Global Generative AI Market: Register a CAGR of 33% During 2024-32
As per the research report by Report Cube, Global Generative AI Market size was valued at around USD 66.5 billion during 2024 and is estimated to grow at a CAGR of about 33% during the forecast period, 2024-32.
The continuous advancement of artificial intelligence (AI) technology, particularly in domains like computer vision, NLP (natural language processing), and GANs (generative adversarial networks), is generating new opportunities for the production of human-like, high-quality content for a range of industries. Furthermore, there is an upward demand for AI-driven solutions that automate processes and improve their creativity & personalization for users as industries become more digitally integrated. The industry is expanding due to its augmented application in several businesses, like entertainment, design, marketing, and healthcare. This is because enterprises are comprehending the potential of generative AI to revolutionize customer engagement, product development, and content production.
Many factors are driving the need for generative AI applications, including the expanding range of technologies like text-to-image, super-resolution, modernizing workflow across industries, and text-to-videos. These businesses include media & entertainment, retail, manufacturing, IT, and telecom. The Generative AI Industry demand graph is also being driven by conversational Gen AI capabilities, large language model (LLM) deployment, and the growing need to construct virtual worlds in the metaverse.
Additionally, generative AI can be deployed to solve problems, generate new ideas, and produce new products. Because of its reliability and versatility across multiple industries, generative AI has been broadly used and has contributed to the market's expansion. The media & entertainment sectors have heavily utilized generative AI. It's used in video games and movies to create lifelike computer-generated images and effects.
Moreover, AI engineers frequently utilize generative AI to create new virtual worlds & gaming settings. It enables creators of virtual reality (VR) to create an endless array of distinctive & engrossing gaming experiences. Therefore, integrating use cases like VR training simulations & games has significant advantages, further states the research study, Global Generative AI Market Analysis, 2024.
Analyzing Generative AI Market Segmentation
Media & Entertainment to Lead the Generative AI Market
By application, the Global Generative AI Market is bifurcated into: Healthcare, Generative Intelligence, Media & Entertainment, and Others.
Among all the applications, the Media & Entertainment segment captured the potential share in the historical years and is envisioned to follow a similar trend in the forecast years as well. Video games, augmented reality (AR), movies, TV series, and other visual content make up a sizable percentage of the media & entertainment sector. Generative AI techniques, like video & image generation, can greatly facilitate the production of realistic & aesthetically pleasing content. Further, generative AI approaches are being used more often by visual effects & animation studios to improve & expedite their production process.
North America to Uphold Prominent Market Share
Over the historical years, Dubai has dominated the Global Generative AI Market & is predicted to capture the largest market share in the future years as well. The region’s advanced technology infrastructure, a variety of R&D initiatives, and top AI companies all support the industry’s growth. The biggest tech companies in North America have committed to developing generative AI capabilities. Companies, such as Adobe, IBM, and Microsoft are the producers of this technology & platform. These companies use AI for picture manipulation, design automation, content creation, etc. Furthermore, a collaboration between academic institutions, startups, and industry players is necessary to grow the North America Generative AI Market.
Generative AI Market Companies Analysis
With the strategic analysis & market study the leading companies, including IBM Corporation, Google LLC, Amazon Web Services, Adobe, Microsoft Corporation, Rephrase.ai, Meta, Genie AI Ltd., MOSTLY AI Inc., NVIDIA, Insilico Medicine, Open AI, Synthesia, Giphy, Lumen 5, and Others, are predicted to contribute to the growing market outlook.