WESTFORD, Mass., April 24, 2024 /PRNewswire/ -- SkyQuest projects that the generative AI market will attain a value of USD 165.49 billion by 2031, with a CAGR of 32.8% during the forecast period (2024-2031). The global generative AI market is likely to experience phenomenal growth via neural network revolutions in deep learning and will witness applications in multiple fields such as diverse as healthcare, automotive, gaming, and media. And as the volume of big data grows and the need for new ways of deriving meaningful insights from it grows, more and more companies are adopting creative AI technologies to create new words, images and restructuring on their own.
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Browse in-depth TOC on "Generative AI Market"
- Pages - 165
- Tables - 100
- Figures - 76
Generative AI Market Overview:
Report Coverage | Details |
Market Revenue in 2023 | $17.1 billion |
Estimated Value by 2031 | $165.49 billion |
Growth Rate | Poised to grow at a CAGR of 32.8% |
Forecast Period | 2024-2031 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Component, Industry Verticals, End Users, and Region |
Geographies Covered | North America, Europe, Asia Pacific, and the Rest of the world |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Integration of AI and Machine Learning |
Key Market Drivers | Increasing Demand for Personalized Content |
Software Segment to Dominate Due to Rise in Data Privacy Concerns
The software segment accounted for more than 65% of the global generative AI market share in 2022. Increase in fraudulent activities, coupled with overestimating capacity, and unexpected results and growing concerns about data privacy are all projected to boost the software sector. Key players in the software sector offer algorithms with intelligent WOM and machine learning solutions to stand out in the competition and generate high revenues for the overall market. Introducing original products to ever-changing corporate needs is also likely to add a boost to the market revenue generation rate. Such software systems offer organizations the opportunity to automate processes, break down creative barriers, explore new possibilities for company growth and positioning in the global generative AI market. Furthermore, the availability of technological advances and the expanding need for powerful equipment and systems are likely to bode well for the future growth of this section.
Service Sector Segment to Witness Rapid Expansion Owing to Growing Concern over Data Security
The service sector is expected to grow at a rapid pace of over 35% during the forecast period. The growth of this segment is attributed to the increasing concern over data security, fraud detection, business forecasting, and risk modeling. Additionally, service providers are also helping organizations address the ethical and legal issues arising from the use of genetic AI. Currently AI technologies are evolving rapidly with increasing awareness and high adoption by the service industry. With the increasing investment in AI adoption and a greater need for strategic partnerships between businesses, the need for generative AI and network services will help create lucrative growth opportunities soon.
North America Emerge Dominant Due to Increase in Fraudulent Bank Activities
North America dominated the global generative AI market with more than 41% market share and is expected to continue so due to high levels of bank and medical fraud activities. The presence in the generative AI sector is predicted to drive the market growth in the region.
However, Asia Pacific is expected to grow at the fastest growth rate of over 35% during the period. Growing government initiatives to incorporate AI in Asia Pacific, coupled with increasing adoption of AI-based services drive the market growth during the analyzed period in the region are supporting factors. In addition, governments in the region have a strategic approach to AI development that includes flexible policies, funding and strategic partnerships to create a platform for the market to grow. Furthermore, increased internet connectivity, smartphone usage and adoption of various digital channels which supports the growing number of AI-based applications, making the market a more attractive destination for market players.
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Generative AI Market Insights:
Drivers
- Increasing Demand for Personalized Content
- Advancements in AI Technology
Restraints
- Data Privacy Concerns
- Ethical and Bias Issues
Prominent Players in Generative AI Market
- Microsoft Corporation
- NVIDIA Corporation
- Adobe Inc.
- IBM Corporation
- Autodesk Inc.
- Unity Technologies
- Altair Engineering Inc.
- DeepMind Technologies Limited
- Autodesk Inc.
- Runway ML
- Meta
- Salesforce.com, Inc.
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Key Questions Answered in Generative AI Market Report
- What specific growth drivers are projected to impact the market during the forecast period?
- List the top companies in the market and explain how they have achieved their positions of influence.
- In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?
This report provides the following insights:
- Analysis of key drivers (increasing demand for personalized content, advancements in AI technology), restraints (data privacy concerns, ethical and bias issues), opportunities (integration of ai and machine learning, shift towards subscription-based models), influencing the growth of global generative AI Market.
- Market Dynamics: Comprehensive information about the various products offered by the dominant players in the global Generative AI Market.
- Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Generative AI market.
- Market Growth: Detailed information on profitable growing industries.
- Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
- Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.
Related Reports:
Global Artificial Intelligence Market
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Global Artificial Intelligence In Retail Market
Global Artificial Intelligence In Security Market
Global Artificial Intelligence In Telecommunication Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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SkyQuest Technology
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USA (+1) 351-333-4748
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