Generative AI Market Size Will Achieve USD 208.8 Billion by 2032 growing at 35.1% CAGR - Exclusive Report by Acumen Research and Consulting
The global Generative AI Market size accounted for USD 10.5 Billion in 2022 and is projected to attain a size of around USD 208.8 Billion by 2032 growing with a CAGR of 35.1% during the forthcoming years, as reported by Acumen Research & Consulting
Businesses have been able to overcome obstacles by automating many manual and complex processes, resulting in reduced costs and increased efficiency. Consequently, organizations can more effectively utilize their resources and enhance their productivity. Generative modeling, a type of unsupervised machine learning, is used to create new content by analyzing input images, text, and audio for underlying patterns using AI, statistics, and probability to make predictions. Generative AI, in particular, is widely employed in applications such as identity protection, enhanced robotics control, and even in healthcare for early disease detection and the implementation of effective preventive and treatment protocols.
Generative AI Market Statistics
- Global generative AI market revenue was worth USD 10.5 billion in 2022, with a 35.1% CAGR from 2023 to 2032
- North America generative AI market share occupied over 40% in 2022
- Asia-Pacific generative AI market growth is estimated to achieve a significant CAGR of around 36% from 2023 to 2032
- According to a recent estimates, total private funding in China accounted USD 17.21 billion in 2021
- By component, the software sub-segment captured over 65% of shares in 2022
- Based on end-user, media & entertainment generated US$ 2.1 billion in revenue in 2022
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Generative AI Market Dynamics
All facets of human activity, from drug development and law to art, music, and design, could be impacted by generative AI. For instance, generative AI could generate fresh architectural concepts, explain how cancer cells function, or even create images of your dream home. People will be able to be more creative, innovative, and imaginative thanks to generative AI. It has the potential to expand human imagination and generate new ideas that we could never have imagined before.
This is made possible through a technique known as generative design, in which you start with a set of rules or limitations and let it run for a while. Users can then observe the designs it generates, which may help them solve their problems or discover alternative ways of understanding them. Generative AI is transforming the way we work, play, and create. It's a promising field for consumers, businesses, governments, and non-profit organizations.
Recent Funding in Generative AI industry
- Jasper.ai, a popular generative AI tool for content creation, has risen $125 million in Series A funding, valuing the company at $1.5 billion. Leading venture capital firms, including some that were involved in Stability AI's funding, participated in this round.
- Top venture capital firms such as Coatue and Lightspeed Venture Partners led the $101 million funding round for Stability AI. Stability AI is the creator of Stable Diffusion, a highly powerful open-source image generation system that has gained worldwide recognition.
Generative AI Market Segmentation
The global market has been categorized into components, technologies, end-users, and regions.
The component segment is further divided into two parts: software and services. According to our generative AI industry analysis, the deep water sub-segment is expected to account for the majority of market revenue in 2022. In terms of growth, services are anticipated to experience rapid expansion in the coming years.
The market is divided into four technology sectors: variational auto-encoders, generative adversarial networks (GANs), transformers, and diffusion networks. Our analysis indicates that the transformers sub-segment reached its peak in 2022 and is projected to continue leading in the coming years. GANs, on the other hand, are expected to experience rapid growth from 2023 to 2032.
Furthermore, the end-user segment is categorized into media & entertainment, BFSI, IT & telecommunication, healthcare, automotive & transportation, and others. BFSI is one of the leading sectors in terms of growth, while the media & entertainment sector is expected to lead in terms of revenue.
Generative AI Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa account for the majority of the global generative AI industry. North America accounted for the largest share in 2022 and is expected to lead the market during the projected timeframe. The extensive implementation of generative AI solutions in the US industry is driven by numerous banking frauds, website hacks, and healthcare IT frauds. Additionally, the US has a robust IT infrastructure for implementing machine learning, generative algorithms, and robotic process automation processes. Furthermore, the presence of IT giants such as Amazon, Meta, Microsoft, IBM, and Google will further boost the generative AI market in the US.
Meanwhile, the Asia-Pacific region is experiencing rapid growth due to the increasing investments in AI technology.
Generative AI Market Players
Some prominent generative AI companies covered in the industry include Amazon Web Services, Inc., Adobe, D-ID, Genie AI Ltd., Google LLC, IBM, Microsoft, MOSTLY AI Inc., Rephrase.ai, and Synthesia.
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Mr. Frank Wilson
Acumen Research and Consulting
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