Increase in advancements in AI technology and rise in demand for personalized content are expected to drive the global generative AI in creative industries market growth.
NEW CASTLE, Del., March 5, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Generative AI in Creative Industries Market by Deployment Mode (On-premise and Cloud), Type (Text-to-Image Generation, Image-to-Image Generation, Music Generation, Video Generation, and 3D Modeling and Animation), and Application (Gaming, Film & Television, Advertising & Marketing, Music & Sound Production, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032". According to the report, the generative AI in creative industries industry generated $1.7 billion in 2022 and is anticipated to generate $21.54 billion by 2032, witnessing a CAGR of 29.6% from 2023 to 2032.
Prime Determinants of Growth
Increase in advancements in AI technology and rise in demand for personalized content are the factors expected to propel the growth of the global generative AI in creative industries market. However, risks related to data breaches are anticipated to hamper the growth of the global market. On the contrary, surge in integration of AR and VR in creative industries is further expected to create lucrative opportunities for the growth of the global market.
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Report Coverage & Details:
Report Coverage | Details |
Forecast Period | 2023-2032 |
Base Year | 2022 |
Market Size in 2022 | $1.7 Billion |
Market Size in 2032 | $21.6 Billion |
CAGR | 26.1 % |
Segments Covered | Deployment Mode, Type, Application, and Region |
Drivers | Increase in advancements in AI technology Rise in demand for personalized content |
Opportunities | Risks related to the data breaches |
Restraints | Surge in integration of AR and VR in creative industries |
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The on-premise segment to maintain its leadership status during the forecast period
By deployment mode, the on-premise segment held the highest market share in 2022, accounting for more than half of the generative AI in creative industries market revenue, and is estimated to maintain its leadership status during the forecast period. This is attributed to technological advancements and changes in customer preferences, which are further expected to propel the overall market growth. However, the cloud segment is expected to attain the largest CAGR of 30.8% from 2023 to 2032. This is due to various beneficial factors such as scalability and flexibility, cost savings, and remote work and collaboration.
The text-to-image generation segment to maintain its lead position during the forecast period
By type, the text-to-image generation segment accounted for the largest share in 2022, contributing to more than one-third of the generative AI in creative industries market revenue, with the advancements in natural language processing (NLP) and computer vision technologies, models capable of generating images from textual descriptions have gained popularity, which is further expected to propel the overall market growth. However, the rapid transit railways segment is expected to attain the largest CAGR of 32.4% from 2023 to 2032. With the increasing demand for visual content on social media platforms, e-commerce websites, and digital marketing campaigns, there is a growing need for automated tools that can generate high-quality images efficiently. This is expected to drive the growth of this segment in the global generative AI in creative industries market.
The gaming segment to maintain its lead position during the forecast period
By application, the gaming segment accounted for the largest share in 2022, contributing to more than three-fifths of the generative AI in creative industries market revenue, as generative AI algorithms can analyze player behavior, preferences, and interactions in real-time to dynamically adjust game content, difficulty levels, and narratives, creating personalized gaming experiences tailored to individual players, which is further expected to propel the overall market growth. However, the advertising and marketing segment is expected to attain the largest CAGR of 32.5% from 2023 to 2032. Growth in need for personalized and targeted content to engage audiences effectively drives the growth of this segment in the global generative AI in creative industries market.
North America region to maintain its dominance by 2032
By region, North America held the highest market share in terms of revenue in 2022, accounting for more than one-third of the generative AI in creative industries market revenue. Increase in the usage of generative AI in creative industries in businesses to improve businesses and the customer experience is anticipated to propel the growth of the market in this region. However, Asia-Pacific is projected to attain the highest CAGR of 32.7% from 2023 to 2032. Countries such as India and China are at the forefront, embracing digital technologies to enhance their effectiveness and competitiveness, and is further expected to contribute to the growth of the market in this region.
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Leading Market Players: -
- Alphabet Inc.
- Microsoft Corporation
- IBM Corporation
- Nvidia Corporation
- Adobe Inc.
- Autodesk, Inc.
- Unity Software Inc.
- OpenAI, Inc.
- Synthesis AI
- Epic Games, Inc
The report provides a detailed analysis of these key players in the generative AI in creative industries market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different countries. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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