WESTFORD, Mass., April 24, 2024 /PRNewswire/ -- SkyQuest projects
that the generative AI market will attain a value of
USD 165.49 billion by 2031, with
a CAGR of 32.8% during the forecast period (2024-2031). The global
generative AI market is likely to experience phenomenal growth via
neural network revolutions in deep learning and will witness
applications in multiple fields such as diverse as healthcare,
automotive, gaming, and media. And as the volume of big data grows
and the need for new ways of deriving meaningful insights from it
grows, more and more companies are adopting creative AI
technologies to create new words, images and restructuring on their
own.
Download a detailed overview:
https://www.skyquestt.com/report/generative-ai-market
Browse in-depth TOC on "Generative AI Market"
- Pages - 165
- Tables - 100
- Figures – 76
Generative AI Market Overview:
Report
Coverage
|
Details
|
Market Revenue in
2023
|
$17.1
billion
|
Estimated Value by
2031
|
$165.49
billion
|
Growth Rate
|
Poised to grow at a
CAGR of 32.8%
|
Forecast
Period
|
2024–2031
|
Forecast
Units
|
Value (USD
Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Component, Industry
Verticals, End Users, and Region
|
Geographies
Covered
|
North America, Europe,
Asia Pacific, and the Rest of the world
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Integration of AI and
Machine Learning
|
Key Market
Drivers
|
Increasing Demand for
Personalized Content
|
Software Segment to Dominate Due to Rise in Data Privacy
Concerns
The software segment accounted for more than 65% of the global
generative AI market share in 2022. Increase in fraudulent
activities, coupled with overestimating capacity, and unexpected
results and growing concerns about data privacy are all projected
to boost the software sector. Key players in the software sector
offer algorithms with intelligent WOM and machine learning
solutions to stand out in the competition and generate high
revenues for the overall market. Introducing original products to
ever-changing corporate needs is also likely to add a boost to the
market revenue generation rate. Such software systems offer
organizations the opportunity to automate processes, break down
creative barriers, explore new possibilities for company growth and
positioning in the global generative AI market. Furthermore,
the availability of technological advances and the expanding need
for powerful equipment and systems are likely to bode well for the
future growth of this section.
Service Sector Segment to Witness Rapid Expansion Owing
to Growing Concern over Data Security
The service sector is expected to grow at a rapid pace of over
35% during the forecast period. The growth of this segment is
attributed to the increasing concern over data security, fraud
detection, business forecasting, and risk modeling. Additionally,
service providers are also helping organizations address the
ethical and legal issues arising from the use of genetic AI.
Currently AI technologies are evolving rapidly with increasing
awareness and high adoption by the service industry. With the
increasing investment in AI adoption and a greater need for
strategic partnerships between businesses, the need for generative
AI and network services will help create lucrative growth
opportunities soon.
North America Emerge Dominant Due to Increase in Fraudulent
Bank Activities
North America dominated the
global generative AI market with more than 41% market share and is
expected to continue so due to high levels of bank and medical
fraud activities. The presence in the generative AI sector is
predicted to drive the market growth in the region.
However, Asia Pacific is
expected to grow at the fastest growth rate of over 35% during the
period. Growing government initiatives to incorporate AI in
Asia Pacific, coupled with
increasing adoption of AI-based services drive the market growth
during the analyzed period in the region are supporting factors. In
addition, governments in the region have a strategic approach to AI
development that includes flexible policies, funding and strategic
partnerships to create a platform for the market to grow.
Furthermore, increased internet connectivity, smartphone usage and
adoption of various digital channels which supports the growing
number of AI-based applications, making the market a more
attractive destination for market players.
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Generative AI Market Insights:
Drivers
- Increasing Demand for Personalized Content
- Advancements in AI Technology
Restraints
- Data Privacy Concerns
- Ethical and Bias Issues
Prominent Players in Generative AI Market
- Microsoft Corporation
- NVIDIA Corporation
- Adobe Inc.
- IBM Corporation
- Autodesk Inc.
- Unity Technologies
- Altair Engineering Inc.
- DeepMind Technologies Limited
- Autodesk Inc.
- Runway ML
- Meta
- Salesforce.com, Inc.
View report summary and Table of Contents (TOC):
https://www.skyquestt.com/report/generative-ai-market
Key Questions Answered in Generative AI Market Report
- What specific growth drivers are projected to impact the market
during the forecast period?
- List the top companies in the market and explain how they have
achieved their positions of influence.
- In what ways do regional trends and patterns differ within the
global market, and how do these differences shape the market's
future growth?
This report provides the following insights:
- Analysis of key drivers (increasing demand for personalized
content, advancements in AI technology), restraints (data privacy
concerns, ethical and bias issues), opportunities (integration of
ai and machine learning, shift towards subscription-based models),
influencing the growth of global generative AI Market.
- Market Dynamics: Comprehensive information about the various
products offered by the dominant players in the global Generative
AI Market.
- Product Development/Innovation: An overview of emerging trends,
R&D activities and product launches in the Generative AI
market.
- Market Growth: Detailed information on profitable growing
industries.
- Market Trends: Complete information about new products,
emerging geographical areas and recent developments in the
market.
- Competitive Analysis: An in-depth analysis of the market
segments, growth strategies, revenue analysis, and products of the
key market players.
Related Reports:
Global Artificial Intelligence Market
Global Artificial Intelligence In Healthcare Market
Global Artificial Intelligence In Retail Market
Global Artificial Intelligence In Security Market
Global Artificial Intelligence In Telecommunication Market
About Us:
SkyQuest is an IP focused Research and Investment Bank and
Accelerator of Technology and assets. We provide access to
technologies, markets and finance across sectors viz. Life
Sciences, CleanTech, AgriTech, NanoTech and Information &
Communication Technology.
We work closely with innovators, inventors, innovation seekers,
entrepreneurs, companies and investors alike in leveraging external
sources of R&D. Moreover, we help them in optimizing the
economic potential of their intellectual assets. Our experiences
with innovation management and commercialization has expanded our
reach across North America,
Europe, ASEAN and Asia
Pacific.
Contact:
Mr. Jagraj Singh
SkyQuest Technology
1 Apache Way,
Westford,
Massachusetts 01886
USA (+1) 351-333-4748
Email: sales@skyquestt.com
Visit Our Website: https://www.skyquestt.com/
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