Overview and Scope
Enterprise generative AI refers to the application of generative artificial intelligence technologies within business and organizational contexts to enhance various processes, improve efficiency, and drive innovation. It utilizes advanced algorithms and machine learning techniques to automate content generation, enhance data analysis through synthetic data, facilitate creative design processes, personalize customer experiences, detect anomalies, and optimize business operations and decision-making.
Sizing and Forecast
The enterprise generative AI market size has grown exponentially in recent years. It will grow from $2.38 billion in 2023 to $3.33 billion in 2024 at a compound annual growth rate (CAGR) of 39.7%. The growth in the historic period can be attributed to increased deep learning, increased computing power, generative adversarial networks, open-source initiatives, and research and academic contributions.
The enterprise generative AI market size is expected to see exponential growth in the next few years. It will grow to $12.81 billion in 2028 at a compound annual growth rate (CAGR) of 40.0%. The growth in the forecast period can be attributed to the development of explainable AI, expansion of edge computing, rise of synthetic data generation, expansion of quantum computing, and regulatory and ethical considerations. Major trends in the forecast period include expansion into new industries, advancements in multimodal capabilities, focus on ethical AI practices, the rise of AI-as-a-service, and real-time adaptive learning.
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Segmentation & Regional Insights
The enterprise generative ai market covered in this report is segmented –
1) By Components: Software, Services
2) By Model Type: Text, Image or Video, Audio, Code
3) By Application: Marketing And Sales, Customer Service, Product Development, Supply Chain Management, Other Applications
4) By End-User: Information Technology And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Healthcare, Manufacturing, Media And Entertainment, Other End-Users
North America was the largest region in the enterprise generative AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise generative ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The rise in new startups is expected to propel the growth of the enterprise-generative AI market going forward. Startups refer to newly established and fast-growing companies that entrepreneurs with innovative ideas or solutions often find. The rise in new startups is due to increased access to funding, a growing culture of entrepreneurship, evolving market needs, and trends towards remote work. Startups leverage enterprise-generative AI to swiftly generate creative content and prototypes, fostering innovation and accelerating product development cycles while minimizing resource investments and enhancing competitiveness in dynamic markets. For instance, in September 2023, according to a report published by the Economic Innovation Group, a US-based public policy organization, the rate of business startups in the US, which indicates the proportion of all firms established each year, saw an increase to 8.9% in 2021. Further, over 476,000 new startups emerged, representing nearly a 5% rise compared to pre-pandemic levels. Therefore, the rise in new startups is driving the growth of the enterprise generative AI market.
Key Industry Players
Major companies operating in the enterprise generative ai market are Google LLC, Accenture Plc, International Business Machines Corporation, PricewaterhouseCoopers International Limited, Oracle Corporation, Capgemini SE, McKinsey & Company, Klaviyo Inc., Scale AI Inc., C3.ai Inc., Smartly.io Inc., DataRobot Inc., Prophecy Labs Inc., Coveo Solutions Inc. , Bubble Group Inc., Grammarly Inc., Jasper.ai Inc., Aisera Inc., Kensho Technologies Inc., OpenAI Technologies Inc., Mix book Inc., Lily AI Inc., Cohere Technologies Inc., Test Fit Inc., Symbl.ai Inc.
The enterprise generative ai market report table of contents includes:
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