Generative AI Market 2023 Scenario of Top Manufactures: Synthesia, Genie AI Ltd, MOSTLY AI Inc , IBM
Because of its ability to generate code without manual coding, generative AI can be used in software development. These methods reduce developers’ time and effort in developing, testing, and repairing code by automating the software creation process. On the basis of technology, the global generative Artificial Intelligence (AI) market is segmented into Machine Learning (ML), deep learning, Natural Language Processing (NLP), and others. This first wave of Generative AI applications resembles the mobile application landscape when the iPhone first came out—somewhat gimmicky and thin, with unclear competitive differentiation and business models. However, some of these applications provide an interesting glimpse into what the future may hold.
As a result, major companies are launching chatbots and virtual assistants integrated with generative AI for better customer experience, thus driving segment revenue growth. For instance, on 11 May 2023, Google announced that it would be launching Bard, a creative AI chatbot, in more than 180 nations, including India. Bard is a chatbot built using a broad language model, similar to OpenAI’s ChatGPT and Microsoft’s Bing chatbot. Bard is a Large Language Model (LLM) that can produce many types of creative content, translate languages, and provide meaningful answers to inquiries. Hence, by utilizing these models, companies can now automate and improve different processes, such as customer service, content creation, and data analysis.
Companies are developing AI models that can generate novel solutions to challenges in fields, such as drug discovery and material science. Apart from this, generative AI is transforming industries by enhancing data synthesis and fostering innovation, which is offering lucrative growth Yakov Livshits opportunities to industry players. Furthermore, major players are utilizing AI to generate immersive virtual environments, lifelike characters, and dynamic narratives, to enhance user experiences and engagement in the gaming industry, which is bolstering the growth of the market.
The largest drivers of incremental revenue will be generative AI infrastructure as a service ($247 billion by 2032) used for training LLMs, followed by digital ads driven by the technology ($192 billion) and specialised generative AI assistant software ($89 billion). On the hardware side of this, revenue will be driven by AI servers ($132 billion), AI storage ($93 billion), computer vision AI products ($61 billion) and conversational AI devices ($108 billion). Overall, the generative AI market is set to witness significant growth in the coming years. Its unique features and applications make it a valuable tool for various industries, driving its adoption and market expansion. As we have seen numerous times with the advent of a new technology, the applications and uses are introduced first, and then regulation has to catch up.
By Industry vs Application Analysis
The multi-modal generative model can achieve greater accuracy and robustness by combining data from multiple modalities, propelling the segment’s growth. Image & video model will grow at a significant rate as it can assist in rapidly creating high-quality, realistic images & videos, which are difficult or impossible to achieve using traditional methods. Moreover, image synthesis is also being used to develop more realistic and immersive virtual worlds for entertainment and gaming purposes. The Natural Language Processing (NLP) segment dominated the market with a share of 22.5% in 2022 and is projected to grow at a CAGR of 35.9% over the forecast period.
The media and entertainment segment generated the most revenue and is anticipated to grow significantly during the forecast period. This technology is likely in high demand in the media and entertainment sector due to the growing use of generative AI to create more effective advertising campaigns. In January 2023, for instance, BuzzFeed, Inc., an American internet media, news, and entertainment company, announced a plan to use AI tools provided by Open AI, an American AI company, to enhance and personalize specific content offerings.
The generative AI market share in India is expected to reach US$ 13.2 billion, expanding at a CAGR of 31.8% during the forecast period. The market in India is forecasted to witness growth due to the increasing adoption of machine learning and artificial intelligence applications in numerous industries. Generative AI solutions can be used to create new content, improve the efficiency of production, and personalize user experiences. The media & entertainment segment dominated the global market in terms of revenue in 2022 owing to wide utilization of generative AI to create and build attractive and better advertisement campaigns. The market is primarily driven by the expanding information technology (IT) sector and the increasing usage of AI-integrated systems for enhancing productivity and agility. Besides this, the emerging popularity of generative AI for assisting chatbots in conducting effective conversations and enhancing customer satisfaction is also contributing to market growth.
