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Generative AI Market Report Forecasts Significant Growth With Advances In Technology And Extensive Application 2024-2030 - ResearchAndMarkets.com

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DUBLIN--(BUSINESS WIRE)--The "Generative AI Market Size, Share & Trends Analysis Report By Component (Software, Services), By Technology, By End-use, By Application, By Model, By Region, And Segment Forecasts, 2024 - 2030" report has been added to ResearchAndMarkets.com's offering.

Analyzing the Components, Innovations, and Trends Shaping the Transformative Generative AI Landscape

The global surge in advancements and applications within the Generative AI sector has led to a comprehensive market analysis, now available for review. The in-depth report illuminates the expected trajectory of the Generative AI market, including component segmentation, technological developments, and usage across various industries, with a special focus on unprecedented growth from 2024 to 2030.

Market Dynamics

  • The Generative AI market is projected to reach an impressive USD 109.37 billion by 2030, with an estimated Compound Annual Growth Rate (CAGR) of 36.5%.
  • Industry-wide efforts to modernize workflows coupled with the continuous evolution of AI and deep learning technologies are primarily fueling this growth.
  • Significant progress in creative applications, content creation, and the availability of innovative cloud storage solutions enhance accessibility to data, further propelling market expansion.

COVID-19 Impact and Technological Innovations

  • The COVID-19 pandemic brought forth positive market implications as organizations increasingly turned to AI & ML technologies to navigate the tumultuous period.
  • Leading technology firms experienced heightened demand for AI-driven offerings, reflecting a sustained interest in integrating intelligent solutions.

Emerging Regional Insights

  • North America, with a dominant market position, continues to show positive growth through significant investment in AI and ML sectors and remains home to leading tech companies who are keen investors in generative AI innovations.
  • Asia Pacific is anticipated to exhibit considerable growth, with countries like China and Japan at the forefront, supported by technological infrastructure development and various government initiatives.

Key Segments and Technological Breakthroughs

  • Software, holding a 64.5% revenue share in 2023, leads the component segment and is touted to maintain its stance bolstered by the advantages generative AI software present.
  • With a significant 41.3% share, transformer technology stands as the cornerstone, marked by global adoption for enhanced text prediction and analysis capabilities.
  • Media & entertainment segments dominate in application use, driven by the sector's quest for innovative campaign strategies and digital platforms for consumer engagement.

Technological Advancements in Generative AI Redefine Multiple Industries

  • The banking, financial services, and insurance (BFSI) sector indicates the fastest growth potential, ready to harness the capabilities of AI for improved operational efficiency.
  • Investments in autonomous technology by automotive leaders exemplify the depth of AI integration in modern-day applications.
  • Emerging software capabilities like those in Microsoft Corporation's recent release, Microsoft 365 Copilot, underline the productivity gains achievable through AI enhancements.

Companies Mentioned

  • Adobe Inc.
  • Amazon Web Services, Inc.
  • D-ID
  • Genie AI Ltd.
  • Google LLC
  • International Business Machines Corporation
  • Microsoft Corporation
  • MOSTLY AI Inc.
  • Rephrase.ai
  • Synthesia

For more information about this report visit https://www.researchandmarkets.com/r/y5wz9c

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First published on Tue, Mar 26, 2024

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