Recently, the business research firm released the 2024 GenerativeAImarket report, showing that the market has been expanding rapidly over the past few years. According to the report, the generative AI market is expected to grow from USD 13.64 Billion in 2023 to USD 18.1 Billion by 2024, at a CAGR (average annual growth rate) of 32.71 TP3T.This growth is mainly attributed to the increase in computational power, wide availability of data, increasing research and development, increasing number of applications in the industry, and breakthroughs in deep learning.
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The generative AI market is expected to continue to grow strongly over the next few years, and is projected to reach USD 57.96 billion by 2028, at a CAGR of .8%.The report states that the factors driving this growth include innovations in AI hardware, cross-industry consolidation, ethical AI considerations, rise of autonomous systems, and the adoption of edge computing. A few key trends mentioned in the report include the popularity of AI-generated content, increased personalization, expansion of cross-domain applications, focus on ethical AI and bias elimination, and the rise of human-computer collaboration.
One of the major factors driving the growth of the generative AI market is the widespread adoption of artificial intelligence. Generative AI is an AI system that is capable of creating new outputs based on data, generating various contents such as text, images, and audio. The adoption of such technologies can significantly reduce the time and effort required to create virtual environments while enhancing their realism and interactivity.
Some of the major market players that are also mentioned in the market report include Google, Microsoft, Meta, Dell Technologies, Amazon Web Services, Siemens, General Electric, Intel, and Lenovo Group. These companies are focusing on developing innovative solutions such as business chatbots to gain competitive advantage. Business chatbots are AI software designed to interact conversationally with users to inform, assist, and perform tasks in a business environment.
With respect to the segmentation of the market, the report divides the generative artificial intelligence market into several segments, including by component (software, services), by product type (like, video, voice, etc.), by technology (generative adversarial networks, transformers, variational self-encoders, diffusion networks), and by end-users (media & entertainment, banking & financial services, IT & telecom, healthcare, automotive & transportation, etc.).
According to the report, North America emerged as the largest region in the Generative Artificial Intelligence market in 2023 The report covers various regions such as Asia-Pacific, Europe, North, South America, Middle East and Africa.