The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The growing use of artificial intelligence is likely to spur innovation in generative AI manufacturing, propelling the market throughout the forecast period.

The global generative AI market is expected to grow from $10.28 billion in 2022 to $13.69 billion in 2023 at a compound annual growth rate (CAGR) of 33.1%. The global generative AI market size is expected to reach $42.68 billion in 2027 at a CAGR of 32.9%.

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Global Generative AI Market Segments Include:

• By Component: Software, Services
• By Offering Type: Image, Video, Speech, Other Offering Types
• By Technology: Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion NetworkS
• By End-User: Media And Entertainment, BFSI (Banking, Financial Services and Insurance), IT And Telecom, Healthcare, Automotive And Transportation, Other End-Users
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, North America is the largest region in the global generative AI market in 2021.

Major Market Players in the generative AI market include International Business Machines Corporation, iGenie, Mostly AI, Google LLC, D-ID, Amazon Web Services Inc., Rephrase.ai, Microsoft Corporation, Adobe Inc., Synthesia, Paige AI Inc., VEESUAL.

The primary trend gaining traction in the generative AI market is technological improvement. Major players in the generative AI market are focusing on the development of new technologies. For example, NVIDIA Corporation, a US-based technology corporation, introduced new metaverse technologies for organisations in January 2023, along with a suite of generative AI tools. The addition of a series of revolutionary generative AI tools for 3D artists, such as Audio2Face, Audio2Gesture, and Audio2Emotion, allows users to animate 3D characters. With the new versions of these tools, producers may now utilise Audio2Face to create facial expressions from audio files, as well as Audio2Emotion to create emotions and Audio2Gesture to create movements.

The Generative AI Global Market Report 2023  provides a generative AI market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The generative AI market forecast analyzes generative AI market size, generative AI market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Generative AI is a type of artificial intelligence (AI) system that generates new outputs based on data and may generate a wide range of content, including text, photos, audio, and synthetic data. It analyses massive amounts of data and produces unique results using unsupervised or semi-supervised learning.

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