Generative AI Market Size Will Achieve USD 110.8 Billion by 2030 growing at 34.3% CAGR – Exclusive Report by Acumen Research and Consulting
Acumen Research and Consulting recently published report titled “Generative AI Market and Region Forecast, 2022 – 2030”
TOKYO, Dec. 14, 2022 (GLOBE NEWSWIRE) — The Global Generative AI Market Size accounted for USD 7.9 Billion in 2021 and is projected to occupy a market size of USD 110.8 Billion by 2030 growing at a CAGR of 34.3% from 2022 to 2030.
Businesses have been able to eliminate obstacles by automating many manual and complex processes, resulting in lower costs and increased efficiency. As a result, organizations can better utilize their resources and increase their productivity. In order to create new content, generative modeling, a type of unsupervised machine learning, analyses the input image, text, and audio for underlying patterns using AI, statistics, and probability to predict probabilities. Generative AI, in particular, is being widely used in applications such as identity protection, better robotics control, and even in healthcare for early disease detection and implementation of effective preventive and treatment protocols.
Generative AI Market Statistics
- Global generative AI market revenue was worth USD 7.9 Billion in 2021, with a 34.3% CAGR from 2022 to 2030
- North America generative AI market share occupied over 40% in 2021
- Asia-Pacific generative AI market growth is estimated to achieve a significant CAGR of around 36% from 2022 to 2030
- According to a recent estimates, total private funding in China accounted USD 17.21 billion in 2021
- By component, the software sub-segment captured over 65% shares in 2021
- Based on end-user, media & entertainment generated US$ 3.3 billion in revenue in 2021
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Generative AI Market Coverage:
| Market | Generative AI Market | |
| Generative AI Market Size 2021 | USD 7.9 Billion | |
| Generative AI Market Forecast 2030 | USD 110.8 Billion | |
| Generative AI Market CAGR During 2022 – 2030 | 34.3% | |
| Generative AI Market Analysis Period | 2018 – 2030 | |
| Generative AI Market Base Year | 2021 | |
| Generative AI Market Forecast Data | 2022 – 2030 | |
| Segments Covered | By Component, By Technology, By End-User, And By Geography | |
| Generative AI Market Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa | |
| Key Companies Profiled | Amazon Web Services, Inc., Adobe, D-ID, Genie AI Ltd., Google LLC, IBM, Microsoft, MOSTLY AI Inc., Rephrase.ai, and Synthesia. | |
| Report Coverage | Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis | |
Generative AI Market Dynamics
All facets of human activity, from drug development and law to art, music, and design, could be impacted by generative AI. For instance, generative AI could come up with fresh architectural concepts, explain how cancer cells function, or even create images of your dream home. People will be able to be more creative, innovative, and imaginative thanks to generative AI. It has the potential to expand human imagination and generate new ideas that we could never have imagined before.
This is possible through a technique known as generative design, in which you start with a set of rules or limitations and then let it run for a while. Users can then see what designs it generates, which may help you solve their problem or discover alternative ways of understanding about it. Generative AI is transforming the way we work, play, and create. It’s a promising field for consumers, businesses, governments, and non-profit organizations.
Recent Funding in Generative AI industry
- Jasper.ai, a popular generative AI tool for content creation, has raised US$125 million in Series A funding at a valuation of US$1.5 billion. Top VCs are also involved, including some who were involved in Stability AI’s funding.
- Top venture capital firms such as Coatue and Lightspeed Venture Partners led the US$101 million funding round for Stability AI. Stability AI creates Stable Diffusion, a remarkably powerful open-source image generating system that has swept the world.
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Generative AI Market Segmentation
The global market has been split into component, technology, end-user, and region.
The component segment is divided into two parts: software and services. According to our generative AI industry analysis, the deep water sub-segment will account for the majority of market revenue in 2021. In terms of growth, services will experience rapid expansion in the coming years.
The market is divided into four technology sectors: variational auto-encoders, generative adversarial networks (GANs), transformers, and diffusion networks. According to our analysis, the transformers sub-segment reached its peak in 2021 and will continue to do so in the coming years. GANs, on the other hand, will experience rapid growth from 2022 to 2030.
Furthermore, the end-user segment is categorized into media & entertainment, BFSI, IT & telecommunication, healthcare, automotive & transportation, and others. BFSI is one of the leading sectors in terms of growth, whereas the media & entertainment sector will lead in terms of revenue.
Generative AI Market Regional Outlook
North America, Latin America, Europe, Asia-Pacific, and the Middle East & Africa account for the majority of the worldwide generative AI industry. North America accounted for the majority of the share in 2021 and will lead the market during the projected timeframe. Based on numerous banking frauds, website hacks, and healthcare IT frauds – the US industry is extensively implementing the generative AI solutions. In addition to that, the US have decent IT infrastructure to implement machine learning, generative algorithms, and robotic process automation processes. Furthermore, the presence of IT giants such as Amazon, Meta, Microsoft, IBM, and Google will also favor the US generative AI market to rise substantially.
In the mean time, Asia-Pacific region is growing at a rapid pace due to the rising number of investments in the AI technology.
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Generative AI Market Players
Some prominent generative AI companies covered in the industry include Amazon Web Services, Inc., Adobe, D-ID, Genie AI Ltd., Google LLC, IBM, Microsoft, MOSTLY AI Inc., Rephrase.ai, and Synthesia.
Questions Answered By This Report
- What was the market size of Generative AI Market in 2021?
- What will be the CAGR of Generative AI Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Generative AI Market?
- Which region held the largest share Generative AI Market in 2021?
- What are the key market drivers Generative AI Market?
- Who is the largest end user Generative AI Market?
- What will be the Generative AI Market value in 2030?
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