Generative AI In Creative Industries Global Market
Overview and Scope
Generative AI in creative industries refers to the application of artificial intelligence techniques, particularly generative models, to assist or even lead the creative process in fields such as art, music, literature, design, and more. This algorithm has the capability to autonomously produce content that resembles human-created work based on patterns and styles learned from existing data.
Sizing and Forecast
The generative AI in creative industries market size has grown exponentially in recent years. It will grow from $2.33 billion in 2023 to $3.08 billion in 2024 at a compound annual growth rate (CAGR) of 32.2%. The growth in the historic period can be attributed to rise of creative coding communities, public awareness and interest, and rise of open-source frameworks.
The generative AI in creative industries market size is expected to see exponential growth in the next few years. It will grow to $9.51 billion in 2028 at a compound annual growth rate (CAGR) of 32.6%. The growth in the forecast period can be attributed to improved data efficiency and few-shot learning, ethical and inclusive AI practices, and cross-domain creative applications. Major trends in the forecast period include AI-powered content generation and automation, cross-domain creativity, Interactive and immersive experiences, and AI-driven design and innovation.
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Segmentation & Regional Insights
The generative ai in creative industries market covered in this report is segmented –
1) By Type: Text-To-Image Generation, Image-To-Image Generation, Music Generation, Video Generation, 3D Modeling and Animation
2) By Deployment Mode: On-Premise, Cloud
3) By Application: Gaming, Film And Television, Advertising And Marketing, Music And Sound Production, Other Applications
North America was the largest region in the generative AI in creative industries market in 2023. The regions covered in the generative AI in creative industries 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
Increasing adoption of AI technology is expected to propel the growth of the generative AI in creative industries market going forward. AI technology refers to the branch of computer science and engineering dedicated to developing systems and algorithms that exhibit human-like intelligence or behavior. The adoption of AI technology arises from advancements in AI research, the availability of big data, cost reduction, and efficiency improvement. AI technology is extensively used in generative AI within the creative industries to augment human creativity, automate repetitive tasks, and unlock new possibilities for artistic expression and innovation. For instance, in May 2022, according to the IBM Global AI Adoption Index 2022 report released by the International Business Machines Corporation, a US-based information technology corporation, a poll conducted of 7,502 businesses found that more than a third of businesses (35%) reported using AI in their operations, a four-point rise from 2021, and 42–64% were exploring its potential. 64% of businesses believe that AI will improve business productivity, and 42% believe it will streamline job processes. In 2022, there was a 13% increase in the likelihood of organizations adopting AI compared to the previous year, 2021. Therefore, increasing adoption of AI technology is driving the growth of the generative AI in creative industries market.
Key Industry Players
Major companies operating in the generative AI in creative industries market report are Apple Inc.; Google LLC; Samsung Electronics Co. Ltd.; Microsoft Corporation; Sony Corporation; The Walt Disney Company; International Business Machines Corporation; Nvidia Corporation; Adobe Inc.; Autodesk Inc.; Unity Software Inc.; Epic Games Inc.; Wacom Co. Ltd.; Pixar Animation Studios Inc.; Moving Picture Company Inc.; Lucasfilm Ltd.; Framestore Limited; Double Negative LLC; Digital Domain Inc.; Chaos Group; Foundry Inc.; SideFX Inc.; Industrial Light And Magic; Maxon Computer Inc.
The generative ai in creative industries market report table of contents includes:
1. Executive Summary
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