Global Generative AI Market
Dublin, March 18, 2024 (GLOBE NEWSWIRE) — The “Generative AI Market – A Global and Regional Analysis, 2023-2033: Focus on Business Processes, Type, Technology, Supply and Country Analysis” the report has been added to ResearchAndMarkets.com offer.
The global generative AI market was valued at $13.64 billion in 2023 and is expected to reach $233.61 billion by 2033, at a CAGR of 32.9%.
This report provides a comprehensive analysis of the global generative AI market, covering advancements in machine learning and AI technologies, ethical and regulatory challenges faced by businesses, emerging opportunities in ethical development of ‘AI and bias mitigation services, as well as market segmentation based on business processes, type. , technology, supply and region.
It highlights recent developments, key market players, and competitive dynamics, providing insight into the market growth trajectory and competitive landscape. Notable players such as OpenAI, Google DeepMind, and Amazon.com, Inc., among others, are discussed, highlighting both established entities and emerging startups in this rapidly evolving sector.
Advances in machine learning and AI technologies
Advances in machine learning and AI technology have dramatically increased the efficiency of content production processes, enabling generative AI companies to generate high-quality content at scale and at lower prices. For example, OpenAI’s creation of more powerful generative models, such as GPT-4, enables automatic synthesis of text documents that would otherwise require considerable human labor, such as article writing, coding, or writing marketing copy. This not only speeds up content creation but also minimizes the financial burden associated with these tasks, leading to increased business development by reallocating resources towards innovation and market expansion.
Ethical and regulatory challenges
Companies in the generative AI sector face significant ethical and regulatory challenges related to data privacy. Regulations such as the General Data Protection Regulation (GDPR) in the European Union and the California Consumer Privacy Act (CCPA) in the United States set strict limits on the collection, processing and storage of personal data. To avoid significant penalties and brand damage, companies must train their AI models on ethically generated data and meet certain standards.
Ethical AI Development and Bias Mitigation Services
Growing knowledge and concerns regarding AI ethics and potential bias in AI systems have opened up a substantial financial opportunity for companies in the generative AI sector. As companies and regulatory agencies emphasize the need for ethical AI, there is growing demand for services that can audit, review and verify that AI models are fair, transparent and accountable. IBM’s Fairness 360 Kit, which includes tools to detect and mitigate bias in machine learning models, shows how companies are creating solutions to address these ethical concerns.
Market segmentation
Segmentation 1: by business process
Content Creation and Marketing Segment to Dominate the Global Generative AI Market (By Business Process)
The generative AI market is dominated by the content creation and marketing segment, with a share of 44.95% in 2022. Indeed, generative AI automates content generation and marketing by creating text, photos and videos, saving time and resources. Generative AI personalizes marketing efforts by tailoring information to individual interests, demographics, and behaviors, leading to increased engagement and conversion rates.
Segmentation 2: by type
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Visual
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audio
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Text-based
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Others
A text-based segment that will see the highest growth between 2023 and 2033
The text-based segment dominated the global generative AI market (by type) in 2022, with a share of 41.83% due to the ability of text-based generative AI to develop textual information autonomously and reflect human-like writing, making it the perfect option. for content creators, writers, among others.
Segmentation 3: by technology
Transformers segment to see highest growth between 2023 and 2033
The transformer segment dominated the global generative AI market (by technology) in 2022, with a share of 48.16%. This is due to the transformer’s ability to capture relationships between different words in a sentence, regardless of their position, making them ideal for tasks that require consideration of dependencies and long-term context.
Segmentation 4: by offer
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Natural Language Processing (NLP)
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Machine learning-based predictive modeling
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Computer vision
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Robotics and automation
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Augmented reality (AR) and virtual reality (VR)
Natural language processing (NLP) segment to witness highest growth between 2023 and 2033
The natural language processing (NLP) segment dominated the global generative AI market (by offering) in 2022 with a share of 38.89%. This is due to its ability to automate two-way communication strategies, which transforms user interactions with digital interfaces. NLP algorithms, using techniques such as sentiment analysis, named entity identification, and part-of-speech tagging, can extract important insights from textual information such as network posts social and customer reviews, among others.
Segmentation 5: by region
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North America – United States and Canada
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Europe: United Kingdom, Germany, France and rest of Europe
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Asia Pacific: China, India, Japan, South Korea, Australia and rest of Asia Pacific
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Rest of the world – South America, Middle East and Africa
Asia Pacific was the fastest growing market among all regions, registering a CAGR of 33.24%. Europe is expected to gain ground in terms of generative AI adoption through a strong legislative framework and targeted investments in AI innovation and research. The European Union has been at the forefront of developing comprehensive laws, such as the proposed AI law, with the aim of increasing trust and security in AI applications while simultaneously encouraging innovation and investment in AI to support the growth of the generative AI market. in Europe during the forecast period.
Recent Developments in the Global Generative AI Market
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In February 2024, Amazon launched Rufus, an AI-powered generative expert shopping assistant trained on Amazon’s extensive product catalog, customer reviews, community Q&As, and insights from the Web to answer customer questions on a variety of shopping needs and products, provide comparisons. , and make recommendations based on conversational context.
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In January 2024, SAMSUNG Electronics signed a multi-year partnership with Google Cloud to bring Google Cloud’s generative artificial intelligence (AI) technology to SAMSUNG smartphone users around the world.
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In January 2024, IBM signed a collaboration with the GSMA to support the adoption and skills of generative artificial intelligence (AI) in the telecommunications sector through the launch of the GSMA Advance AI training program and the Generative AI from GSMA Foundry.
Key Market Players and Competition Summary
The profiled companies have been selected based on extensive secondary research, which includes analysis of company coverage, product portfolio, market penetration and information collected from primary experts.
The generative AI market is made up of well-established key players who master the market, accompanied by start-ups wishing to establish themselves in this very competitive market. In 2022, the generative AI market was dominated by established players, accounting for 88% of the market share, while start-ups managed to capture 12% of the market. With the increasing adoption of generative AI solutions across various industries, more and more players will enter the global generative AI market with each passing year.
Some of the most prominent companies in this market are:
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OpenAI
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Google DeepMind
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Amazon.com, Inc.
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Adobe
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IBM
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Microsoft
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Meta
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Salesforce, Inc.
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Intel Company
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Limited Synthesis
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SAMSUNG
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NVIDIA Company
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Join
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Anthropogenic PBC
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Inflection
List of chapters
1 markets
2 Request
3 products
4 regions
5 Markets – Competitive Benchmarking and Company Profiles
6 Research methodology
For more information on this report, visit https://www.researchandmarkets.com/r/advkiz
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