Generative AI Market Report, Business Growth & Demand 2023-2028

IMARC Group, a leading market research company, has recently releases report titled “Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global generative AI market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How Big is the Generative AI Market?

The global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.

What is Generative AI?

Generative AI refers to a technology that utilizes machine learning (ML) algorithms and artificial intelligence to enable devices to create new digital texts, videos, images, audio, or code. It is operated by solutions that can determine the underlying pattern of the input and develop identical outputs. In addition to this, generative AI offers various benefits, such as the creation of innovative, high-quality content, improved comprehension of abstract theories, enhanced identity protection, decreased financial and reputational risks, etc. As a result, this solution finds widespread across several sectors, including healthcare, robotics, media and entertainment, BFSI, IT, etc.

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What are the growth prospects and trends in the generative AI industry?

The extensive utilization of artificial intelligence-integrated systems across various verticals for enhancing productivity and agility and the expanding information technology (IT) industry are among the primary factors fueling the generative AI market. Besides this, the escalating demand for this technology in the entertainment and media sector for the smart processing of low-resolution videos and images is further augmenting the market growth. Moreover, the elevating requirement for generative AI in the healthcare industry for manufacturing several products, such as organic molecules and prosthetic limbs from scratch, using 3D printing solutions is also propelling the global market.
Apart from this, the growing popularity of this technology to assist chatbots in boosting customer satisfaction and holding effective conversations is acting as another significant growth-inducing factor. In addition to this, the incorporation of this solution across the BFSI sector for synthetic data generation, trading prediction, fraud detection, and risk factor modeling is also boosting the market growth. Furthermore, the inflating need for this technology to produce digital artworks using only text-based descriptions and create virtual worlds in the metaverse is expected to bolster the generative AI market in the coming years.

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What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Offering Type:

  • Image
  • Video
  • Speech
  • Others

Breakup by Technology Type:

  • Autoencoders
  • Generative Adversarial Networks
  • Others

Breakup by Application:

  • Healthcare
  • Generative Intelligence
  • Media and Entertainment
  • Others

By Geography:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

  • Adobe Inc.
  • Amazon Web Services Inc.
  • D-ID
  • Google LLC
  • MOSTLY AI Inc.
  • OpenAI
  • Synthesia

If you require any specific information that is not covered currently within the scope of the report, we will provide the same as a part of the customization.

About Us

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC Group’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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