Global Generative AI Market Report 2023: Expanding Need to Modernise Workflow Across Sectors Bolsters Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Global Generative AI Market Size, Share, Growth Analysis, By Component, By Technologies, By End Use, By Industry Verticals - Industry Forecast 2023-2030" report has been added to ResearchAndMarkets.com's offering.

The global generative AI market size was valued at USD 7.6 billion in 2021 and is poised to grow from USD 10.16 billion in 2022 to USD 103.74 billion by 2030, growing at a CAGR of 33.7% in the forecast period (2023-2030).

In generative AI, unsupervised learning techniques are used for spam identification, image compression, and data pretreatment. For example, noise from visual data can be removed to produce better-looking images.

In image classification and medical imaging, supervised learning methods are also employed. In addition, it has numerous uses in a variety of industries, including banking and finance, healthcare, the automobile and transportation industries, information technology and telecommunications, media and entertainment, and others.

The need for generative AI applications will be driven throughout the projected period by the rising adoption of technologies like super-resolution, text-to-image conversion, and text-to-video conversion, as well as the expanding need to modernise workflow across sectors.

Segments covered in this report

Global Generative AI Market is segmented on the basis of components, technology, end-use, industry verticals, and region. Based on components, the Generative AI Market is segmented into software and services. Based on technology, the Generative AI Market is segmented into generative adversarial networks (GANs) and transformers.

Based on end use, the Generative AI Market is segmented into Marketing/SEO Tools, General Writing, AI Assistance, Personalized Video Editing/ generation, Image Generation, Voice Synthesis, Code generation/Documentation, Web App Building, Security, and others.

Based on industry verticals, the Generative AI Market is segmented into Media & Entertainment, BFSI, IT & Telecommunication, Healthcare, Automotive & Transportation, Manufacturing, Others. Based on region, the Generative AI Market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.

Driver

AI-based tools are increasingly being used, which is fueling industry expansion.

The use of technologies like super-resolution, text-to-image conversion, and text-to-video conversion is spreading, and there is a rising need to modernise workflow across industries. These factors are driving increased demand for generative AI applications. Over the course of the analysis period, these factors will continue to drive the market expansion for generative AI.

Restraint

Some of the key market inhibitors are a lack of skilled labour and expensive implementation costs.

The adoption of artificial intelligence in several industries is being hampered by a lack of the necessary abilities, knowledge, or skills. The absence of a competent workforce and high implementation costs are therefore anticipated to restrain the growth of the generative AI market over the projected period.

Market Trends

American-based major market companies like Microsoft and Apple Inc. are boosting their R&D expenditures. Additionally, these companies are researching cutting-edge technologies like artificial intelligence (AI) and machine learning (ML). Some of the most cutting-edge experiments and work on generative AI are planned, for instance, as part of an effort centred on artificial intelligence and machine learning that World Wide Technology, a technology service provider, started in May 2020. These are a few of the most recent trends that are fueling the market for generative AI during the study period.

Companies Mentioned

• OpenAI
• Google LLC
• IBM Corporation
• Microsoft Corporation
• Adobe Inc.
• Intel Corporation
• NVIDIA Corporation
• Siemens AG
• Oracle Corporation
• Salesforce.com, Inc.
• Autodesk Inc.
• Unity Technologies Inc.
• Amazon Web Services, Inc.
• SAP SE
• Epic Games, Inc.
• Bentley Systems, Incorporated
• The MathWorks, Inc.
• ANSYS, Inc.
• Dassault Systemes SE
• PTC Inc.

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

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