Global Generative AI Market: Growth in Content Generation to Drive Market Growth: As per TNR
Global Generative AI Market to Witness CAGR of 35.7% from 2023 to 2031 and reach US$ 115.37 Bn by End of the Forecast Period
WILMINGTON, DELAWARE, UNITED STATES, December 4, 2023 /EINPresswire.com/ — Global Generative AI Market Synopsis
The generative AI market is driven by factors such as increasing demand for creative content generation, automation of tasks, and personalized user experiences. Advances in deep learning algorithms, growing datasets, and improved computing power also fuel its growth. Additionally, applications in fields like healthcare, entertainment, and marketing are propelling market expansion.
Before the COVID-19 pandemic, the generative AI market showed consistent growth. However, the post-COVID-19 landscape witnessed a significant boost in demand. The pandemic accelerated digital transformation, prompting businesses to rely on Generative AI for remote operations, content creation, and improved customer engagement. This led to an even more pronounced expansion of the generative AI market.
Read Full Report: Global Generative AI Market Study
Global Generative AI Market Growth Drivers:
• Generative AI market is driven by the increasing demand for personalized customer interactions. A survey found that 84% of customers considered personalized engagements critical. Generative AI enables businesses to tailor content, recommendations, and marketing messages based on individual preferences, improving customer satisfaction and loyalty. For instance, Amazon reported a 35% increase in sales due to its recommendation engine’s personalized product suggestions.
• The need for efficient content creation is another driver of the generative AI market. Generative AI streamlines this process by automating tasks such as article writing and graphic design. GPT-3, a popular Generative AI model, can produce human-like text, reducing content production time and costs. This drives its adoption across marketing, media, and e-commerce.
• In healthcare, generative AI market is advancing drug discovery and medical image analysis. Generative AI expedites drug research by generating molecular structures, potentially accelerating the development of life-saving medications. Moreover, it aids radiologists in detecting diseases through automated analysis of medical images, enhancing diagnostic accuracy and speed.
• The generative AI market is constantly evolving, with new technologies and treatments being developed all the time. New generative AI models are being developed all the time, with improved capabilities in text generation, image generation, and code generation. This is expanding the range of applications for generative AI. Moreover, generative AI models are becoming more widely available, with the development of cloud-based platforms and open-source models. This is making generative AI more accessible to a wider range of users. Furthermore, generative AI is being adopted by a growing range of businesses and organizations, across a wide range of industries. This is being driven by the potential benefits of generative AI, such as improved productivity, creativity, and efficiency.
• The Asia Pacific region exhibits highest growth rate in the generative AI market. Countries like China and India are rapidly embracing AI technologies across sectors, including finance, e-commerce, and manufacturing. The study found that Asia Pacific was expected to witness a substantial increase in AI investments, driven by a growing tech ecosystem and government support.
Global Generative AI Market: Competitive Landscape and Key Dynamics
o Adobe
o Amazon Web Services, Inc.
o AppNation
o Google
o IBM
o Insilico Medicine
o Lightricks
o Lumen5
o Meta
o Microsoft
o OpenAI
o TLDR Technologies, Inc
o Other Industry Participants
In September 2023, IBM launched an enhanced version of the WatsonX AI and Data Platform, offering a tech preview of WatsonX.Governance and announcing upcoming releases of new models and generative AI within WatsonX.Data.
In August 2023, Microsoft and Epic extended their AI partnership to expedite the influence of generative AI in the healthcare sector, targeting its most urgent requirements.
Global Generative AI Market:
By Offering
o Software
• Rule-Based Models
• Statistical Models
• Deep Learning Models
• Generative Adversarial Networks (GANs)
• Autoencoders
• Convolutional Neural Networks (CNNs)
• Transformer-Based Large Language Models (LLMs)
o Services
• Professional Services
• Managed Services
By Application
o Marketing & Sales
o Human Resource
o Operations
o Finance
o Research & Development
o Others
By Industry Vertical
o Media & Entertainment
o BFSI
o Healthcare & Life Sciences
o Manufacturing
o IT & ITES
o Retail & Ecommerce
o Transportation & Logistics
o Construction & Real Estate
o Energy & Utilities
o Government & Defense
o Telecommunications
o Other Verticals
By Region
o North America (U.S., Canada, Mexico, Rest of North America)
o Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
o Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
o Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
o Latin America (Brazil, Argentina, Rest of Latin America)
Consult with Our Expert:
Jay Reynolds
The Niche Research
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Email: askanexpert@thenicheresearch.com
Website: www.thenicheresearch.com
Jay Reynolds
The Niche Research
+1 302-232-5106
email us here
