The global generative AI market stands as a evidence to the remarkable fusion of human creativity and artificial intelligence, indicating a new era of innovation and transformative capabilities across diverse industries. In the realm of technology, generative artificial intelligence (AI) emerges as a groundbreaking force, empowering machines not just to understand and analyze data but to create and innovate. This market encapsulates the evolution of AI, leading in a paradigm shift from conventional problem-solving to the generation of new content, designs, and possibilities. At its core, generative AI represents the pinnacle of technological ingenuity, enabling machines to exhibit a form of creative intelligence that revolutionizes how we produce, perceive, and interact with technology. This introduction sets the stage to explore the profound impact, growth trajectory, and multifaceted applications that define the captivating landscape of the global generative AI market.
Growth Drivers of the Global Generative AI Market
- There’s a growing demand for personalized content across various industries, including entertainment, marketing, design, and e-commerce. Generative AI enables the creation of highly customized and personalized content, driving its adoption across these sectors.
- Continuous advancements in artificial intelligence, particularly in deep learning and neural networks, have significantly improved the capabilities of generative AI models. These advancements have enhanced the quality and diversity of content generated by these systems, fostering market growth.
- Generative AI’s versatility allows it to be applied across various industries, including healthcare, gaming, retail, automotive, and more. Besides the adoption of generative AI across various age groups for instance, four out of every five (79%) online teens aged 13-17 currently utilise generative AI tools and services, with a sizable minority of younger youngsters ages 7-12 also using the technology (40%). Adult internet users aged 16 and above are, on average, more hesitant consumers of generative AI (31%). Nearly one-quarter of individuals who have never utilised this technology (69%).
Key Developments in the Global Generative AI Market
In December 2023, in order to foster the growth of generative AI in India, L&T Technology Services Ltd (LTTS) is collaborating with the Nasscom GenAI Foundry initiative to help start-ups that specialise in generative AI.
In November 2023, Amazon launched Q, a business chatbot powered by generative artificial intelligence. Q can do jobs like as content synthesis, streamlining day-to-day communications, and assisting staff with duties such as blog post generation. It also ties Q to their own data and processes, allowing them to provide a better personalised experience that is more relevant to their business.
Global Generative AI Market: Competitive Landscape
- Adobe
- Amazon Web Services, Inc.
- AppNation
- IBM
- Insilico Medicine
- Lightricks
- Lumen5
- Meta
- Microsoft
- OpenAI
- TLDR Technologies, Inc
- Other Industry Participants
Global Generative AI Market:
By Offering
- Software
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- Rule-Based Models
- Statistical Models
- Deep Learning Models
- Generative Adversarial Networks (GANs)
- Autoencoders
- Convolutional Neural Networks (CNNs)
- Transformer-Based Large Language Models (LLMs)
- Services
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- Professional Services
- Managed Services
By Application
- Marketing & Sales
- Human Resource
- Operations
- Finance
- Research & Development
- Others
By Industry Vertical
- Media & Entertainment
- BFSI
- Healthcare & Life Sciences
- Manufacturing
- IT & ITES
- Retail & Ecommerce
- Transportation & Logistics
- Construction & Real Estate
- Energy & Utilities
- Government & Defense
- Telecommunications
- Other Verticals
By Region
- North America (U.S., Canada, Mexico, Rest of North America)
- Europe (France, The UK, Spain, Germany, Italy, Nordic Countries (Denmark, Finland, Iceland, Sweden, Norway), Benelux Union (Belgium, The Netherlands, Luxembourg), Rest of Europe)
- Asia Pacific (China, Japan, India, New Zealand, Australia, South Korea, Southeast Asia (Indonesia, Thailand, Malaysia, Singapore, Rest of Southeast Asia), Rest of Asia Pacific)
- Middle East & Africa (Saudi Arabia, UAE, Egypt, Kuwait, South Africa, Rest of Middle East & Africa)
