Generative AI Market: Transforming Industries with AI-Driven Creativity
The Generative AI Market may expand into new industries in the future. Other potential market trends include greater personalisation and creativity, consideration of ethical and legal issues, democratisation of tool access, and cooperation between AI and human specialists. As generative AI develops, it might have uses in industries including manufacturing, banking, and healthcare. Concerns like deepfakes will be addressed by ethical rules and laws. User-friendly interfaces, pre-trained models, and cloud-based services will probably be seen on the market to democratise access. By allowing AI and human experts to work together, generative AI will enhance human innovation.
Generative AI Market Size:
The global generative AI market size is anticipated to grow at a CAGR of? 35.6% during the forecast period, from USD 11.3 billion in 2023 to USD 51.8 billion by 2028. The generative AI market is expected to grow at a significant rate during the forecast period, owing to various business drivers. The innovation of cloud storage enabling easy access to data, evolution of AI and deep learning and rise in the era of content creation and creative applications are some factors guiding the growth of the generative AI market.?
Generative technology, a new form of human-machine partnership that leverages deep learning engines to generate content and ideas like humans, is witnessing rapid investments. Jasper, a generative tech company, reportedly achieved revenue of nearly USD 100 million and a valuation of USD 1.5 billion within 18 months of launching. OpenAI, the company behind GPT-3 and other AI models, is said to be raising capital at a valuation of several billion dollars. Additionally, Anthropic, a prominent AI model builder, has raised over USD 700 million. These developments indicate a growing interest in and potential for generative technology in the market.?
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Generative AI Market Drivers:
Generative AI Market Opportunities:
Generative AI Market Challenges:
By offering, Services to register for the highest CAGR during the forecast period
The scope of the services segment comprises professional and managed services. Services are essential to the generative AI software life cycle, including product upgradation, maintenance, training, and consulting. In the era of the digital economy, enterprises are evolving and demanding new ways to improve their RoI and business optimization. Vendors offer various services in the generative AI market, such as support, maintenance, and consulting, to execute and manage the generative AI solution life cycle.
By application, Natural Language Processing to register for the highest market size during the forecast period
Generative AI is a subset of artificial intelligence (AI) that is used in natural language processing (NLP) to create new text that is similar to human-generated text. Generative models can be used for tasks such as machine translation, text summarization, question answering, and more. In natural language processing, generative models are often used to generate text based on a given prompt or context. These models use complex algorithms and deep learning techniques to analyze large amounts of language data and learn patterns and structures of language. RNN (recurrent neural network) and transformer generative models are mainly used in NLP to generate more relevant and coherent text. Generative AI plays a critical role in natural language processing by enabling machines to generate human-like text that is easy to understand, relevant, and grammatically correct.
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By region, Asia Pacific to account for highest growth rate during forecast period
Organizations in Asia Pacific deploy generative AI solutions to improve product/service innovation. Startups like Play.ht is putting forward innovations in the field of generative AI by introducing solutions like Generate realistic?Text to Speech?(TTS) audio using online AI Voice Generator and the best synthetic voices. The solution instantly convert text in to natural-sounding speech and download as MP3 and WAV audio files.
Top Key Companies in Generative AI Market :
Some major players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US). Some startups include Paige.AI (US), Riffusion (US), Play.ht (India), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morphis Technologies (Portugal).
Recent Developments in Generative AI Market:?
Frequently Asked Questions (FAQs)?
What is generative AI??
Generative AI as a new type of AI that learns from data and creates new data based on what it learns. It's therefore capable of creating entirely new entities in many different forms, including text, images, audio, and video. Generative AI works by using deep learning to build models from a given set of training data.?
What is the total CAGR expected to be recorded for the generative AI market during 2023-2028??
The market is expected to record a CAGR of 35.6% from 2023-2028.?
Which are the key technology trends prevailing in the generative AI market??
The three key technologies gaining foothold in the generative AI market are generative pre-trained transformers (GPTs), reinforcement learning, and natural language processing. It is also anticipated that meta-learning - which involves training a model to learn how to learn – will substantially improve the efficiency of generative AI systems by allowing them to learn from fewer data points.?
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