The generative AI market involves technologies that are used to develop AI systems capable of generating new content such as images, videos, text and audio with minimal to no human involvement. Generative AI tools find applications across varied industries for tasks such as image generation, text summarization, chatbots development, deepfakes and more. The growing demand for AI-generated content is a key factor driving the adoption of generative AI solutions. For instance, companies are increasingly leveraging generative AI to automate content creation for marketing campaigns, product listings and documentation. The need to reduce production time and costs is also propelling the generative AI market.

The Global generative AI Market is estimated to be valued at US$ 68.34 Bn in 2024 and is expected to exhibit a CAGR of 32.8% over the forecast period 2024 to 2031.

Key Takeaways

Key players operating in the generative AI market are Abacus.AI, Accenture, Adobe, Adept, AI21 Labs, Amazon Web Services (AWS), Anthropic, Character.ai, Cohere, Google, Hugging Face, IBM, Insilico Medicine, Microsoft, and NVIDIA. These players are focusing on developing advanced generative AI models to automate diverse content creation tasks and facilitate global expansion. For instance, OpenAI launched ChatGPT in 2022, a powerful conversational AI assistant developed using generative pre-training.

The Generative AI Market Demand content across industries presents significant growth opportunities for players in the generative AI market. Industries such as media & entertainment, e-commerce, education are increasingly adopting generative AI to automate content production workflows. This is expected to boost the commercial use of generative AI technologies over the forecast period.

Furthermore, key players are focusing on global expansion strategies to tap the growth opportunities in emerging markets. For example, Anthropic recently partnered with Indian start-up Typetalk to deploy their constitutional AI technology in India and expand operations. Rising investments from companies towards generative AI research and development will also aid global expansion in the coming years.

Market Drivers

Rising need for automation: There is a growing need across industries to automate time-consuming content generation workflows such as writing product descriptions, summaries, technical documentation, news reports and more. Generative AI technologies help reduce production time and costs significantly through automation.

Advancements in deep learning: Continuous improvements in deep learning and language models have enabled the development of more powerful generative AI tools. Advanced models with capabilities such as GPT-3 and DALL-E have increased demand for AI-generated content.

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