What Is The Scope Of The Global Generative AI Software Market?
Generative AI software refers to a type of artificial intelligence technology designed to generate new content, such as images, text, audio, or video, based on patterns and examples from existing data. It utilizes techniques such as neural networks, deep learning, and machine learning algorithms to learn the underlying structure of the data and then generate novel outputs that mimic or resemble the original data.
Generative AI Software Global Market Report 2024 provides data on the global generative ai software market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Generative AI Software market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Projections Can We Expect For The Size And Growth Rates Of The Global Generative AI Software Market?
The generative AI software market has seen exponential growth, escalating from $3.92 billion in 2023 to $6.32 billion in 2024, with a compound annual growth rate (CAGR) of 61.2%. This growth in the historic period is driven by increased computational capabilities enabling more sophisticated AI applications, advancements in deep learning algorithms enhancing AI performance, heightened demand across industries for automation and efficiency gains, availability of large-scale datasets enabling robust AI training, and expansive applications of generative AI across diverse sectors. Looking ahead, the market is expected to grow to $42.90 billion by 2028, maintaining a CAGR of 61.4%. Future growth drivers include the widespread adoption of AI technologies in creative industries such as entertainment and advertising, emergence of novel generative AI techniques pushing the boundaries of AI creativity, integration of generative AI with virtual and augmented reality platforms for immersive user experiences, growing demand for personalized content and experiences tailored to individual preferences, and expanding applications of generative AI in sectors like healthcare for drug discovery and personalized medicine solutions. Major trends anticipated in the forecast period include the democratization of generative AI tools empowering a broader range of users to leverage AI capabilities, heightened focus on ethical considerations in AI development and deployment, convergence of generative AI with blockchain technology for enhanced security and transparency, rise of AI-powered generative design tools revolutionizing manufacturing processes, and the proliferation of generative AI applications in social media and marketing for content generation and consumer engagement strategies.
What Are The Core Factors Supporting Growth In The Generative AI Software Market?
The generative AI software market is set to expand with the growth of the gaming industry globally. The gaming industry encompasses the development and distribution of video games across platforms. In the US, consumer spending on video game content, hardware, and accessories reached $56.6 billion in 2022, with a notable increase in December 2022 alone. Generative AI enriches gaming experiences by dynamically generating content like worlds and characters, enhancing player engagement. This expansion of the gaming industry drives the generative AI software market through 2023, 2024, and 2028, driven by increasing demand for immersive and personalized gaming experiences.
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What Are The Major Segments Within The Global Generative AI Software Market?
The generative ai software market covered in this report is segmented –
1) By Component: Software, Services
2) By Model: Large Language Models, Image And Video Generative Models, Multi-modal Generative Models, Other Models
3) By Application: Computer Vision, Natural language processing (NLP), Robotics And Automation, Content Generation, Predictive Analytics, Other Applications
4) By End-User: Media And Entertainment, Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunication, Healthcare, Automotive And Transportation, Other End-Users
Which Trends Are Expected To Transform The Generative AI Software Market?
Companies are focused on developing advanced tools such as text-to-image applications to gain a competitive advantage. These tools use AI algorithms to generate images based on text descriptions or prompts. For example, in September 2023, OpenAI Inc., a leading US-based AI research lab, released an upgraded version of its text-to-image tool, DALL-E 3. This AI software generates images from text prompts and includes safety and legal protocols to prevent the creation of explicit or discriminatory content and respect intellectual property rights.
What Is The Fastest Growing Region In The Generative AI Software Market?
North America was the largest region in the generative AI software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
