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The Global Artificial Intelligence ( AI ) market size is forecast to increase by USD 34.70 billion at a CAGR of 32.65% between 2022 and 2027.
The growth of the market depends on several factors, including increasing demand for AI-generated content, increasing adoption in various industries, and the emergence of fully autonomous solutions. Generative AI refers to AI systems that can create or generate new content, such as images, videos, and text, without human intervention. This is achieved using deep learning techniques and their ability to learn and mimic patterns in large amounts of data. has numerous applications in creative industries, such as music and art, as well as in industries that require the creation of new content, such as marketing and advertising.
Page Number | 155 |
Forecast period | 2023-2027 |
Historic period | 2017 - 2021 |
List of Charts and Table | 185 |
Growth momentum & CAGR | 32.65% |
Market Growth 2024-2028 | USD 34.70 Billion |
The market is witnessing rapid growth and innovation driven by advancements in AI technology. Organizations are leveraging its capabilities to enhance their products and services across various sectors. Powered by sophisticated algorithms and machine learning, Generative AI enables automation of tasks, predictive modeling, and deep learning techniques. It has found applications in diverse domains such as healthcare, where it aids in diagnosis and treatment planning. With startups entering the fray and competition intensifying, the market shows immense potential for development. As more organizations integrate Generative AI into their workflows, its capabilities and offerings continue to expand, shaping the future of AI-driven innovation. The market refers to the industry focused on artificial intelligence systems that can generate original and creative content. This market is witnessing a significant shift due to advancements in deep learning and neural networks.
One of the key factors driving the generative artificial intelligence (AI) market growth is the increasing demand for AI-generated content. There has been an escalating demand for AI-generated content over the years as organizations leverage AI technology and capabilities for various applications. From chatbots to music generation, AI-powered systems are producing text, audio, and responses with unprecedented accuracy and sophistication.
This innovation is reshaping industries, enabling enterprises to streamline activities, enhance automation, and develop predictive models for data analysis. With the rise of startups and competition in the AI market, the potential for further advancements and offerings in generative AI is vast.
A key factor shaping the generative artificial intelligence market development is the acceleration in the deployment of large language models (LLM). There has been significant growth in the global generative artificial intelligence market due to the deployment of LLM. One of the key features of this tool is that it utilizes deep learning techniques to create natural language text that mimics human speech.
Hence, by utilizing these models, companies can now automate and improve different processes, such as customer service, content creation, and data analysis. For example, GPT-3 (Generative Pre-trained Transformer 3) is a language model developed by Open AI that has gained immense popularity in recent times. It has the capability to generate human-like text that is indistinguishable from text written by humans. Hence, such applications are expected to drive global market growth during the forecast period.
Lack of quality data is one of the key challenges hindering the market growth. There is a growing concern among companies regarding the quality of data generated by these AI tools such that the lack of quality data can lead to inaccurate or incomplete information being disseminated to the public.
For instance, an AI-generated news article reports on a recent event, but the article comprises errors and false information, resulting in misleading the readers and damaging the credibility of the news outlet. Therefore, end-user companies implementing AI technology must also ensure that they have proper quality control mechanisms in place to check the accuracy of data. Thus, such factors are expected to hinder the global market growth during the forecast period.
This market report extensively covers market segmentation by component (software and services), technology (transformers, generative adversarial networks (GANs), variational autoencoder (VAE), and diffusion networks), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
The software segment is estimated to witness significant change during the forecast period. There is an increasing requirement for software that can analyze data and generate unique outputs across different enterprises. For instance, one prime example of software is GPT-4, which utilizes deep learning techniques to generate text that is indistinguishable from that written by a human.
The software segment was the largest segment and was valued at USD 1.88 billion in 2017. Some of the main applications of this software across enterprises include content creation and customer service automation. Another prime example of AI-based software is StyleGAN which utilizes machine learning to generate realistic human faces and has wide applications in the fashion and beauty industry to generate virtual models for clothing and makeup. Runway is also another AI-based tool that is used by designers and artists to create new designs and artwork. Hence, such applications are expected to drive the growth of this segment which in turn will drive the global market growth during the forecast period.
The ability to generate high-quality datasets and content with ease is expected to drive the transformer segment during the forecast period. One of the main advantages of the transformer segment in the global AI market is that it offer a powerful and flexible solution for ML tasks that require the processing of complex and large volumes of data. The transformer segment can generate more accurate and realistic outputs as they are better able to handle the natural language input and output. Hence, due to other applications and the growing need to generate accurate data across enterprises, it is expected to drive the growth of this segment which, in turn, will drive the global market growth during the forecast period.
North America is estimated to contribute 66% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. One of the main factors for the significant growth of the global market in North America is factors such as advancements in machine learning and natural language processing that led to the development of innovative solutions that have transformed several industries in the region. Some of the key industries that are transformed due to the development of the market include the health sector and financial sector. For instance, AI-powered tools are widely utilized across companies to give personalized investment expertise advice to clients. Hence, such wide applications of AI-based tools across enterprises are expected to drive global market growth during the forecast period.
The market forecasting industry report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market research and growth report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Accenture Plc: The company offers such as Accenture , which is a suite of tools that help businesses build and deploy applications.
Adobe Inc: The company offers such as Adobe Sensei, which is a suite of AI-powered tools that help users create, edit, and deliver content more efficiently.
Alphabet Inc: The company offers Google Cloud AutoML, which is a suite of tools that help developers build custom machine learning models without having to write any code.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The revolutionizing the landscape of ai applications provides organizations with unprecedented capabilities to create dynamic and engaging content. Leveraging sophisticated algorithms and machine learning, Generative AI empowers chatbots, chatbot to deliver natural and contextually relevant responses. Its applications span across various sectors, from healthcare to entertainment, where it enables the integration of music, text, and even audio. As startups enter the market and competition heats up, the potential to continue to grow, offering innovative solutions and expanding its capabilities to meet the evolving demands of organizations worldwide.
Synthetic Data Generation Market
Segment Overview
The market report forecasts growth by revenue at global, regional & country levels and provides an analysis of the latest trends and development opportunities from 2017 to 2027.
Generative AI Market Scope |
|
Report Coverage |
Details |
Page number |
155 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 32.65% |
Market growth 2023-2027 |
USD 34.70 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
31.65 |
Regional analysis |
North America, APAC, Europe, South America, and Middle East and Africa |
Performing market contribution |
North America at 66% |
Key countries |
US, China, Germany, UK, and France |
Competitive landscape |
Leading Comapanies, Market Positioning of Comapanies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Accenture Plc, Adobe Inc., Alphabet Inc., Altair Engineering Inc., Amazon.com Inc., Autodesk Inc., DataRobot Inc., De-Identification Ltd., Diabatix NV, Genie AI Ltd., Hexagon AB, International Business Machines Corp., LeewayHertz, Microsoft Corp., MOSTLY AI Solutions MP GmbH, nTopology Inc., NVIDIA Corp., OpenAI L.L.C., Rephrase Technologies Pvt. Ltd., and Synthesia Ltd. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our market growth analysis report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Component
7 Market Segmentation by Technology
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
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