Worldwide Generative AI Market Size & Trends Predicted to Reach USD 200.73 Billion By 2032, With 34.2% CAGR Growth: Polaris Market Research
NEW YORK, Sept. 15, 2023 /PRNewswire/ -- A latest research report [115+] pages with 360-Degree visibility, titled "Generative AI Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Services); By Technology; By End-Use; By Region; Segment Forecast, 2023 - 2032" published by Polaris Market Research in its research repository.
"According to research report, the global generative AI market size/share was valued at USD 10.63 Billion in 2022 and is expected to touch USD 200.73 Billion By 2032, growing at a CAGR of 34.2% during the forecast period."
What is Generative AI: How Big is Generative AI Potential Market by 2032?
Generative AI is artificial intelligence technology that produces text, images, or other media based on user-generated inputs. Generative AI uses generative models to learn the pattern and structure of users' input data and generate output that has similar characteristics. Generative AI finds applications in various industries, including art, writing, software development, product design, healthcare, finance, gaming, marketing, and fashion.
Generative AI model aims to provide data that is consistent, significant, and frequently indistinguishable from information created by humans. Some essential tools commonly used in the field of generative AI include large language model chatbots such as ChatGPT, Bing Chat, Bard, and LLaMA, and Text Generation Tools like OpenAI GPT-3 and GPT-2. The increase in demand for AI-generated content is driving the market growth. Rising development of artificial intelligence and deep learning technologies is propelling the market growth.
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Generative AI Market: Report Scope
· In NOVEMBER 2022, Charli AI launched Anacaeus, a new AI generative platform for the enterprise. Anacaeus is a state-of-the-art AI platform, which has been developed to discover, understand, and use facts from millions of pieces of content for generating insights, presentations, spreadsheets, and natural language reports across an enterprise.
· In September 2022, Meta unveiled Make-A-Video, the latest and most developed artificial intelligence system, which enables people to convert text prompts into brief and high-quality video clips.
Prominent Growth Driving Factors
Use of generative AI for various purposes: The rising usage of generative AI in medical imaging and picture classification, spam detection, data preprocessing, image compression, and noise reduction from visual data are boosting the market growth.
Applications of various technologies: Factors such as increasing applications of technologies like super-resolution, text-to-image conversion, & text-to-video conversion, as well as expanding industry demand for modernized workflow, are fueling the market growth.
Prevalence of audio synthesis: The increasing use of audio synthesis, which uses generative artificial intelligence to quickly and easily convert any type of computer-generated voice into one that sounds exactly like a real human, is expected to drive the market growth during the forecast period.
Utilization of generative AI applications in healthcare: Generative AI is increasingly used in healthcare applications to create prosthetic limbs, organic molecules, and many others. So, the growing prevalence of early detection of cancers and efficient treatment strategies are predicted to propel the market growth over the foreseen period.
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Recent Trends Influencing the Market
Services segment is anticipated to grow at the fastest rate
Based on component, services category is predicted to show the fastest growth over the forecast period owing to the growing concerns over data security, trade forecasting, modeling risk factors, and fraud detection. The concerns related to data losses and security breaches have increased in recent years across various industries like healthcare and BFSI, which has encouraged key players to address these challenges and create more advanced and improved services, which is expected to drive segment market expansion. Further, the software segment held the major market share during the foreseen period due to an increase in research & development activities.
Transformers segment witnessed the largest market share
By technology, transformers sector accounted for the largest revenue share in 2022 and is anticipated to maintain its dominance over the forecast period. This growth can be attributed to the rapid growth in the use of various transformer applications, such as text-to-image and the rising need for natural language processing, along with strong user knowledge of the advantages of transformer solutions. Furthermore, the diffusion networks category is expected to record significant growth in the coming years
Media & Entertainment segment led market
In terms of end-use, media & entertainment category registered the highest revenue share in 2022 due to the major use of generative AI to create and develop attractive and better advertisement campaigns. Also, increasing adoption of virtual creation and demand for creating high-definition visuals and real-time virtual worlds is propelling the segment growth. In addition, the incorporation of AI improves analytics, which aids companies in using sentiment analysis, visual recognition, and dialogue capabilities to boost segment growth. Moreover, the BFSI segment is expected to witness considerable growth during the projected period because of a surge in adoption of big data and machine learning algorithms and high growth in investment in the fintech sector.
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North America region accounted for the highest market share in 2022
By geography, North America witnessed the major share in 2022 and is anticipated to grow at a significant rate during the foreseen timeframe. This growth can be attributed to factors such as rising demand for the modernization of workflow across numerous industries, a surge in the number of banking frauds, the prevalence of pseudo-imagination, and medical treatment.
Furthermore, Asia Pacific is likely to grow at the fastest CAGR throughout the foreseen period owing to the growing number of beneficial initiatives by the government to urge the use of artificial intelligence and its integration into various applications, especially in developing nations like India, China, and South Korea.
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