Support
- 8.3.2. Healthcare
- 8.3.2.1. Medical Simulation
- 8.3.2.2. Medical Chatbots
- 8.3.2.3. Medical Imaging
- 8.3.3. IT & Telecom
- 8.3.3.1. Network Optimization
- 8.3.3.2. Predictive Maintenance
- 8.3.3.3. Network Security
- 8.3.3.4. Intelligent Infrastructure
- 8.3.4. Marketing & Advertising
- 8.3.4.1. Targeted Advertising
- 8.3.4.2. Digital Advertising
- 8.3.4.3. Email Marketing and Campaign Analytics
- 8.3.5. Travel & Transportation
- 8.3.5.1. Traffic Detection
- 8.3.5.2. Traffic Flow Analysis
- 8.3.5.3. Driver Monitoring
- 8.3.5.4. Road Condition Monitoring
- 8.3.6. Energy & Utility
- 8.3.6.1. Energy and Supply Forecasting
- 8.3.6.2. Distribution Management
- 8.3.6.3. Storage Optimization
- 8.3.7. Others
- 8.4. By Country (USD)
- 8.4.1. United Kingdom
- 8.4.1.1. By Industry
- 8.4.2. Germany
- 8.4.2.1. By Industry
- 8.4.3. France
- 8.4.3.1. By Industry
- 8.4.4. Italy
- 8.4.4.1. By Industry
- 8.4.5. Spain
- 8.4.5.1. By Industry
- 8.4.6. Russia
- 8.4.6.1. By Industry
- 8.4.7. Benelux
- 8.4.7.1. By Industry
- 8.4.8. Nordics
- 8.4.8.1. By Industry
- 8.4.9. Rest of Europe
- 9. Middle East & Africa Generative AI Market Size Estimates and Forecasts, By Segments, 2019-2032
- 9.1. Key Findings
- 9.2. By Model (USD)
- 9.2.1. Generative Adversarial Networks or GANs
- 9.2.2. Transformer-based models
- 9.3. By Industry vs Application (USD)
- 9.3.1. Manufacturing
- 9.3.1.1. Product Development & Design
- 9.3.1.2. Quality Control
- 9.3.1.3. Supply Chain Management
- 9.3.1.4. Customer Interactions and Support
- 9.3.2. Healthcare
- 9.3.2.1. Medical Simulation
- 9.3.2.2. Medical Chatbots
- 9.3.2.3. Medical Imaging
- 9.3.3. IT & Telecom
- 9.3.3.1. Network Optimization
- 9.3.3.2. Predictive Maintenance
- 9.3.3.3. Network Security
- 9.3.3.4. Intelligent Infrastructure
- 9.3.4. Marketing & Advertising
- 9.3.4.1. Targeted Advertising
- 9.3.4.2. Digital Advertising
- 9.3.4.3. Email Marketing and Campaign Analytics
- 9.3.5. Travel & Transportation
- 9.3.5.1. Traffic Detection
- 9.3.5.2. Traffic Flow Analysis
- 9.3.5.3. Driver Monitoring
- 9.3.5.4. Road Condition Monitoring
- 9.3.6. Energy & Utility
- 9.3.6.1. Energy and Supply Forecasting
- 9.3.6.2. Distribution Management
- 9.3.6.3. Storage Optimization
- 9.3.7. Others
- 9.4. By Country (USD)
- 9.4.1. Turkey
- 9.4.1.1. By Industry
- 9.4.2. Israel
- 9.4.2.1. By Industry
- 9.4.3. GCC
- 9.4.3.1. By Industry
- 9.4.4. North Africa
- 9.4.4.1. By Industry
- 9.4.5. South Africa
- 9.4.5.1. By Industry
- 9.4.6. Rest of MEA
- 10. Asia Pacific Generative AI Market Size Estimates and Forecasts, By Segments, 2019-2032
- 10.1. Key Findings
- 10.2. By Model (USD)
- 10.2.1. Generative Adversarial Networks or GANs
- 10.2.2. Transformer-based models
- 10.3. By Industry vs Application (USD)
- 10.3.1. Manufacturing
- 10.3.1.1. Product Development & Design
- 10.3.1.2. Quality Control
- 10.3.1.3. Supply Chain Management
- 10.3.1.4. Customer Interactions and Support
- 10.3.2. Healthcare
- 10.3.2.1. Medical Simulation
- 10.3.2.2. Medical Chatbots
- 10.3.2.3. Medical Imaging
- 10.3.3. IT & Telecom
- 10.3.3.1. Network Optimization
- 10.3.3.2. Predictive Maintenance
- 10.3.3.3. Network Security
- 10.3.3.4. Intelligent Infrastructure
- 10.3.4. Marketing & Advertising
- 10.3.4.1. Targeted Advertising
- 10.3.4.2. Digital Advertising
- 10.3.4.3. Email Marketing and Campaign Analytics
- 10.3.5. Travel & Transportation
- 10.3.5.1. Traffic Detection
- 10.3.5.2. Traffic Flow Analysis
- 10.3.5.3. Driver Monitoring
- 10.3.5.4. Road Condition Monitoring
- 10.3.6. Energy & Utility
- 10.3.6.1. Energy and Supply Forecasting
- 10.3.6.2. Distribution Management
- 10.3.6.3. Storage Optimization
- 10.3.7. Others
- 10.4. By Country (USD)
- 10.4.1. China
- 10.4.1.1. By Industry
- 10.4.2. India
- 10.4.2.1. By Industry
- 10.4.3. Japan
- 10.4.3.1. By Industry
- 10.4.4. South Korea
