How Has the Enterprise Generative AI Market Evolved Historically and What is its Current Size?
The enterprise generative ai market has seen considerable growth due to a variety of factors.
• The enterprise generative AI market has grown exponentially in recent years. It will rise from $3.33 billion in 2024 to $4.67 billion in 2025, at a CAGR of 40.3%.
This significant growth is attributed to advancements in deep learning, greater computing power, generative adversarial networks, open-source initiatives, and contributions from research and academia.
What Does Future Hold for The Enterprise Generative AI Market By 2029?
The enterprise generative ai market is expected to maintain its strong growth trajectory in upcoming years.
• The enterprise generative AI market is expected to grow exponentially, reaching $17.93 billion by 2029 with a CAGR of 39.9%.
Growth is driven by the development of explainable AI, expansion of edge computing, synthetic data generation, the growth of quantum computing, and regulatory considerations. Trends include expansion into new industries, advancements in multimodal capabilities, ethical AI practices, the rise of AI-as-a-service, and real-time adaptive learning.
What Are The Primary Growth Drivers In The Enterprise Generative AI Market?
The rise in new startups is expected to boost the growth of the enterprise-generative AI market. Startups are newly established companies that often bring innovative solutions to the market. The growth of startups is fueled by easier access to funding, a growing entrepreneurial culture, and shifting market demands. Startups are increasingly turning to enterprise-generative AI to create content quickly and efficiently, enabling faster product development while maintaining competitiveness. According to the US Small Business Administration, the number of small businesses in the US has been rising steadily, and these businesses have created millions of jobs. This growth in startups is supporting the expansion of the enterprise generative AI market.
What Is The Segmentation Of The Global Enterprise Generative AI Market?
The enterprise generative AI market covered in this report is segmented –
1) By Components: Software, Services
2) By Model Type: Text, Image or Video, Audio, Code
3) By Application: Marketing And Sales, Customer Service, Product Development, Supply Chain Management, Other Applications
4) By End-User: Information Technology And Telecommunications, Banking, Financial Services, And Insurance (BFSI), Retail And E-Commerce, Healthcare, Manufacturing, Media And Entertainment, Other End-Users
Subsegments:
1) By Software: Generative AI Platforms, AI Model Development Tools, AI-Powered Automation Software, Natural Language Processing (NLP) Software, Generative Design Software
2) By Services: Consulting Services, Integration And Implementation Services, Managed Services, Training And Support Services, Custom AI Solution Development
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What Emerging Trends Are Influencing The Growth Of The Enterprise Generative AI Market?
In the enterprise generative AI market, companies are developing advanced solutions like generative AI product suites to gain a competitive advantage. C3.AI Inc., a US-based technology firm, launched the C3 Generative AI Product Suite in January 2023. This suite integrates advanced AI models from OpenAI, Google, and other institutions into C3 AI’s platform, enhancing business functions in industries such as supply chain, healthcare, and defense.
Who Are the Key Players In The Enterprise Generative AI Market?
Major companies operating in the enterprise generative ai market are:
• Google LLC
• Accenture Plc
• International Business Machines Corporation
• PricewaterhouseCoopers International Limited
• Oracle Corporation
• Capgemini SE
• McKinsey & Company
• Klaviyo Inc.
• Scale AI Inc.
• C3.ai Inc.
• Smartly.io Inc.
• DataRobot Inc.
• Prophecy Labs Inc.
• Coveo Solutions Inc.
• Bubble Group Inc.
• Grammarly Inc.
• Jasper.ai Inc.
• Aisera Inc.
• Kensho Technologies Inc.
• OpenAI Technologies Inc.
• Mix book Inc.
• Lily AI Inc.
• Cohere Technologies Inc.
• Test Fit Inc.
• Symbl.ai Inc.
What Are The Regional Insights Into The Enterprise Generative AI Market?
North America was the largest region in the enterprise generative AI market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the enterprise generative ai market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
