Generative Artificial Intelligence Market Trends and Future Analysis

NEW YORK - May 8, 2024 - PRLog -- In 2023, the generative AI market reached a value of USD 12 billion and is projected to reach USD 81.1 billion by 2030, demonstrating a compound annual growth rate (CAGR) of 31.6% during the forecast period from 2024 to 2030. This growth of the market can be credited to the potential to transform the whole market by offering new opportunities for innovation and automation.

Generative AI is a set of algorithms that can produce realistic content by utilizing training data, like images, text, and audio. For example, ChatGPT is trained on huge sizes of text for summary extraction, sentimental monitoring, and answering questions.

These models are multi-modal in nature, in other words, they are able to handle multiple processes simultaneously. With the help of these models, the level of human-machine communication has increased so much, especially with the help of natural language processing (NLP).

One of the key reasons that is aiding this gen-AI industry advance is the presence of large language models, due to their excellent capability to make, manipulate, and understand natural language.

In 2023, the Software category had the highest revenue share, of approximately 55%, in the industry. Software is the basis of this industry and offers the algorithms, frameworks, and tools that are essential for generative AI applications.

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On the basis of end users, the media and entertainment category is dominating the industry, and the category is also projected to advance with a CAGR, of 40%, in the projection period. The quick integration of AI tools by the media and entertainment industry is driving improvements in content creation and distribution.

In 2023, North America grips the largest share of the industry, at approximately 50%. This is because of the growing rates of banking scams, increasing healthcare load, and rising popularity of pseudo-imagination. Its enhanced tech framework and growth, along with its capability to harbor disruptive AI establishments, is one of the key factors for its development in the industry.