Global Generative AI in Marketing Market 2024-2031
Global Generative AI in Marketing Market Size, Share & Trends Analysis Report by Component Type (Software and Services), by System Type (Text Models and Multimodal Models), by Application (Content Creation, Lead Nurturing & Lead Scoring, SEO, Reporting & Analytics, Others (Personalization, Customer Support)), by End-User (Media & Entertainment, IT & Telecommunications, Healthcare, Automotive & Transportation, BFSI, Retail and E-commerce) Forecast Period (2024-2031)
Global generative AI in marketing market is anticipated to grow at a considerable CAGR of 35.8% during the forecast period (2024-2031). The global market is driven by the growing demand for AI generated content for strategic marketing moves from several end-user industries. Growing investments in this field along with software advancement are further aiding the market growth.
Market DynamicsGrowing Investment in Generative AI in Marketing
To explore the high potential of Generative AI in marketing activities such as content creation, content analytics, and SEO optimization, key players are making significant investments in thisfield. For instance, in September 2023, Accenture Plc has made a strategic investment, through Accenture Ventures, in Writer, a platform using generative AI to help enterprises create and shape content in the ways people already work. Writer is designed to help organizations deploy AI-driven applications that can increase productivity and drive significant business impact across enterprise functions including support, operations, product, sales, HR, marketing, and more.
Market SegmentationOur in-depth analysis of the global generative AI in marketing market includes the following segments by product type, and application:
Based on component, the market is bifurcated into software and services.
Based on system type, the market is bifurcated into text models and multimodal models.
Based on application, the market is sub-segmented into content creation, lead nurturing & lead scoring, SEO, reporting & analytics, and others (personalization, customer support).
Based on end-user, the market is sub-segmented into media & entertainment, IT & telecommunications, healthcare, automotive & transportation, BFSI, retail and e-commerce.
Content Creation Sub-segment to Hold a Considerable Market Share
The content creation sub-segment market in 2022. The AI based content creation includes text creation, image/ video creation, or audio creation. AI-driven platforms can assess marketing goals and product details, producing scripts and visual story structures for promotional videos. The growing demand for quality content creation for marketing purposes is a key contributor to the high share of this market segment. In May 2023, NVIDIA and WPP entered partnership to develop a content engine that harnesses NVIDIA Omniverse and AI to enable creative teams to produce high-quality commercial content faster, more efficiently and at scale while staying fully aligned with a client’s brand. Such developments are further aiding the market development of this segment.
Regional OutlookThe global generative AI in marketing market is further segmented based on geography including North America (the US, and Canada), Europe (UK, Italy, Spain, Germany, France, and the Rest of Europe), Asia-Pacific (India, China, Japan, South Korea, and Rest of Asia), and the Rest of the World (the Middle East & Africa, and Latin America).
India: Potential Market for the Generative AI in Marketing
Looking towards the high potential of India in field of Generative AI in marketing, key player are investing in this country for their market share expansion. For instance, in December 2023, Yantra Tech Innovation Labs Pvt. Ltd. (Yantra), a management and technology services provider, announced its plan to invest Rs 100 crore ($12.1 million) in India’s Gen AI market. This investment aims to fuel the development of AI in the country. This move involves an aggressive recruitment drive to onboard 500 highly skilled individuals from various parts of India over the next two years. With this investment, the company aims to focus on elevating efficiency and intelligence in business operations.
North America Holds Major Market Share
Among all the regions, North America holds a significant share owing to the high adoption of advanced IT technologies, presence of key players, and presence of large base of end-user industries. The US government’s initiatives related to AI are further anticipated to contribute to the high share of this regional market. For instance, in December 2022, US National Science Foundation has launched the Expanding AI Innovation through Capacity Building and Part II program in coordination with the US Department of Agriculture, the US Department of Homeland Security, the Science and Technology Directorate, the National Institute of Standards and Technology, National Institute of Food and Agriculture, and the US Department of Defense, Office of the Under Secretary of Defense for Research and Engineering.
Market Players Outlook The major companies serving the global generative AI in marketing market include IBM Corp., Google LLC, Microsoft Corp., OpenAI, and AWS, Inc. among others. The market players are increasingly focusing on business expansion and product development by applying strategies such as collaborations, mergers, and acquisitions to stay competitive in the market. For instance, in October 2023, Apple Inc., announced to invest $1.0 billion annually to effectively integrate generative AI capabilities into its entire product line to catch up with competitors like Microsoft and Google.
Further, in September 2023, McKinsey and Salesforce have announced a new collaboration to accelerate the introduction of trusted generative AI for sales, marketing, commerce, and service. This collaboration will bring together Salesforce customer relationship management (CRM) technologies, including Einstein and Data Cloud, with McKinsey’s proprietary AI and data models, assets, and capability building power.
Funding for Startups
In October 2023, Google has agreed to invest $2.0 billion in Anthropic, an artificial intelligence startup. This investment will include an upfront investment of $500 million and the remaining to be invested in the long term.
The Report CoversMarket value data analysis of 2023 and forecast to 2031.
Annualized market revenues ($ million) for each market segment.
Country-wise analysis of major geographical regions.
Key companies operating in the global generative AI in marketing 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.