Generative AI Market to grow by USD 97.75 Billion (2024-2028), driven by demand for AI-generated content, with a report on AI’s market impact – Technavio

NEW YORK, Dec. 4, 2024 /PRNewswire/ — Report with market evolution powered by AI – The global generative artificial intelligence (AI) market size is estimated to grow by USD 97.75 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of 50.22% during the forecast period. Increasing demand for AI-generated content is driving market growth, with a trend towards acceleration in deployment of large language models (LLM). However, lack of quality data poses a challenge. Key market players include Accenture Plc, Adobe Inc., Alphabet Inc., Altair Engineering Inc., Amazon.com Inc., Autodesk Inc., DataRobot Inc., De Identification Ltd., Diabatix NV, Genie AI Ltd., Hexagon AB, International Business Machines Corp., LeewayHertz, Microsoft Corp., MOSTLY AI Solutions MP GmbH, nTopology Inc., NVIDIA Corp., OpenAI L.L.C., Rephrase Technologies Pvt. Ltd., and Synthesia Ltd..

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Key Market Trends Fueling Growth

The Generative Artificial Intelligence (AI) market is experiencing significant growth as businesses adopt AI technologies to drive solutions in various industries. Natural Language Processing (NLP) and Computer Vision are leading trends, with Generative AI gaining popularity through advancements like Generative Adversarial Networks (GANs), Transformer models, and Multimodal data processing. AI is revolutionizing Entertainment with text and image generation, summarization, and personalized content. In Healthcare, AI is transforming document generation, model architectures, and unsupervised learning techniques for text and image analysis. Entertainment, Finance, and Education industries are leveraging AI-driven solutions for content creation and customer support through conversational interfaces, intelligent virtual assistants, and conversational chatbots. Advanced algorithms like deep learning, probabilistic modeling, and iterative training techniques are powering AI applications in Robotics and Automation, Augmented Reality, and Virtual Reality. However, challenges such as model drift, inaccurate content, biased content, and inappropriate content require continuous monitoring and mitigation strategies. Data security concerns, particularly with unstructured data and personally identifiable information, necessitate tagging, encryption, and access control measures. AI ethics, machine learning techniques, and computer resources are essential considerations for businesses adopting AI. AI tools and conversational interfaces are enabling IT professionals to create virtual worlds, simulations, and game environments for various applications. In conclusion, the Generative AI market offers immense potential for businesses to innovate and create value across industries. However, it’s crucial to address challenges and ethical considerations to ensure the responsible and effective implementation of AI technologies. 

The generative AI market has experienced notable growth with the implementation of Language Model Machines (LLMs). These models employ deep learning methods to generate text that resembles human speech. Businesses can utilize these models to automate and enhance tasks such as customer service, content creation, and data analysis. For instance, Open AI’s GPT-3 language model has gained widespread recognition. It produces human-like text, making it an effective tool for companies to automate content generation, including product descriptions, news articles, and social media posts. 

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Market Challenges

• The Generative Artificial Intelligence (AI) market is experiencing significant growth as businesses seek to leverage AI technologies for various applications. Natural Language Processing (NLP) and Computer Vision are two key areas where Generative AI, including Generative Adversarial Networks (GANs), Transformer models, and Variational Autoencoders, are making a mark. These AI-driven solutions offer text generation capabilities, summarization, personalized content, document generation, and model architectures for text, images, video, audio, and more. Entertainment and healthcare industries are major adopters, with Generative AI used for content creation, media and entertainment, and AI-driven simulations. Advanced algorithms like deep learning, neural networks, and probabilistic modeling are at the core of these applications. However, challenges persist, including model drift, inaccurate or biased content, and inappropriate content. Synthetic data management and AI ethics are crucial to address these issues. AI accelerators, computing vouchers, and IT professionals are essential to overcome the computational demands of Generative AI. Data security concerns, especially with unstructured data and personally identifiable information, require tagging and encryption methods. The future of Generative AI lies in its ability to create human-like text, power intelligent infrastructure, and provide personalized support through conversational AI and chatbots.
• Generative artificial intelligence (AI) can produce data for various applications, such as news articles or product descriptions. However, the quality of the generated data can be inconsistent and may not meet expectations. Inaccurate or incomplete information can be disseminated to the public through AI-generated news articles, potentially misleading readers and damaging the credibility of the news outlet. Similarly, poor-quality data used to generate product descriptions on e-commerce websites could deter potential customers from making a purchase due to misleading or confusing information. It is essential to ensure the data used to train generative AI models is of high quality to produce accurate and reliable results.

