Generative AI Market Size, Industry Growth, Trends, Report 2023-2028

How Big Is Generative AI Market?

The latest research study “Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028” by IMARC Group, finds that the global generative AI market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.

Generative artificial intelligence (AI) is a technology that utilizes machine learning (ML) and AI algorithms to enable devices to generate new digital texts, images, videos, code, and artificial audio content. It allows computers to learn underlying patterns relevant to input and create similar content through generative adversarial networks (GANs), transformers (GPT-3, LaMDA, Wu-Dao), and variational autoencoders. It also offers numerous advantages, such as reduced financial and reputational risks, enhanced comprehension of abstract theories, efficient creation of high-quality content, and improved identity protection. As a result, generative AI is extensively utilized across various industries, including information and technology (IT), robotics, healthcare, education, marketing, entertainment, banking, financial services, and insurance (BFSI).

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Generative AI Market Trends and Drivers: 

The market is primarily driven by the expansion of the information technology (IT) industry. In addition, the extensive usage of AI-integrated systems across numerous verticals to improve agility and productivity is contributing to market growth. Moreover, the increasing utilization of generative AI in the media and entertainment sector for the smart processing of low-resolution images and videos is providing a thrust to market growth. Besides this, the rising product adoption in the healthcare industry to render several products, such as prosthetic limbs, and organic molecules from scratch using 3D printing solutions, represents another significant growth-inducing factor. Along with this, the growing popularity of generative AI for assisting chatbots in creating effective conversations and boosting customer satisfaction is also propelling market growth. Furthermore, the increasing penetration of generative AI across the banking, financial services, and insurance (BFSI) industry for trading prediction, fraud detection, synthetic data generation, and risk factor modeling is creating a positive market outlook across the globe.

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Generative AI Market Report Segmentation:

The report has been segmented the market into following categories:

Breakup by Offering Type:

• Image
• Video
• Speech
• Others

Breakup by Technology Type:

• Autoencoders
• Generative Adversarial Networks
• Others

Breakup by Application:

• Healthcare
• Generative Intelligence
• Media and Entertainment
• Others

By Geography:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.

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