Global Generative AI Market Report 2024 – By Offering (Software (Generative Models (Deep Learning Model, Generative Adversarial Networks, Autoencoder, Convolutional Neural Network Transformer-Based Large Language Model, Other Generative Models)), Services), By Application (Business Function (Marketing And Sales, Human Resource, Operations, Finance, Research And Development, Other Business Functions), Data Modality (Text, Code, Image, Video, Audio And Speech)), By Vertical (Media And Entertainment, BFSI, Healthcare And Lifescience, Manufacturing, Retail And E-commerce, Transportation And Logistics, Construction And Real Estate, Energy And Utilities, Government And Defense, IT And ITes, Telecom, Other Verticals) – Market Size, Trends, And Global Forecast 2024-2033.
Artificial IntelligenceGlobal Generative AI Market Report 2024 – By Offering (Software (Generative Models (Deep Learning Model, Generative Adversarial Networks, Autoencoder, Convolutional Neural Network Transformer-Based Large Language Model, Other Generative Models)), Services), By Application (Business Function (Marketing And Sales, Human Resource, Operations, Finance, Research And Development, Other Business Functions), Data Modality (Text, Code, Image, Video, Audio And Speech)), By Vertical (Media And Entertainment, BFSI, Healthcare And Lifescience, Manufacturing, Retail And E-commerce, Transportation And Logistics, Construction And Real Estate, Energy And Utilities, Government And Defense, IT And ITes, Telecom, Other Verticals) – Market Size, Trends, And Global Forecast 2024-2033.
Generative AI Market Definition and Segments
Generative artificial intelligence (AI), exemplified by algorithms like ChatGPT, is employed to generate diverse content such as audio, code, images, text, simulations, and videos. Its applications include refining customer interactions, elevating chat and search experiences, exploring unstructured data through conversational interfaces, aiding in repetitive tasks like RFP responses and language localization, and ensuring compliance with customer contracts.
The main offerings of generative AI are software and hardware. Generative AI software comprises diverse programs, instructions, or data designed to facilitate the production of novel data or content closely resembling human-generated data. It includes various generative models such as deep learning models, generative adversarial networks, autoencoders, convolutional neural networks, transformer-based large language models, and other generative models. The various applications include business functions such as marketing and sales, human resources, operations, finance, research and development, and others, whereas in data modality it includes text, code, image, video, audio, and speech that are used by different verticals such as media and entertainment, BFSI, healthcare and lifescience, manufacturing, retail and e-commerce, transportation and logistics, construction and real estate, energy and utilities, government and defense, IT and ties, and others.
Segments of generative AI market covered in the report:
- By Offering: Software, Services
- Software: Generative Models- Deep Learning Model, Generative Adversarial Networks, Autoencoder, Convolutional Neural Network, Transformer-Based Large Language Model, Other Generative Models
- By Application: Business Functions, Data Modality
- Business Function – Marketing And Sales, Human Resource, Operations, Finance, Research And Development, Other Business Functions
- Data Modality – Text, Code, Image, Video, Audio And Speech
- By Vertical: Media And Entertainment, BFSI, Healthcare And Lifescience, Manufacturing, Retail And E-commerce, Transportation And Logistics, Construction And Real Estate, Energy And Utilities, Government And Defense, IT and Ties and Others Verticals
Market Size and Its Characteristics
The global generative AI market was estimated at US$ 12.48 billion in 2023 and is expected to grow at a CAGR of 30.06% from 2023 to 2023. The market is fueled by the widespread adoption of artificial intelligence, the surge in content creation and creativity applications, advancements in deep learning, increasing demand for AI-generated content, rising interest in commercializing synthetic solutions, rapid growth in large language models, escalating demand for personalization and customization, and favorable government support.
The ascent of content creation and creativity applications is poised to drive the generative AI market’s growth. Content creation spans various activities like website maintenance, blogging, and article writing aimed at engaging target audiences. Generative AI empowers businesses to prioritize strategic initiatives while managing routine tasks, enhancing marketing outcomes by enabling marketers to craft personalized content. Notably, Capgemini’s December 2023 article revealed that nearly 60% of organizations are either implementing or exploring generative AI in marketing, underscoring its rising significance. Therefore, the surge in content creation and creativity applications has been instrumental in propelling the generative AI market’s expansion.