- 10.4.4.1. By Industry
- 10.4.5. ASEAN
- 10.4.5.1. By Industry
- 10.4.6. Oceania
- 10.4.6.1. By Industry
- 10.4.7. Rest of Asia Pacific
- 11. Company Profiles for Top 10 Players (Based on data availability in public domain and/or on paid databases)
- 11.1. Google LLC
- 11.1.1. Overview
- 11.1.1.1. Key Management
- 11.1.1.2. Headquarters
- 11.1.1.3. Offerings/Business Segments
- 11.1.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.1.2.1. Employee Size
- 11.1.2.2. Past and Current Revenue
- 11.1.2.3. Geographical Share
- 11.1.2.4. Business Segment Share
- 11.1.2.5. Recent Developments
- 11.2. IBM Corporation
- 11.2.1. Overview
- 11.2.1.1. Key Management
- 11.2.1.2. Headquarters
- 11.2.1.3. Offerings/Business Segments
- 11.2.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.2.2.1. Employee Size
- 11.2.2.2. Past and Current Revenue
- 11.2.2.3. Geographical Share
- 11.2.2.4. Business Segment Share
- 11.2.2.5. Recent Developments
- 11.3. Microsoft Corporation
- 11.3.1. Overview
- 11.3.1.1. Key Management
- 11.3.1.2. Headquarters
- 11.3.1.3. Offerings/Business Segments
- 11.3.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.3.2.1. Employee Size
- 11.3.2.2. Past and Current Revenue
- 11.3.2.3. Geographical Share
- 11.3.2.4. Business Segment Share
- 11.3.2.5. Recent Developments
- 11.4. Adobe
- 11.4.1. Overview
- 11.4.1.1. Key Management
- 11.4.1.2. Headquarters
- 11.4.1.3. Offerings/Business Segments
- 11.4.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.4.2.1. Employee Size
- 11.4.2.2. Past and Current Revenue
- 11.4.2.3. Geographical Share
- 11.4.2.4. Business Segment Share
- 11.4.2.5. Recent Developments
- 11.5. Amazon Web Services, Inc.
- 11.5.1.
- 11.5.1.1. Key Management
- 11.5.1.2. Headquarters
- 11.5.1.3. Offerings/Business Segments
- 11.5.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.5.2.1. Employee Size
- 11.5.2.2. Past and Current Revenue
- 11.5.2.3. Geographical Share
- 11.5.2.4. Business Segment Share
- 11.5.2.5. Recent Developments
- 11.6. Synthesis AI
- 11.6.1. Overview
- 11.6.1.1. Key Management
- 11.6.1.2. Headquarters
- 11.6.1.3. Offerings/Business Segments
- 11.6.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.6.2.1. Employee Size
- 11.6.2.2. Past and Current Revenue
- 11.6.2.3. Geographical Share
- 11.6.2.4. Business Segment Share
- 11.6.2.5. Recent Developments
- 11.7. Nvidia Corporation
- 11.7.1. Overview
- 11.7.1.1. Key Management
- 11.7.1.2. Headquarters
- 11.7.1.3. Offerings/Business Segments
- 11.7.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.7.2.1. Employee Size
- 11.7.2.2. Past and Current Revenue
- 11.7.2.3. Geographical Share
- 11.7.2.4. Business Segment Share
- 11.7.2.5. Recent Developments
- 11.8. SAP SE
- 11.8.1. Overview
- 11.8.1.1. Key Management
- 11.8.1.2. Headquarters
- 11.8.1.3. Offerings/Business Segments
- 11.8.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.8.2.1. Employee Size
- 11.8.2.2. Past and Current Revenue
- 11.8.2.3. Geographical Share
- 11.8.2.4. Business Segment Share
- 11.8.2.5. Recent Developments
- 11.9. Accenture
- 11.9.1. Overview
- 11.9.1.1. Key Management
- 11.9.1.2. Headquarters
- 11.9.1.3. Offerings/Business Segments
- 11.9.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.9.2.1. Employee Size
- 11.9.2.2. Past and Current Revenue
- 11.9.2.3. Geographical Share
- 11.9.2.4. Business Segment Share
- 11.9.2.5. Recent Developments
- 11.10. Rephrase. ai
- 11.10.1. Overview
- 11.10.1.1. Key Management
- 11.10.1.2. Headquarters
- 11.10.1.3. Offerings/Business Segments
- 11.10.2. Key Details (Key details are consolidated data and not product/service specific)
- 11.10.2.1. Employee Size
- 11.10.2.2. Past and Current Revenue
- 11.10.2.3. Geographical Share
- 11.10.2.4. Business Segment Share
- 11.10.2.5. Recent Developments
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