The Generative AI Global Market Report 2023 by The Business Research Company, provides generative AI market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.
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According to The Business Research Company’s Generative AI Global Market Report 2023, the global generative AI market size is expected to grow from $10.28 billion in 2022 to $13.69 billion in 2023 at a compound annual growth rate (CAGR) of 33.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global generative AI market size is expected to reach $42.68 billion in 2027 at a CAGR of 32.9%.
The increasing usage of artificial intelligence is expected to boost the growth of the generative AI market going forward. Artificial intelligence (AI) refers to the simulation of human intelligence processes by machines, especially computer systems and other smart tools and software’s. Generative AI automatically creates incredibly realistic and interactive virtual environments, decreasing the time and effort required to generate these environments while increasing their realism and interactivity.
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The generative AI market is segmented:
1) By Component: Software, Services
2) By Offering Type: Image, Video, Speech, Other Offering Types
3) By Technology: Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion NetworkS
4) By End-User: Media And Entertainment, BFSI (Banking, Financial Services and Insurance), IT And Telecom, Healthcare, Automotive And Transportation, Other End-Users
Technological advancement is the key trend gaining popularity in the generative AI market. Major companies operating in the generative AI market are focusing on developing new technologies. For instance, in January 2023, NVIDIA Corporation, a US-based technology company, launched new metaverse technologies for enterprises with a suite of generative AI tools. This technology’s unique feature is the addition of a group of innovative generative AI tools for 3D artists, such as Audio2Face, Audio2Gesture, and Audio2Emotion, that allow users to animate 3D characters. Producers may now use Audio2Face to create facial expressions from audio files, as well as Audio2Emotion to create emotions and Audio2Gesture to create gestures, with the updated versions of these tools.
The generative AI market report table of contents includes:
Executive Summary
Market Characteristics
Market Trends And Strategies
Impact Of COVID-19
Market Size And Growth
Segmentation
Regional And Country Analysis
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Competitive Landscape And Company Profiles
Key Mergers And Acquisitions
Future Outlook and Potential Analysis
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