According to a research report "Generative AI Market Trends by Offering (Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LaMDA)), Services), Application (Data Modality (Text, Image, Video), Business Function (Marketing & Sales, Finance)), Vertical and Region - Global Forecast to 2030" published by MarketsandMarkets, the market for generative artificial intelligence (AI) is anticipated to experience substantial expansion, ascending from a value of USD 11.3 billion in 2023 to a substantial worth of USD 76.8 billion by the year 2030. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 31.5% over the forecast period. The surge in the generative AI sector is poised to be driven by a confluence of influential factors within the business landscape. Notably, the advent of cloud storage solutions facilitating seamless data accessibility, coupled with the continuous advancement of AI and deep learning technologies, stands out as pivotal contributors to this trend. Additionally, the proliferation of content creation endeavors and the growing demand for innovative creative applications are playing a pivotal role in propelling the upward trajectory of this market.

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By offering, Software to register for the largest market share during the forecast period

The scope of the software segment comprises of rule based models, statistical models, deep learning, generative adversial networks (GANs), autoencoders, convolutional neural networks (CNNs) and transformer models. This dominance can be attributed to the accessibility and ease of adoption of software solutions, which typically have a wider user base. Furthermore, the anticipated technological maturity of Generative AI software tools during this period will likely offer a diverse range of applications, catering to various industries and driving increased adoption rates.

By application, marketing & sales segment of application by business function is expected to hold the largest market share during the forecast period

Marketing & sales segment is anticipated to command the largest market share. This is driven by the increasing recognition of Generative AI's potential to revolutionize customer engagement and decision-making processes. By automating content generation, customer insights analysis, and personalized recommendations, Generative AI can significantly enhance marketing strategies and sales interactions. As companies seek to gain a competitive edge through data-driven approaches, the adoption of Generative AI in marketing & sales functions is expected to see substantial growth, contributing to its dominant market position during the forecast period.

By region, Asia Pacific to account for highest growth rate during forecast period

Companies across the Asia Pacific region are leveraging generative AI solutions to enhance their capabilities for driving product and service innovation. Emerging enterprises such as PlayHT are spearheading advancements within the realm of generative AI by introducing groundbreaking offerings like a cutting-edge online AI Voice Generator, enabling the creation of lifelike Text-to-Speech (TTS) audio. This innovative solution facilitates the instantaneous transformation of text into exceptionally natural-sounding speech, allowing for easy download of the generated content in both MP3 and WAV audio file formats.

Some major players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US), Insilico Medicine (Hong Kong) and Simplified (US). Some startups include Paige.AI (US), Riffusion (US), PlayHT (US), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morphis Technologies (Portugal).

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