Global Generative AI Market 2023-2030

Global Generative AI Market 2023-2030

Global Generative AI Market Size, Share & Trends Analysis Report Market by Offering (Software and Services), by Application (Text, Image, Video, and Others (Audio)), Business Function (Marketing and Sales, Finance, Human Resource, Research and Development, and Others (Customer service and Education)), Vertical (BFSI, IT and Telecommunication, Healthcare, Media and Entertainment, Retail and E-Commerce, Manufacturing, Construction and Real Estate, and Others)) Forecast Period (2022-2030)

Global generative AI market is anticipated to grow at a considerable CAGR of 48.5% during the forecast period. Generative artificial intelligence (AI) is a type of AI that can generate new content, such as text, images, or videos, in response to prompts. Generative AI models learn the patterns and structure of their input training data and then generate new data that has similar characteristics. Generative AI models are trained on large datasets of text, code, or images. As more and more data becomes available, generative AI models can produce more realistic and creative content. Generative AI models are trained on large datasets of text, code, or images. This means that the models are exposed to a wide variety of examples of the type of content that they are supposed to generate.

A generative AI model that is trained on a dataset of code can be used to generate new code, such as software applications and websites. The model will be able to generate code that is similar to the code in the dataset, but it will also be able to generate new and original code. DALL-E 2 is a generative AI model that is trained on a dataset of text and images. DALL-E 2 can be used to generate images from text descriptions.

Segmental Outlook

The global generative AI market is segmented based on offering, application, business function, and vertical. Based on the offering, the market is segmented into software and services. Based on application, the market is sub-segmented into text, image, video, and others. Based on business function, the market is segmented into marketing and sales, human resources, research and development, finance, and others (customer service and education). Based on vertical, the market is sub-segmented into BFSI, IT and telecommunication, healthcare, media and entertainment, retail and e-commerce, manufacturing, construction and real estate, and others.

The Software offering showed a major share of the Generative AI market

The software segment held the major market share of the generative AI market in 2022 due to the high demand in a wide range of applications for generative AI software including healthcare, finance, and manufacturing. The increasing adoption of cloud-based generative AI software solutions makes it easier for businesses to deploy and use generative AI. The growing availability of open-source generative AI software libraries makes it easier for developers to build generative AI applications.

Regional outlooks

The global generative AI market is further segmented based on geography, including North America (the US and Canada), Europe (Italy, Spain, Germany, France, and others), Asia-Pacific (India, China, Japan, South Korea, and others), and the Rest of the World (the Middle East & Africa and Latin America). Among these North America holds the major market share of the market owing to high adoption of generative AI technologies in the region, particularly in the US. The well-developed technology infrastructure in the region supports the development and deployment of generative AI applications.

The Asia-Pacific Region to Hold Major Share in the Global Market

The Asia Pacific region is home to several large technology companies such as Alibaba, Baidu, and Tencent. These companies are investing heavily in generative AI research and development, and they are also developing generative AI applications for their businesses. For instance, in June 2023, Baidu’s co-founder and CEO Robin Li announced the launch of a billion yuan ($145 million) fund to back generative AI companies. This investment is helping to drive the growth of the generative AI market in the region.

Market Players Outlook

The major companies serving the global generative AI market include Amazon Web Services, Inc., Microsoft, Corp., Google LLC., and IBM Corp., among others. The market players are considerably contributing to the market growth by the adoption of various strategies, including mergers and acquisitions, partnerships, collaborations, and new product launches, to stay competitive in the market. For instance, In 2023, Google AI and OpenAI announced a partnership to develop and deploy generative AI technologies. This partnership brings together two of the leading companies in generative AI research and development. The partnership between Google AI and OpenAI to develop and deploy generative AI technologies is significant because it brings together two of the leading companies in generative AI research and development. This partnership has the potential to accelerate the development of new and innovative generative AI technologies. The two companies could work together to develop new text-to-image diffusion models that are more powerful and versatile than the models that are available today. These new models could be used to generate realistic and creative images for a variety of applications, such as advertising, design, and entertainment.

The Report Covers

Market value data analysis of 2022 and forecast to 2030.

Annualized market revenues ($ million) for each market segment.

Country-wise analysis of major geographical regions.

Key companies operating in the global generative AI market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.

Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.

Analysis of market-entry and market expansion strategies.

Competitive strategies by identifying ‘who-stands-where’ in the market.