Whereas, the growth of the generative AI market has been tempered by concerns surrounding data breaches and the leakage of sensitive information. A report released by the United Kingdom government in October 2023 highlighted the heightened safety and security risks posed by generative AI, projecting an exacerbation of existing threats rather than the introduction of entirely novel ones by 2025. The report suggests that certain risks will escalate in terms of both speed and scale, with the challenge of anticipating technological advancements and creating potential for unforeseen threats. Additionally, beyond current anticipations, there is a likelihood of emerging risks. Furthermore, findings from a security magazine indicate that 75% of security professionals have observed a surge in attacks, with 85% attributing this uptick to malicious actors harnessing generative AI. Consequently, the risks associated with data breaches and sensitive information leakage have impeded the growth of the generative AI market.
Accessible APIs for generative AI unlock new market opportunities, granting developers essential access to data and algorithms for system training and deployment. These APIs reduce barriers to entry, enabling developers and organizations to leverage AI’s transformative potential across various applications. The rapid growth of generative AI APIs is poised to drive innovation, with 60% of API professionals already integrating generative AI, as per a 2023 Postman analysis. APIs act as a conduit for organizations to adopt incremental advancements, enhancing generative AI model capabilities. Top of Form
A prominent trend observed is the emphasis on innovating products within the generative AI market. Major companies are dedicating resources to enhancing their products to meet precise requirements and uphold their competitive edge. For instance, in April 2023, Ai Palette, a startup from Singapore, introduced Concept Genie, a tool utilizing generative AI to create novel product concepts. Positioned between their Foresight Engine and Screen Winner tools, Concept Genie simplifies concept evaluation, providing a one-click end-to-end solution for product innovation.
Regional Analysis:
North America was the leading region for the global generative artificial intelligence market in 2023, whereas the Asia-Pacific area is expected to pose a significant growth rate during the forecast period. The regions covered in generative AI reports include North America, Europe (Eastern and Western), Asia-Pacific, Middle East and Africa and South America.
The countries covered in generative AI market report are United States, Canada, Mexico, United Kingdom, France, Italy, Netherlands, India, China, Singapore, Japan, Australia, Saudi Arabia, Israel, Qatar.
Company Insights:
Open AI, Leewayhertz Technologies Private Limited, Markovate Inc., Anthropic PBC, and Stability AI are the major players in the generative AI market.
- OpenAI is an American AI research organization that aims to create broad artificial intelligence that is both safe and practical. OpenAI develops hybrid for-profit and non-profit businesses to put the common good ahead of personal gain. These businesses produce text, code, and graphics using generative models. GPT-3, DALL-E, Codex, and CLIP are a few of the most sophisticated generative AI models developed and distributed by OpenAI. It also provides an API for academics and developers to use and incorporate these models into their apps and projects. OpenAI’s objective is to develop artificial general intelligence (AGI), which encompasses the creation of AI systems capable of performing any intellectual task that humans can.
- Stability AI is a premier provider of advanced artificial intelligence (AI) solutions, specializing in delivering stability-focused algorithms and technologies. Founded with a commitment to revolutionize stability in the digital realm, Stability AI offers cutting-edge AI models and platforms designed to optimize system resilience, enhance risk management, and ensure operational stability across diverse industries.
The Generative AI report covers 100 top generative AI companies, including startups and small- to medium-sized enterprises.
Recent Developments
Databricks Acquires MosaicML
Databricks, Inc., a prominent data and AI company, acquired MosaicML, a leading generative AI platform, for US$1.3 Billion in July 2023. This strategic move aligns with the shared vision of both companies, aiming to democratize generative AI accessibility for all organizations. The acquisition empowers Databricks’ 10,000 customers to leverage their proprietary data on the Databricks Lakehouse, enabling the training and deployment of customized LLMs.
Codeium Secured funds of US$ 65 Million.
Codeium, a company specializing in generative AI-powered coding tools, secured US$65 Million in Series B funding led by Kleiner Perkins with participation from repeat investors Greenoaks and General Catalyst in January 2024. This investment will support the advancement of Codeium’s proprietary code-biased Large Language Models (LLMs), aimed at improving software development processes and maximizing developer productivity. The successful funding round positions Codeium for continued growth and innovation in AI-driven coding solutions. The Generative AI Report, part of a series of new reports from Analytics Insight, offers comprehensive insights into the drivers, restraints, opportunities, and challenges shaping the generative AI landscape. It includes market statistics such as the global market size, regional analysis, and competitor analysis. This market research report provides an in-depth analysis of the current and future scenarios of the industry, delivering valuable insights for businesses and stakeholders.
