Generative AI Market Size, Share, Trends, Technology Growth and Research

According to a research report "Generative AI Industry by Offering (Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LAMBDA)), Services), Application (Computer Vision, Synthetic Data Generation (Medical Imaging, Cybersecurity)), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the generative AI market is projected to grow from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, at a compound annual growth rate (CAGR) of 35.6% during the forecast period. The generative AI market is expected to grow at a significant rate during the forecast period, owing to various business drivers like the innovation of cloud storage enabling easy access to data and evolution of AI and deep learning. Furthermore, the rise in the era of content creation and creative applications drive market growth.

By offering, Services to register for the highest CAGR during the forecast period

The scope of the services segment comprises professional and managed services. Services are essential to the generative AI software life cycle, including product upgradation, maintenance, training, and consulting. In the era of the digital economy, enterprises are evolving and demanding new ways to improve their RoI and business optimization. Vendors offer various services in the generative AI market, such as support, maintenance, and consulting, to execute and manage the generative AI solution life cycle.

By application, Natural Language Processing to register for the highest market size during the forecast period

Generative AI is a subset of artificial intelligence (AI) that is used in natural language processing (NLP) to create new text that is similar to human-generated text. Generative models can be used for tasks such as machine translation, text summarization, question answering, and more. In natural language processing, generative models are often used to generate text based on a given prompt or context. These models use complex algorithms and deep learning techniques to analyze large amounts of language data and learn patterns and structures of language. RNN (recurrent neural network) and transformer generative models are mainly used in NLP to generate more relevant and coherent text. Generative AI plays a critical role in natural language processing by enabling machines to generate human-like text that is easy to understand, relevant, and grammatically correct.

Generative AI Market Regional Analysis:

Generative AI technology and solutions such as ChatGPT, DALL-E, and GPT have been increasingly adopted in organizational environments. Organizations in Europe deploy generative AI solutions to improve knowledge management and product/service innovation. Europe is set to exceed USD 20 billion in Generative AI reveneue by 2030

UK has a robust financial and fintech sector where AI-driven generative models are used for risk assessment, fraud detection, and algorithmic trading, driving significant demand.

Germany's Generative AI market is driven by its strong manufacturing and automotive sectors. The need for efficient production processes, predictive maintenance, and quality control is pushing companies to adopt AI-driven generative models

In France, the Generative AI market is propelled by its thriving creative industries, including art, fashion, and design. Generative AI's ability to assist in content generation, design, and personalization is in high demand

Spain's Generative AI market benefits from its expanding e-commerce and digital marketing landscape. Businesses are leveraging generative models to enhance customer experiences through personalized recommendations and content generation.

Italy's Generative AI market is experiencing growth due to its strong presence in the luxury and fashion industries. Generative AI is being used for creative design, virtual try-ons, and personalized shopping experiences

Top Key Companies in Generative AI Market:

Some major players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US). Some startups include Paige.AI (US), Riffusion (US), Play.ht (India), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morphis Technologies (Portugal).

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