Founder of the DevEducation project
A prolific businessman and investor, and the founder of several large companies in Israel, the USA and the UAE, Yakov’s corporation comprises over 2,000 employees all over the world. He graduated from the University of Oxford in the UK and Technion in Israel, before moving on to study complex systems science at NECSI in the USA. Yakov has a Masters in Software Development.
- A. The global generative AI market was valued at $10,493.58 million in 2022 and is projected to reach $191,773.29 million by 2032, growing at a CAGR of 34.1% from 2023 to 2032.
- Generative AI tools can assist social media marketers in thinking of headlines and even suggest some quotes as per the topic.
- Companies are creating virtual offices, meeting spaces, and training simulations within these digital environments, enabling remote teams to collaborate seamlessly.
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combined with the data collected to provide a complete picture of the market.
They learn from large datasets and generate new examples by understanding patterns and relationships within the data. They can also generate content that resembles the training data, imitating the style, structure, and characteristics of the input data. As a result, it is widely employed across several industries, such as healthcare, IT, robotics, and BFSI. Generative AI is expanding beyond text generation to include image, audio, and video content creation.
Generative AI for Software Engineers
Some of the popular AI text generation tools are CopyAI, JasperAI, Writesonic, WordAI, CopySmith, and ChatGPT. Around 21.8% of surveyees believe that generative AI is just a hype and does not have any potential for future growth. A GAN comprises two neural networks, a discriminator and a generator, that pit against each other to attain equilibrium. • Making an informed business decision is a tough job; this report offers several strategic business methodologies to support you in making those decisions.
These immersive digital environments provide individuals with the opportunity to interact, collaborate, and engage in various activities in a virtual space. As more people embrace virtual reality technology, the trend of virtual worlds is on the rise, offering endless possibilities for entertainment, socialization, and even professional development. On the basis of offering type, the global generative Artificial Intelligence (AI) market is segmented into software and service. Despite Generative AI’s potential, there are plenty of kinks around business models and technology to iron out. Questions over important issues like copyright, trust & safety and costs are far from resolved.
Key Generative AI Tools for Content Marketing
Thus, generative AI plays a crucial role in fulfilling these personalization needs by creating content and products that resonate with individual preferences. Whether it is personalized product designs, recommendations, or even virtual avatars, generative AI can produce outputs uniquely suited to each user. In e-commerce, for instance, generative AI can be employed to design custom products based on customer specifications, leading to enhanced customer satisfaction and loyalty. Personalized content in social media feeds and news articles can increase user engagement and retention.
The growth in demand for AI-generated content has been a significant driver for the growth. With AI-generated content, companies and individuals can create massive amounts of content quickly and at scale. This efficiency is especially valuable in industries such as marketing and advertising, where personalization and variety of content is critical to effectively engaging audiences. Moreover, AI can personalize content based on individual preferences, making it more engaging and relevant to users. Furthermore, the advancements in deep learning and desire to provide users and consumers with more personalized, engaging and relevant content and experiences are also driving the market. This increased learning curve could delay the deployment of AI systems and affect a company’s ability to respond quickly to market demands.
It can autonomously produce various types of content, including text, photos, videos, and music, based on pre-existing data patterns. Generative AI is also proficient in generating synthetic data to enhance machine learning models. Additionally, it has artistic capabilities, producing original designs and creative works, and excels in style transfer to create visually distinct outputs. One of the key offerings in the generative AI market is software, specifically transformer models such as GPT-1, GPT-2, GPT-3, GPT-4, and LaMDA.
For instance, in the gaming industry, generative AI can be used to generate game levels, characters, and assets, thereby reducing the burden on human designers and enhancing the variety and replay ability of games. In digital marketing, AI-generated personalized advertisements can cater to specific customer preferences, leading to higher conversion rates. As companies seek ways to optimize content creation and cater to individual preferences, the adoption of generative AI is expected to witness substantial growth.
The area of North America is anticipated to dominate the market for the usage of Generative AI, followed by those in Asia-Pacific and Europe. The projected CAGR of generative AI market during the analysis period of 2022 to 2030 is 34.3%. The generative adversarial network segment is set to lead in the market with a projected CAGR of 23.1%. To arrange an interview with our experts or request a full copy of the S&P Global Market Intelligence Market Monitor Generative AI report, please contact