What Is The Scope Of The Global Market?
Generative artificial intelligence (AI) in art refers to the use of algorithms and machine learning techniques to create art autonomously or in collaboration with human artists. This approach allows for the generation of novel artworks, designs, or multimedia content based on predefined rules, patterns, or training data.
Generative Artificial Intelligence (AI) In Art Global Market Report 2024 provides data on the global generative artificial intelligence (ai) in art market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The generative artificial intelligence (ai) in art market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
What Are The Forecasted Market Size And Growth Rates For Global Generative Artificial Intelligence (AI) In Art ?
The market for generative artificial intelligence (AI) in art has seen significant growth in recent years. It is expected to increase from $0.43 billion in 2023 to $0.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 42.1%. This growth in the past can be attributed to the rise of AI startups, the expansion of AI art communities, more public exhibitions, the growth of AI-generated music, and the introduction of AI art awards. The market is anticipated to continue its rapid growth in the coming years, projected to reach $0.90 billion by 2028, at a CAGR of 42.2%. This forecasted growth is driven by a growing adoption of AI tools by artists, increasing investment in AI R&D, rising demand for AI in entertainment and media, the increasing use of AI art in interior design, and its growing demand in corporate settings. Key trends during this period include technological innovations, integration with augmented reality, social media-driven art, game design, and fashion design.
What Factors Are Driving Growth In The Generative Artificial Intelligence (AI) In Art Market?
The growing adoption of artificial intelligence (AI) technologies is anticipated to drive the expansion of generative AI in the art market. AI technologies encompass a range of systems and tools that replicate human intelligence, performing tasks that usually require cognitive abilities. The surge in AI adoption can be attributed to factors such as enhanced computing power, access to large datasets, refined algorithms, and user-friendly interfaces. Generative AI in art represents a blend of technology and creativity, utilizing sophisticated algorithms to create innovative and unique pieces of artwork. For instance, in May 2022, according to the International Business Machines Corporation, AI adoption rose to 35% among companies, up from 31% in 2021, with 42% exploring AI applications. Additionally, in January 2022, the Government Digital Service reported that spending on AI technologies is projected to grow from $20.25 billion in 2020 to $101.26 billion by 2040. As a result, the rising adoption of AI technologies is fueling the growth of generative AI in the art market.
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What Are The Main Segments Of The Global Generative Artificial Intelligence (AI) In Art Market?
The generative artificial intelligence (AI) in art market covered in this report is segmented –
1) By Type of Artwork: Visual Art, Music, Literature
2) By Technology or Platform: Standalone Software, Cloud-Based Services, AI-enabled Hardware
3) By Application Area: Fine Art, Advertising And marketing, Entertainment And Gaming, Design And Fashion
4) By End-User: Artists, Creative Professionals, Art Collectors And Galleries, General Audience
What Emerging Trends Are Influencing The Growth Of The Generative Artificial Intelligence (AI) In Art Market?
Leading companies in the generative artificial intelligence (AI) in the arts market are developing cutting-edge AI tools for music and sound generation to foster creativity, streamline workflows, and inspire new compositions. These AI tools are capable of generating melodies, harmonies, rhythms, sound effects, and full musical pieces either autonomously or in collaboration with human users. For example, in September 2023, Stability AI Ltd., a UK-based open-source AI company, launched Stable Audio, an AI-driven platform that produces high-quality music through an intuitive online interface using advanced AI algorithms. Stable Audio offers two versions: the free basic edition, which allows users to create and download songs up to 20 seconds long, and the 'Pro' membership, which enables the creation of 90-second tracks suitable for commercial use. This tool provides musicians with an efficient solution to create samples and compositions with the latest AI technology.
What Is The Largest Region In The Generative Artificial Intelligence (AI) In Art Market?
North America was the largest region in the generative artificial intelligence (AI) in art market in 2023. The regions covered in the generative artificial intelligence (AI) in art market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
