Generative AI Market Growth Trajectory Through 2024-2033

Uday Kiran

Generative AI Market Growth Trajectory Through 2024-2033

The Generative AI Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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https://www.thebusinessresearchcompany.com/report/generative-ai-global-market-report

According to The Business Research Company’s Generative AI Global Market Report 2024, The generative AI market size has grown exponentially in recent years. It will grow from $13.64 billion in 2023 to $18.1 billion in 2024 at a compound annual growth rate (CAGR) of 32.7%. The growth in the historic period can be attributed to computing power advancements, data availability, research and development, industry applications, deep learning breakthroughs.

The generative AI market size is expected to see exponential growth in the next few years. It will grow to $57.96 billion in 2028 at a compound annual growth rate (CAGR) of 33.8%. The growth in the forecast period can be attributed to AI hardware innovations, cross-industry integration, ethical AI considerations, autonomous systems, edge computing adoption. Major trends in the forecast period include ai-generated content proliferation, customization and personalization, cross-domain applications, ethical AI and bias mitigation, human-AI collaboration.

The increasing usage of artificial intelligence is expected to boost the growth of the generative AI market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems and other smart tools and software's. Generative AI automatically creates incredibly realistic and interactive virtual environments, decreasing the time and effort required to generate these environments while increasing their realism and interactivity. For instance, in December 2021, according a survey on 1843 participants conducted by McKinsey & Company, a US-based management consulting company, in emerging economies, 57% of respondents report AI adoption, up from 45% in 2020. Therefore, the rising need to create virtual worlds is driving the growth of the generative AI market.

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The generative AI market covered in this report is segmented –

1) By Component: Software, Services

2) By Offering Type: Image, Video, Speech, Other Offering Types

3) By Technology: Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion Networks

4) By End-User: Media And Entertainment, BFSI (Banking, Financial Services and Insurance), IT And Telecom, Healthcare, Automotive And Transportation, Other End-Users

Major companies in the generative AI market are focused on developing innovative solutions, such as business chatbot, to gain a competitive edge in the market. A business chatbot is an AI-driven software designed to engage in conversational interactions with users, providing information, assistance, and performing tasks within a business context. For instance, in November 2023, Amazon, a US-based technology company, launched the Q, a business chatbot powered by generative AI, aiming to streamline communications and assist employees in tasks including generating blog posts. Amazon's Q is designed to synthesize content and enhance day-to-day communications, offering tailored experiences by connecting to company data.

The generative ai market report table of contents includes:

Executive Summary
General Communication Equipment Market Characteristics
General Communication Equipment Market Trends And Strategies
General Communication Equipment Market - Macro Economic Scenario
Global General Communication Equipment Market Size and Growth

Global General Communication Equipment Market Competitive Benchmarking
Global General Communication Equipment Market Competitive Dashboard
Key Mergers And Acquisitions In General Communication Equipment Market
General Communication Equipment Market Future Outlook and Potential Analysis
Appendix

Top Major Players :

Apple Inc.
Google LLC
Microsoft Corporation
ZTE Corporation
Huawei Technologies Co. Ltd.

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Uday Kiran

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