by The Generative AI market is transforming industries like media & entertainment, healthcare, and e-commerce by enabling automated content creation and accelerating innovation. Generative AI systems are powered by advanced deep learning techniques like Transformer models that allow machines to imitate human-like creativity and intelligence. Key components of Generative AI solutions include large language models, computer vision algorithms, and neural rendering technology.
The Global Generative AI Market is estimated to be valued at US$ 68.34 Bn in 2024 and is expected to exhibit a CAGR of 32.8% over the forecast period from 2024 to 2031.
Generative AI has applications across a wide range of industries including automated writing, medical imaging, 3D modeling, animation, video & music generation. Using large datasets to train deep neural networks, Generative AI solutions can autonomously produce novel images, videos, text and even computer programs.
Key Takeaways
Key players operating in the Generative AI are Abacus.AI, Accenture, Adobe, Adept, AI21 Labs, Amazon Web Services (AWS), Anthropic, Character.ai, Cohere, Google, Hugging Face, IBM, Insilico Medicine, Microsoft, and NVIDIA. These companies are investing heavily in generative model research and developing industry-specific applications.
The Generative AI Market Demand rapidly as organizations increasingly adopt AI to accelerate workflow and produce more customized digital content at scale. Industries like media, education and e-commerce are some of the major adopters of Generative AI to automate content creation processes and offer more personalized experiences to consumers.
Globally, North America dominated the Generative AI market in 2023 due to presence of leading AI companies and higher technology adoption rate. However, Asia Pacific is expected to witness fastest growth during the forecast period owing to increasing investments by Chinese technology giants and growing demand from key industries in the region.
Market key trends
Emergence of large language models like GPT-3 and DALL-E has transformed the language and computer vision domains. The advanced generative capabilities of these large AI models allow them to produce near human-level text, images and videos with minimal supervision. Going forward, continued improvements in self-supervised learning techniques will further enhance the capabilities of generative AI systems.
Porter’s Analysis
Threat of new entrants: High capital requirements and expertise requirements pose a barrier for new entrants.
Bargaining power of buyers: Few technology giants control majority of the market share, increasing buyer power.
Bargaining power of suppliers: Limited number of skilled AI researchers constrains bargaining power of suppliers.
Threat of new substitutes: Rapidly evolving technologies could pose threat of substitutes in the long run.
Competitive rivalry: Intense competition among established players to develop advanced generative AI capabilities.
Geographical Regions
North America currently holds the largest share of the Generative AI Market Regional, with the US being the early adopter. Availability of skilled workforce and presence of technology heavyweights support market growth.
Asia Pacific is poised to witness the fastest growth during the forecast period. Rising tech adoption across industries and increasing government initiatives to develop AI talent in countries like China and India will boost the regional market.
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1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
About Author - Money Singh
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemicals and materials, defense and aerospace, consumer goods, etc. LinkedIn Profile