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1. Executive Summary
2. Research Methodology
3. Generative AI Market – Report Structurer
4. Generative AI Market – Definition
5. Generative AI Market – Landscape
5.1. Generative AI Market History And Evolution
5.2. Generative AI Adoption By Various Industries
6. Global Generative AI Market Overview
6.1. Drivers Of The Market
6.2. Restraints Of The Market
6.3. Trends Of The Market
7. Global Generative AI Market Segmentations
7.1. Global Generative AI Market, Segmentations, By Offerings, 2023-2033 (US$ Billion)
7.1.1. Global Generative AI Market, Segmentation, By Offering, Software, 2023-2033 (US$ Billion)
7.1.1.1. Global Generative AI Market Segmentations, By Offering, Software, Generative Model, 2023-2033 (US$ Billion)
7.1.1.1.1. Global Generative AI Market Segmentation, By Offering, Software, Generative Model, Deep Learning, 2023-2033 (US$ Billion)
7.1.1.1.2. Global Generative AI Market Segmentation, By Offering, Software, Generative Model, Generative Adversarial Networks, 2023-2033 (US$ Billion)
7.1.1.1.3. Global Generative AI Market Segmentation, By Offering, Software, Generative Model, Autoencoder, 2023-2033 (US$ Billion)
7.1.1.1.4. Global Generative AI Market Segmentation, By Offering, Software, Generative Model, Convolutional Neural Network, 2023-2033 (US$ Billion)
7.1.1.1.5. Global Generative AI Market Segmentation, By Offering, Software, Generative Model, Transformer-Based Large Language Model, 2023-2033 (US$ Billion)
7.1.1.1.6. Global Generative AI Market Segmentation, By Offering, Software, Generative Model, Other Generative Models, 2023-2033 (US$ Billion)
7.1.2. Global Generative AI Market, Segmentation, By Offering, Services, 2023-2033 (US$ Billion)
7.2. Global Generative AI Market, Segmentations, By Application, 2023-2033 (US$ Billion)
7.2.1. Global Generative AI Market, Segmentations, By Application, Business Function, 2023-2033 (US$ Billion), 2023-2033 (US$ Billion)
7.2.1.1. Global Generative AI Market, Segmentations, By Application, Business Function, Marketing And Sales, 2023-2033 (US$ Billion)
7.2.1.2. Global Generative AI Market, Segmentations, By Application, Business Function, Human Resource, 2023-2033 (US$ Billion)
7.2.1.3. Global Generative AI Market, Segmentations, By Application, Business Function, Operations, 2023-2033 (US$ Billion)
7.2.1.4. Global Generative AI Market, Segmentations, By Application, Business Function, Finance, 2023-2033 (US$ Billion)
7.2.1.5. Global Generative AI Market, Segmentations, By Application, Business Function, Research And Development, 2023-2033 (US$ Billion)
7.2.1.6. Global Generative AI Market, Segmentations, By Application, Business Function, Other Business Function, 2023-2033 (US$ Billion)
7.2.2. Global Generative AI Market, Segmentations, By Application, Data Modality, 2023-2033 (US$ Billion), 2023-2033 (US$ Billion)
7.2.2.1. Global Generative AI Market, Segmentations, By Application, Data Modality, Text, 2023-2033 (US$ Billion)
7.2.2.2. Global Generative AI Market, Segmentations, By Application, Data Modality, Code, 2023-2033 (US$ Billion)
7.2.2.3. Global Generative AI Market, Segmentations, By Application, Data Modality, Image, 2023-2033 (US$ Billion)
7.2.2.4. Global Generative AI Market, Segmentations, By Application, Data Modality, Video, 2023-2033 (US$ Billion)
7.2.2.5. Global Generative AI Market, Segmentations, By Application, Data Modality, Audio And Speech, 2023-2033 (US$ Billion)
7.3. Global Generative AI Market, Segmentation, By Vertical, 2023-2033 (US$ Billion)
7.3.1. Global Generative AI Market, Segmentation, By Vertical, Media And Entertainment, 2023-2033 (US$ Billion)
