The generative artificial intelligence (AI) in art market has experienced explosive growth, expanding from $0.43 billion in 2023 to $0.62 billion in 2024, reflecting a compound annual growth rate (CAGR) of 42.1%. This rapid expansion is due to the rise of AI startups, growing AI art communities, and increasing public exhibitions. The market is projected to reach $0.90 billion by 2028, with a CAGR of 42.2%. Expected growth is driven by rising adoption of AI tools by artists, increased investment in AI research, and growing demand for AI art in entertainment and media. Key trends include advancements in AI technology, integration with augmented reality, and increased use in social media art and game design.
Major Driver In The Generative Artificial Intelligence AI In Art Market
The growing adoption of artificial intelligence (AI) technologies is expected to spur the growth of generative AI in the art market. AI technologies, which mimic human cognitive functions, are being increasingly adopted due to enhanced computing power, big data availability, improved algorithms, and user-friendly tools. Generative AI in art uses advanced algorithms to create unique and innovative art pieces. According to International Business Machines Corporation, AI adoption among companies rose to 35% in May 2022, up from 31% in 2021, with 42% exploring AI technologies. Furthermore, the Government Digital Service projected AI technology spending to increase from $20.25 billion to $101.26 billion between 2020 and 2040. The rising adoption of AI technologies is thus driving the generative AI art market.
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Generative Artificial Intelligence AI In Art Market Competitive Landscape
International Business Machines Corporation, NVIDIA Corporation, Adobe Inc., Autodesk Inc., OpenAI Inc., Quill Inc., DeepMind Technologies Limited, Anthropic PBC, Promethean Limited, Midjourney Inc., Runway ML Inc., Prisma Labs Inc., Obvious, Wombo Inc., Lumen5 Technologies Ltd., Artomatix, Rosebud AI Inc., Endel, ScribbleHub, Gan Studio, Aiva Technologies SA
Key Generative Artificial Intelligence AI In Art Market Trend
In the generative artificial intelligence (AI) arts sector, companies are developing advanced tools for music and sound generation to foster creativity and streamline workflows. Music and sound generation AI tools autonomously create melodies, harmonies, rhythms, sound effects, and entire compositions. For instance, in September 2023, Stability AI Ltd., a UK-based generative AI company, launched Stable Audio. This platform uses advanced AI algorithms to produce high-quality music through an intuitive interface. It offers both a free edition for 20-second tracks and a 'Pro' version for 90-second commercial tracks, providing musicians with innovative solutions to generate samples and enhance their compositions.
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Generative Artificial Intelligence AI In Art Market Segmentation
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
By Geography:The regions covered in the generative artificial intelligence (AI) in art market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the generative artificial intelligence (AI) in art market in 2023.
The Generative Artificial Intelligence AI In Art Global Market Report 2024 furnishes information about the global generative artificial intelligence ai in art market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
