Generative AI Market Size is Estimated to grow at a CAGR of 32.5% during the forecast period

• The generative AI market was valued at USD 12.1 billion globally in 2016, and over the course of the projected year, a CAGR of 32.5% is anticipated.
• A wide range of industries, including gaming, healthcare, banking, chatbots and virtual assistants, design and innovation, and content creation, use generative AI.
• In the manufacturing sector, generative AI is becoming more and more necessary to improve processes and optimize product design.
• The market is expanding due to the growing need for generative artificial intelligence in the banking sector and in autonomous vehicles.

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Growth Drivers

• GANs and transformer models, two deep learning techniques that are still being developed, have enhanced the capabilities of generative AI, making it more potent and adaptable.
• In creative industries like design, painting, and content creation, generative AI is becoming more and more popular as a tool for producing original and creative material.
• Generative AI is being used by companies in a wide range of industries to automate procedures, boost productivity, and simplify operations.
• Hardware advancements like GPUs and TPUs make it possible to train complicated generative models more quickly, which makes it easier to integrate them into a wider range of applications. The market is expanding at a quick pace due to the rapid expansion of major language models.

Segmentation

By Application

Application by Business function

·?????????Marketing and Sales

·?????????Human Resource

·?????????Operations

·?????????Finance

·?????????Research and Development

·?????????Others

Application by Data Modality

·?????????Text

·?????????Code

·?????????Image

·?????????Video

·?????????Audio and Speech

By Vertical

Media and Entertainment

·?????????Digital Marketing

·?????????Sales Intelligence

·?????????Data Visualization

·?????????Customer Experience

·?????????Application Development and AI integration

·?????????Media Editing

·?????????Synthetic Data training

BFSI

·?????????Digital Marketing

·?????????Sales Intelligence

·?????????Data Visualization

·?????????Customer Experience

·?????????Media Editing

·?????????Risk Management

Healthcare and Life Sciences

·?????????Digital Marketing

·?????????Sales Intelligence

·?????????Data Visualization

·?????????Customer Experience

·?????????Media Editing

·?????????Synthetic Data Training

Regional Outlook

·?????????Asia Pacific

·?????????North America

·?????????Europe

·?????????Latin America

·?????????Middle East and Africa

Key Players

·?????????Microsoft

·?????????IBM

·?????????Google

·?????????Adobe

·?????????Meta

·?????????Giphy

·?????????Dialpad

·?????????Persado

·?????????Codacy

·?????????Midjourney

·?????????Floworks

·?????????Inventive

·?????????Sonet

·?????????Speechify

·?????????Zetaalfa

·?????????Deep Search labs

·?????????Font joy

·?????????Magic Studio

·?????????Other Players

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