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Generative AI market Size
WILMINGTON, DE, UNITED STATES, October 10, 2024 /EINPresswire / -- As per the report, the global generative AI market size is projected to generate $191.8 billion by 2032. The market accounted for $10.5 billion in 2022 and is estimated to surge at a CAGR of 34.1% during the 2023-2032 period.
Generative AI refers to the use of artificial intelligence for the creation of innovative content including text, real-time images, music, and videos. It involves the use of machine
learning models to recognize and analyze patterns to generate unique content. Variational auto-encoders (VAEs) and generative adversarial networks (GANs) are two deep learning algorithms regularly used for content generation.
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Advancements in deep learning, along with growth in personalization and customization needs are the two main growth drivers of the market. On the contrary, privacy and ethical concerns associated with artificial intelligence and high computational complexity might create hurdles in the full-fledged growth of the market. Nonetheless, the integration of generative AI in end-use industries is anticipated to offer lucrative growth opportunities in the coming period.
The market for generative AI is currently undergoing substantial expansion due to various influential factors and emerging trends. The availability of high-performance hardware, such as GPUs and TPUs, has facilitated faster and more efficient training of generative AI models. As a result, the computational complexity and duration required for model training have been reduced, making generative AI more accessible to both businesses and developers. Moreover, there has been a growing demand for personalized and captivating user experiences, and generative AI enables businesses to create content, products, and services tailored to individual preferences. The implementation of personalization strategies enhances user engagement and customer satisfaction, thereby driving the widespread adoption of generative AI technology. In addition, the healthcare industry has witnessed a surge in the utilization of generative AI, particularly in the creation of customized prosthetic limbs and the synthesis of organic molecules through cutting-edge technologies such as 3D printing, CRISPR, and others. This growing application in the healthcare sector is considered a major catalyst for the market's expansion. Furthermore, to ensure that the benefits of generative AI are inclusive and equitable, it is crucial to have a comprehensive and inclusive approach to digital literacy and education. This includes providing access to technology, and the internet and providing training and resources to develop the skills needed to effectively use and benefit from these technologies.
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By region, the North America generative AI market was the most profitable in 2022 mainly due to rising demand for generative adversarial networks for image generation and video synthesis. Also, generative AI is extensively used in R&D in the healthcare and biotechnology industry for drug discovery and medical imaging. This will further help the growth of the market in North America. On the other hand, the Asia-Pacific generative AI market is estimated to have the fastest growth with a CAGR of 38.5% during the 2023-2032 period. Increasing investments in R&D and rising commercialization of generative AI will have a positive impact on the market in this region.
Major Companies in the Market:
Adobe
Google LLC
MOSTLY AI Inc.
Amazon Web Services, Inc.
IBM Corporation
Rephrase
D-ID
Microsoft Corporation
Synthesia
Genie AI Ltd.
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Key Industry Development -
October 2023: Australian artificial intelligence company Katonic AI and hyper-automation and AI advisory firm Mindfields have partnered to enable organisations to leverage generative AI without concerns surrounding data privacy, security and accuracy. The collaboration aims to tackle these concerns by integrating generative AI models into an organisation's infrastructure, enhancing data security and precision. Through the partnership, Mindfields and Katonic AI will help organisations with an end-to-end generative AI solution for their business.
October 2023: Genpact, NASSCOM Partner to Bring Generative AI Playbook. Generative AI is rapidly becoming a transformative force in various industries. That is why Genpact, in collaboration with NASSCOM, has unveiled an essential playbook designed to demystify and harness the power of this technology. Genpact and NASSCOM have recognised the challenge that enterprise leaders go through for grappling and adoption of generative AI. Thus, both have joined forces to provide a comprehensive guide, equipping organizations with the knowledge they need to develop effective generative AI solutions.
October 2023: Rockwell Automation & Microsoft announced an extension of their longstanding relationship to help accelerate industrial automation design and development through generative artificial intelligence (AI). The companies are combining technologies to further empower the workforce and accelerate time-to-market for customers building industrial automation systems. The first outcome of this collaboration will add Microsoft's Azure OpenAI Service into FactoryTalk Design Studio to deliver capabilities that help to accelerate time-to-market for their customers who are building industrial automation systems. Rockwell Automation and Microsoft recognize that using AI to enhance automation across various roles, from decision-makers to control engineers and operators, is a key area where they can come together to help customers further streamline their processes and drive greater worker productivity.
October 2023: Cognizant and Vianai Systems, Inc. announced the launch of a global strategic go-to-market partnership to accelerate human-centered generative AI offerings. This partnership leverages Vianai's hila Enterprise platform alongside Cognizant's Neuro AI, creating a seamless, unified interface to unlock predictive, AI-driven decision making. For both companies, this partnership is expected to enable growth opportunities in their respective customer bases, and through Cognizant's plans to resell Vianai solutions. Vianai's hila Enterprise provides clients a platform to safely and reliably deploy any large language model (LLM), optimized and fine-tuned to speak to their systems of record – both structured and unstructured data, enabling clients to better analyze, discover and explore their data leveraging the conversational power of generative AI.
July 2023: Persistent Systems has strengthened its partnership with Google Cloud, launching a suite of Google Cloud-powered Generative AI solutions. These offerings will equip clients throughout their AI journeys, from AI explorers to Generative AI disruptors, to understand how to successfully identify and implement these advanced technologies to their businesses at scale.
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