Generative AI Market Projected to Surpass USD 521.51 Billion by 2031, Witnessing 46.45% CAGR Growth
Westford, USA, July 05, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that Global Generative AI Market will attain a value of USD 521.51 Billion by 2031, with a CAGR of 46.45% over the forecast period (2024-2031). Continuous developments in AI technology are opening new avenues for producing high-caliber, human-like material in a variety of sectors. These include natural language processing (NLP), computer vision, and generative adversarial networks (GANs). Furthermore, as companies realise that generative AI has the power to completely transform product development, consumer engagement, and content creation, they are driving market expansion through the growing uses of this technology in a variety of industries, including marketing, entertainment, healthcare, and design.
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Browse in-depth TOC on the " Generative AI Market "
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Generative AI Market Overview:
| Report Coverage | Details |
| Market Revenue in 2023 | $ 24.62 Billion |
| Estimated Value by 2031 | $ 521.51 Billion |
| Growth Rate | Poised to grow at a CAGR of 46.45% |
| Forecast Period | 2024–2031 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, End-Use, and Application |
| Geographies Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America |
| Report Highlights | Cross-domain applications usage |
| Key Market Opportunities | Increasing deployment of large language models |
| Key Market Drivers | Advancements in deep learning techniques |
Software Component Leads the Market through Robust Computational Resources
The global generative AI market is dominated by significant players due to their strong computational resources, vast data access, and sophisticated research and development skills. These characteristics encourage creativity and complexity in models, resulting in superior AI solutions as compared to competitors which make them industry pacesetters expanding their global reach.
Rapid Digital Transformation makes the Technology and Communication the Fastest Growing Sub-Segment
The technology and communication sector dominates the global generative AI market due to significant investments in AI infrastructure, fast digital transformation, and rising demand for personalised services. This would build the industry dominate also coming up with better customer feels they run effectively and have a competitive advantage.
Emergence of New Technology Makes North America a Leading Consumer
North America is becoming the dominant continent. The area is becoming famous for its rapid rise in new technologies as it enjoys high levels of technology use, significant investments in research and development and constant technological advancement. US and Canadian entities have been at the forefront of utilizing Artificial Intelligence solutions that have elements that produce new things in numerous industries like healthcare, finance, and automotives.
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Generative AI Market Insight
Drivers:
- Advancements in Deep Learning Techniques
- Growing Demand for Personalized Content and Experiences
- Increasing deployment of Large Language Models
Restraints:
- Ethical and Privacy Concerns
- Data Quality and Bias Issues
- High Costs Associated with Training Data Preparation
Prominent Players in Generative AI Market
The following are the Top Generative AI Companies
- OpenAI (US)
- NVIDIA Corporation (US)
- Google LLC (US)
- Adobe Inc. (US)
- IBM Corporation (US)
- Microsoft Corporation (US)
- Autodesk Inc. (US)
- Unity Technologies (US)
- Altair Engineering Inc. (US)
- Meta (US)
Key Questions Answered in Global Generative AI Market Report
- What is SkyQuest's estimated 2031 market value for generative AI globally?
- Given the speed at which digital transformation and AI infrastructure expenditures are occurring, which industry within the generative AI market is expanding the fastest?
- Which factors are most important for propelling the generative AI market forward and which ones are holding it back?
This report provides the following insights:
- Analysis of key drivers (Constant development of deep learning algorithms, reinforcement learning regarding GANs & VAEs, enhanced capabilities of complicated generative models and produce dynamic digital content), restraints (New unethical aspects, issues of privacy arise and societal biases & inequalities in AI responses), opportunities (Understanding & generating human-like text, operational unprecedented scale & complexity and potential of LLMs to enhance productivity), and challenges (Quantity of false output generated and model's performance deteriorates over time) influencing the growth of generative AI market
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the generative AI market
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the generative AI market
- Market Development: Comprehensive information on lucrative emerging regions
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
- Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.
Related Reports:
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Artificial Intelligence (AI) Hardware Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia-Pacific.
About Us:
SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.
We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.
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