Global Generative AI Market Size Zooming 5.7X at Robust CAGR of 26.12% to Surpass Whopping USD 98.3 Billion by 2030

Published | 31 May 2024

Global Generative AI Market is flourishing because of the rising demand for content creation, increasing automation, and growing adoption of emerging and innovative AI applications.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the Global Generative AI Market size at USD 17.37 billion in 2023. During the forecast period between 2024 and 2030, BlueWeave expects the Global Generative AI Market size to expand at a CAGR of 26.12% reaching a value of USD 98.31 billion by 2030. The Global Generative AI Market is propelled by the increasing demand for AI-generated content across diverse industries, such as entertainment, gaming, advertising, and design. The market is witnessing rising adoption of generative AI technologies fueled by advancements in deep learning algorithms and neural networks, leveraging extensive datasets and powerful computing infrastructure. As generative AI continues to demonstrate its value, new applications and use cases are expected to emerge, exploiting the growing availability of digital data for training purposes. Notably, models like BigGAN and DALL-E from OpenAI exemplify the potential of generative models to produce high-quality visuals, contributing to their widespread adoption across various industries including entertainment, design, advertising, and content creation.

Opportunities – Integration with cloud computing

The integration of generative AI with cloud computing marks a significant advancement in technology, offering enhanced capabilities and innovative solutions. This synergy enables cloud services to leverage the power of generative AI for various applications, from data analysis to user engagement. Examples like Azure Synapse Analytics, Azure Digital Twins, and Azure Logic Apps showcase how generative AI enriches cloud services by automating tasks, innovating data handling, and enhancing user experiences. Despite the potential benefits, challenges such as data privacy and ethical considerations must be addressed. Nonetheless, this integration promises to revolutionize cloud computing, providing businesses with dynamic, personalized, and efficient solutions. As generative AI technology continues to evolve, its integration with cloud computing will play a pivotal role in shaping the future of technology and business operations.

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Impact of Escalating Geopolitical Tensions on Global Generative AI Market

Geopolitical tensions can have a multifaceted impact on the Global Generative AI Market. Heightened geopolitical risks, such as trade disputes, sanctions, or geopolitical conflicts, disrupt international collaboration and impede the free flow of data, hindering the development and adoption of generative AI technologies. Moreover, geopolitical instability introduces uncertainties in regulatory environments and intellectual property rights, affecting investment decisions and market dynamics. As geopolitical tensions escalate, companies may face challenges in cross-border collaborations and market access, potentially limiting the growth prospects of the Global Generative AI Market and stalling innovation in this critical sector.

Global Generative AI Market

Segmental Information

Global Generative AI Market – By End Use

On the basis of end use, the Global Generative AI Market is divided into Media & Entertainment, IT & Telecommunication, Gaming, Healthcare, BFSI, and Automotive & Transportation segments. The media & entertainment segment holds the highest share in the Global Generative AI Market by end use. It is primarily due to the growing adoption of AI and ML technologies within the industry, aimed at combating fraud, safeguarding data, and addressing the evolving requirements of stakeholders. Generative AI has notably impacted the banking sector by producing marketing materials and data to enhance the efficiency and accuracy of ML applications. Furthermore, in commercial banking, generative AI facilitates quicker completion of back-office duties, including responding to real-time inquiries regarding a customer's financial status in intricate scenarios. Meanwhile, the BFSI segment is expected to witness the fastest growth rate during the forecast period. It can be attributed to the growing adoption of AI and ML technologies within the industry, aimed at combating fraud, safeguarding data, and addressing the evolving requirements of stakeholders. Generative AI has notably impacted the banking sector by producing marketing materials and data to enhance the efficiency and accuracy of ML applications. Furthermore, in commercial banking, generative AI facilitates quicker completion of back-office duties, including responding to real-time inquiries regarding a customer's financial status in intricate scenarios.

Global Generative AI Market – By Region

The in-depth research report on the Global Generative AI Market covers the market in a number of major countries across five regions: North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. North America holds the highest share in the Global Generative AI Market and is expected to maintain its dominance during the forecast period. It is propelled by its sophisticated technological infrastructure, robust research and development endeavors, and the prominence of top AI firms. Major technology giants in North America, including IBM, Adobe, and Microsoft, have heavily invested in advanced generative AI capabilities, deploying these tools and platforms for tasks like image manipulation, content creation, and design automation. Collaborations among industry stakeholders, research institutions, and startups is deemed crucial for fostering market expansion in North America.

Competitive Landscape

Major players operating in the Global Generative AI Market include OpenAI, Microsoft Corporation, AWS, Google LLC, Cohere, AlphaSense, Baidu, Inc., Adobe Inc., IBM Corporation, Amazon Web Services, Inc., Synthesis AI, SAP SE, Accenture, and De-Identification Ltd. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

Don’t miss the business opportunity in the Global Generative AI Market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Generative AI Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Generative AI Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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