The wide application of AI-integrated systems across industries, the growing need to create virtual worlds in the metaverse and modernize the workforce across industries, and the growing popularity of generative AI in the healthcare industry, Leading the global generative AI market.
Portland, Oregon., March 10, 2023 /PRNewswire/ — Allied Market Research has published a report titled “.Generative AI Market By Component (Software, Services), By Technology (Generative Adversarial Networks (GAN), Transformers, Variational Autoencoders (VAE), Diffusion Networks), By End User (Media & Entertainment, BFSI, IT & Telecom, Healthcare, Automobiles and Transportation, Others): According to the Global Opportunity Analysis and Industry Forecast, 2021-2031 report, the global generative AI industry will grow to $8.15 billion Estimated to occur and generate in 2021 $126.5 billion By 2031, we will witness a CAGR of 32% from 2022 to 2031. This report provides an in-depth analysis of changing market dynamics, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Constraints and Opportunities
Broad application of AI-integrated systems across different verticals, growing need to create virtual worlds in the metaverse and modernize the workforce in different industries, generative in the healthcare industry to render multiple products and services Growing popularity of AI is driving the growth of the generative AI market. However, generative AI has security issues, increased identity theft, and high implementation costs as some models can be abused. This factor may impede market growth during the forecast period. On the other hand, increasing demand for machine learning and deep learning will bring new growth opportunities to the global market in the coming years.
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The outbreak of the COVID-19 pandemic has had a positive impact on the generative AI market.
This is used within companies to improve customer needs and create personalized experiences such as personalized music playlists, personalized news feeds, and personalized product recommendations that drive market growth. Because of the growing need for generative AI.
The Chinese government has announced new funding to support innovation stemming from the COVID-19 outbreak.of January 2023technology companies China We set out to develop our own AI universe. China’s local governments have also independently invested in several projects through IDEA, a research institute owned and supported by the Chinese Communist Party.
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Software segment to dominate the market during the forecast period
Based on component, the software segment contributed the largest share of more than two-thirds of the global generative AI market in 2021 and is expected to maintain its dominance during the forecast period. This is because it integrates machine learning techniques such as deep learning and neural networks to learn patterns and characteristics of training data and generate new similar data. However, the service segment is projected to see the fastest CAGR of 33.3% from 2022 to 2031. This is due to the surge in demand for generative AI service models that can be used to generate a variety of outputs such as text. , images, and audio.
Media and Entertainment Segment to Maintain Leadership During Forecast Period
Based on end-users, the media and entertainment segment is expected to hold the highest share of the overall generative AI market with one-third in 2021 and dominate the market during the forecast period. This is due to the surge in the use of generative AI to create lifelike virtual and augmented reality experiences. On the other hand, the BFSI segment is projected to grow at the fastest CAGR of 35.7% from 2022 to 2031. This is due to the proliferation of using generative AI to provide customers with personalized financial advice.
North America Achieve maximum return by 2031
Market based on region North America will be the largest in 2021, accounting for two-fifths of the global generative AI market, and is likely to maintain its dominance during the forecast period. This is due to the increasing adoption of generative AI to train robots and autonomous systems to learn from their environment and adapt to new situations.But the market Asia Pacific It is likely to exhibit the fastest CAGR of 34.4% during the forecast period. This is due to the presence of a thriving startup ecosystem in the region. Many new companies have also been set up in the region to develop and commercialize AI technologies, including generative AI.
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major market players
This report analyzes the key players in the global Generative AI market. These players are adopting various strategies such as expansion, new product launches, and partnerships to increase their market penetration and strengthen their position in the industry. This report helps determine the performance, business segments, product portfolios and developments by all market players.
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