The generative ai in analytics global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Generative AI In Analytics Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The generative AI in analytics market size has grown exponentially in recent years. It will grow from $0.99 billion in 2023 to $1.3 billion in 2024 at a compound annual growth rate (CAGR) of 30.8%. The growth in the historic period can be attributed to growing data volumes, advancements in deep learning algorithms, increased computational power, expansion of cloud computing infrastructure, rise of big data analytics.
The generative AI in analytics market size is expected to see exponential growth in the next few years. It will grow to $3.81 billion in 2028 at a compound annual growth rate (CAGR) of 31%. The growth in the forecast period can be attributed to integration with IoT devices, emergence of explainable AI (XAI), adoption of federated learning techniques, expansion of AI-driven automation in business processes, integration of generative AI with natural language processing (NLP) applications. Major trends in the forecast period include democratization of generative AI tools, increased focus on ethical AI development, proliferation of generative adversarial networks (GANs), rise of AI-augmented creativity in content generation, expansion of generative ai applications in healthcare and life sciences.
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Scope Of Generative AI In Analytics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative AI In Analytics Market Overview
Market Drivers –
The growing demand for AI-generated content is expected to propel generative AI in analytics market going forward. AI-generated content refers to digital content, such as text, images, or videos, that is created or produced using artificial intelligence algorithms and technologies. The growing demand for AI-generated content is driven by its ability to efficiently deliver personalized and relevant content at scale, enhancing user engagement and reducing business production costs. Generative AI models can analyze large datasets to identify patterns, trends, and insights that can be used to generate content such as articles, reports, and creative works. For instance, in February 2024, according to DOIT Software, a US-based company that specializes in business software and AI tools, the generative AI platform ChatGPT estimated 57 million individuals engaged with ChatGPT in 2022, with usage soaring to 100 million by January 2023. Therefore, the growing demand for AI-generated content drives the growth of the generative AI in analytics market.
Market Trends –
Major companies operating in the generative AI in analytics market are innovating technology, such as artificial intelligence-based video analytics, to sustain their position in the market. An artificial intelligence-based video analytics application is a software tool that utilizes machine learning and deep learning algorithms to analyze video data and derive actionable insights and conclusions. For instance, in September 2022, Dallmeier Electronic GmbH & Co. KG, a Germany-based company specializing in the development and manufacturing of video security technology solutions, introduced Sedor AI, artificial intelligence-based video analytics for maritime applications. The Sedor AI software is engineered to identify vessels on unobstructed water surfaces under typical circumstances, as well as challenging environmental elements like waves and water reflections. The software program conforms with legal requirements like the ISPS (International Ship and Port Facility Security) Code and aids port operators and refineries in preventing illegal entry from the waterside and related hazards like piracy and terrorist attacks.
The generative ai in analytics market covered in this report is segmented –
1) By Technology: Machine Learning, Natural Language Processing, Deep Learning, Computer Vision, Robotic Process Automation
2) By Deployment: Cloud-Based, On-Premise
3) By Application: Data Augmentation, Anomaly Detection, Text Generation, Simulation And Forecasting
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Regional Insights –
North America was the largest region in the generative AI in analytics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in analytics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI in analytics market report are <b>Amazon Inc.; Apple Inc.; Alphabet Inc.; Microsoft Corporation; Dell Technologies Inc.; Siemens AG; Accenture PLC; International Business Machines Corporation (IBM); Oracle Corporation; SAP SE; NVIDIA Corporation; Adobe Inc.; Block Inc.; Automatic Data Processing Inc.; ServiceNow Inc.; Workday Inc.; Atlassian Corporation; Slack Technologies Inc.; OpenAI; MongoDB Inc.; Box Inc.; SG Analytics Pvt. Ltd.; Decimal Point Analytics Pvt; Gramener Inc.; Anthropic PBC; Valiance Solutions Inc. </b>
Table of Contents
1. Executive Summary
2. Generative AI In Analytics Market Report Structure
3. Generative AI In Analytics Market Trends And Strategies
4. Generative AI In Analytics Market – Macro Economic Scenario
5. Global Generative AI In Analytics Market Size and Growth
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32. Global Generative AI In Analytics Market Competitive Benchmarking
33. Global Generative AI In Analytics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative AI In Analytics Market
35. Generative AI In Analytics Market Future Outlook and Potential Analysis
36. Appendix
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