7.3.2. Global Generative AI Market, Segmentation, By Vertical, BFSI, 2023-2033 (US$ Billion)
7.3.3. Global Generative AI Market, Segmentation, By Vertical, Healthcare And Lifescience, 2023-2033 (US$ Billion)
7.3.4. Global Generative AI Market, Segmentation, By Vertical, Manufacturing, 2023-2033 (US$ Billion)
7.3.5. Global Generative AI Market, Segmentation, By Vertical, Retail And E-commerce, 2023-2033 (US$ Billion)
7.3.6. Global Generative AI Market, Segmentation, By Vertical, Transportation And Logistics, 2023-2033 (US$ Billion)
7.3.7. Global Generative AI Market, Segmentation, By Vertical, Construction And Real Estate, 2023-2033 (US$ Billion)
7.3.8. Global Generative AI Market, Segmentation, By Vertical, Energy And Utilities, 2023-2033 (US$ Billion)
7.3.9. Global Generative AI Market, Segmentation, By Vertical, Government And Defense, 2023-2033 (US$ Billion)
7.3.10. Global Generative AI Market, Segmentation, By Vertical, IT And ITes, 2023-2033 (US$ Billion)
7.3.11. Global Generative AI Market, Segmentation, By Vertical, Telecom, 2023-2033 (US$ Billion)
7.3.12. Global Generative AI Market, Segmentation, By Vertical, Other Verticals, 2023-2033 (US$ Billion)
8. Global Generative AI Market Regional And Country Analysis
8.1. Global Generative AI Market, Split By Region 2023-2033 (US$ Billion)
8.2. Global Generative AI Market, Split By Country 2023-2033 (US$ Billion)
9. North America Generative AI Market Overview
9.1. Regional Overview
9.2. North America Generative AI Market, Split By Country 2023-2033 (US$ Billion)
10. Europe Generative AI Market Overview
10.1. Regional Overview
10.2. Europe Generative AI Market, Split By Country 2023-2023 (US$ Billion)
11. Asia-Pacific Generative AI Market Overview
11.1. Regional Overview
11.2. Asia-Pacific Generative AI Market, Split By Country 2023-2033 (US$ Billion)
12. Middle East And Africa Generative AI Market Overview
12.1. Regional Overview
12.2. Middle East And Africa Generative AI Market, Split By Country 2023-2033 (US$ Billion)
13. South America
13.1. Regional Overview
13.2. South America Generative AI Market 2023-2033 (US$ Billion)
14. Competitive Landscape
14.1. Open AI
14.1.1. Description of Company
14.1.2. Analysis of Product/ Services offering
14.1.3. Recent Investments
14.1.4. Business Strategy
14.2. Leewayhertz Technologies Private Limited
14.2.1. Description of Company
14.2.2. Analysis of Product/ Services offering
14.2.3. Recent Investments
14.2.4. Business Strategy
14.3. Markovate Inc
14.3.1. Description of Company
14.3.2. Analysis of Product/ Services offering
14.3.3. Recent Investments
14.3.4. Business Strategy
14.4. Anthropic PBC
14.4.1. Description of Company
14.4.2. Analysis of Product/ Services offering
14.4.3. Recent Investments
14.4.4. Business Strategy
14.5. Stability AI.
14.5.1. Description of Company
14.5.2. Analysis of Product/ Services offering
14.5.3. Recent Investments
14.5.4. Business Strategy
15. Generative AI Market Top 100 Company Profiles
16. Generative AI Market Merger And Acquisition And Investment Landscape
16.1. Notable Merger And Acquisition In The Market
16.2. Notable Investments In The Market
17. Generative AI Market Trends And Developments
17.1. Emerging trends In The Market
17.2. Recent Advancements And Breakthrough Technologies In The Market
17.3. Potential Disruptive Forces And Their Impact In The Market
18. Generative AI Market Growth Opportunities And Challenges
18.1. Key Opportunities In The Market For Future Growth
18.2. Key Challenges And Risks Hindering The Market Expansion
19. Conclusion
20. Analytics Insight
21. Copyright And Disclaimer