Overview and Scope
Generative AI in analytics refers to the branch of artificial intelligence focused on creating models and algorithms capable of generating new and meaningful data, insights, or content based on patterns and existing datasets. It harnesses the power of data-driven insights to drive innovation, optimize decision-making processes, and uncover hidden patterns that may not be readily apparent through traditional analytical methods.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
Major companies operating in the generative AI in analytics market report are 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.
The generative ai in analytics market report table of contents includes:
1. Executive Summary
2. Generative AI In Analytics Market Characteristics
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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