The generative artificial intelligence market is experiencing unprecedented rapid growth. The latest report shows that the market size has expanded significantly in just a few years and is expected to continue to maintain strong growth momentum in the coming years. This report provides an in-depth analysis of the main drivers of market growth, key players and future trends, providing a valuable reference for a comprehensive understanding of this booming area. The report covers multiple aspects such as market size forecast, technical trends, major players and market segmentation, and predicts future development directions.
Recently, business research firms released the 2024 Generative Artificial Intelligence Market Report, showing that the market has expanded rapidly in the past few years. According to the report, the generative artificial intelligence market is expected to grow from US$13.64 billion in 2023 to US$18.1 billion in 2024, with an average annual growth rate (CAGR) of 32.7%. This growth is mainly due to the improvement of computing power, the wide availability of data, the continuous deepening of R&D, the increase in industry applications and breakthroughs in deep learning.
Image source notes: The image is generated by AI, and the image authorized service provider Midjourney
The generative artificial intelligence market is expected to continue to grow strongly in the coming years, with an average annual growth rate of .8%. The report pointed out that 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 personalized customization, the expansion of cross-domain applications, the focus on ethical AI and bias removal, and the improvement of human-computer collaboration.
One of the main 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, which can generate various contents such as text, images, audio, etc. The application of such technologies can significantly reduce the time and effort required to create a virtual environment while improving its authenticity and interactivity.
The market report also mentioned some major marketers, including Google, Microsoft, Meta, Dell Technology, 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 communicate with users and can provide information, assist and perform tasks in business environments.
Regarding the market segmentation, the report divides the generative artificial intelligence market into several parts, including by components (software, services), by product type (e.g., video, voice, etc.), by technology (generating adversarial networks, transformers, Variable autoencoder, diffusion network) and by end user (media and entertainment, banking and financial services, IT and telecommunications, healthcare, automobile and transportation, etc.).
According to the report, North America became the largest regional report in 2023 to become the generative artificial intelligence market, covering multiple regions including Asia Pacific, Europe, North, South America, the Middle East and Africa.
Points:
The generative artificial intelligence market is expected to reach US$57.96 billion by 2028, with an average annual growth rate of 33.8%.
The widespread application of artificial intelligence has promoted the development of the generative artificial intelligence market.
Major market players include companies such as Google, Microsoft and Amazon, and are developing innovations
In short, the generative artificial intelligence market is developing rapidly and has broad prospects. Technological innovation, extensive application and investment in giant companies will continue to promote market growth, but it also needs to pay attention to ethical issues and potential risks. In the future, generating artificial intelligence will profoundly affect various industries and bring huge opportunities and challenges.