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Segment Overview 

This generative artificial intelligence (ai) market report extensively covers market segmentation by

1. Component 
• 1.1 Software
• 1.2 Services
2. Technology 
• 2.1 Transformers
• 2.2 Generative adversarial networks (GANs)
• 2.3 Variational autoencoder (VAE)
• 2.4 Diffusion networks
3. Geography 
• 3.1 North America
• 3.2 APAC
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Software- The generative artificial intelligence (AI) market is experiencing significant growth due to the increasing demand for software that can analyze data and produce unique outputs. One notable example is GPT-4, a deep learning-based text generator capable of creating text indistinguishable from human-written content. Businesses are utilizing this technology for content creation and customer service automation. Another application is StyleGAN, a machine learning software generating realistic human faces, benefiting the fashion and beauty industry. Several startups, like Runway, develop generative AI platforms for designers and artists. These advancements are expected to boost the market’s expansion during the forecast period.

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Research Analysis

The Generative Artificial Intelligence (AI) market is experiencing exponential growth due to the increasing adoption of AI technologies in various industries. Natural Language Processing (NLP) and Computer Vision are two major areas of AI that are revolutionizing how we interact with text and images. Generative AI, a subset of advanced algorithms, is leading the charge with its ability to create new content, from text to art and even music. Generative Adversarial Networks (GANs) are a popular generative AI technique that uses two neural networks to generate realistic data. Digitization and AI-driven solutions are transforming industries such as Entertainment and Healthcare, with generative AI powering personalized content and predictive analytics. Standard AI systems use machine learning, simulations, and videos to learn patterns and make decisions. Neural networks, deep learning, probabilistic modeling, and iterative training techniques are essential components of these systems. Recurrent neural networks and convolutional neural networks are advanced algorithms that enable AI to understand context and recognize patterns in data. GPT series and other generative models are creating new possibilities in text generation, while AI applications in virtual worlds and the metaverse are pushing the boundaries of creativity and innovation. IT professionals are in high demand as businesses seek to leverage these advanced technologies to gain a competitive edge.

Market Research Overview

The Generative Artificial Intelligence (AI) market is experiencing exponential growth, driven by advancements in AI technologies such as Natural Language Processing (NLP), Computer Vision, and Generative Adversarial Networks (GANs). These technologies enable AI-driven solutions to create and process multimodal data, including text, images, video, audio, and more. Generative AI is revolutionizing industries like Entertainment, Healthcare, and Robotics and Automation, with applications ranging from text generation and summarization to personalized content and document generation. Model architectures like Transformer models, Neuro-symbolic approaches, and Unsupervised learning techniques are pushing the boundaries of what AI can do. However, challenges such as model drift, inaccurate content, biased content, and inappropriate content require ongoing attention. AI accelerators, large language models, and training data preparation are essential components of the generative AI ecosystem. The market also includes various AI applications, standard and advanced algorithms, machine learning techniques, and neural networks like Recurrent Neural Networks (RNNs) and Convolutional Neural Networks (CNNs). The Entertainment industry, Finance industry, Education industry, and others are leveraging generative AI for content creation, simulations, and conversational interfaces. Virtual Reality (VR) and Augmented Reality (AR) are also significant areas of application, with potential use cases in VR games, VR training simulations, and game environments. AI ethics and data security concerns are critical considerations as the market continues to evolve.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Component

• Software
• Services

• Transformers
• Generative Adversarial Networks (GANs)
• Variational Autoencoder (VAE)
• Diffusion Networks

• North America
• APAC
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

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SOURCE Technavio