Generative AI refers to a type of AI that can learn patterns in data and generate new data that is similar to but not exactly the same as the input it was trained on. Generative AI applications include text generation, image generation, video generation, music generation, and more. The ability of generative AI to autonomously produce never-before-seen images, videos, text and other content has the potential to significantly reduce the time and costs associated with content production.
Global generative AI market is estimated to be valued at USD 68.34 Bn in 2024 and is expected to reach USD 496.82 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 32.8% from 2024 to 2031.
Key Takeaways
Key players operating in the generative AI are Anthropic, OpenAI, AI21 Labs, Anthropic, Datgan, DeepMind, and Nvidia. These players are investing heavily in R&D to develop more advanced generative AI techniques.
Some of the major opportunities in the generative AI market include use of AI-generated content in e-learning and online education, healthcare for drug discovery and precision medicine, media and entertainment for visual effects in movies, games and AR/VR content creation.
The adoption of Generative AI Market Demand globally with increasing investments from technology giants such as OpenAI, Anthropic, Datgan etc. in developing generative AI applications. North America currently dominates the generative AI market.
Market Drivers
The growing adoption of AI-generated content across industries is one of the major drivers of the generative AI market. Generative AI helps reduce production time and costs significantly for content such as images, videos and 3D animations. Many media companies, automakers, game developers and architectural firms are leveraging generative AI to automate part of their content creation workflows. This is expected to fuel demand for more advanced generative AI systems in the coming years.
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