The editor of Downcodes learned that the latest 2024 generative artificial intelligence market report released by a business research company shows that the market is experiencing explosive growth. The report predicts that the market size will reach US$18.1 billion in 2024, an increase of 32.7% from 2023, and will continue to rise in the next few years, and is expected to exceed US$57.96 billion by 2028. This growth momentum is mainly due to improvements in computing power, abundant data resources, in-depth technology research and development, expansion of application fields, and breakthroughs in deep learning.
Picture source note: The picture is generated by AI, and the picture authorization service provider Midjourney
The generative AI market is expected to continue growing strongly over the next few years and is expected to reach $57.96 billion by 2028, growing at an average annual rate of .8%. According to the report, factors driving this growth include innovation in AI hardware, cross-industry integration, ethical AI considerations, the rise of autonomous systems, and the application of edge computing. Several major trends mentioned in the report include the popularity of AI-generated content, the increase in personalization, the expansion of cross-domain applications, the focus on ethical AI and bias elimination, and the improvement of human-machine collaboration.
One of the major factors driving the growth of the generative artificial intelligence market is the widespread adoption of artificial intelligence. Generative artificial intelligence is an AI system that can create new outputs based on data. It can generate a variety of content such as text, images, audio, etc. The application of such technologies can significantly reduce the time and effort required to create virtual environments while increasing their realism and interactivity.
Some of the major market players are also mentioned in the market report, including Google, Microsoft, Meta, Dell Technologies, Amazon Web Services, Siemens, General Electric, Intel, and Lenovo Group. These companies are focusing on developing innovative solutions, such as business chatbots, to gain a competitive advantage. Business chatbots are AI software designed to engage in conversational interactions with users, providing information, assistance, and performing tasks in a business environment.
Regarding market segmentation, the report divides the generative artificial intelligence market into several segments, including by component (software, services), by product type (like, video, voice, etc.), by technology (generative adversarial networks, transformers, Variational Autoencoders, Diffusion Networks) and by end user (Media & Entertainment, Banking & Financial Services, IT & Telecommunications, Healthcare, Automotive & Transportation, etc.).
According to the report, North America will become the largest region in the generative artificial intelligence market by 2023. The report covers multiple regions including Asia Pacific, Europe, North and South America, and the Middle East and Africa.
All in all, the generative artificial intelligence market has broad prospects, and its rapid development will profoundly affect all walks of life. In the future, as technology continues to mature and application scenarios continue to expand, the market will continue to maintain rapid growth, bringing new opportunities and challenges to social development. The editor of Downcodes will continue to pay attention to the trends in this field and bring more exciting reports to readers.