The Generative AI market was valued at $1.75 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 79.96% to reach a value of US$ 33.03 billion by 2027. Generative AI platforms use machine learning algorithms to generate content such as images, videos, text, or music. These platforms typically use deep learning techniques such as neural networks for generating new content based on patterns learned from existing data.
Emerging Generative AI platforms including OpenAI’s ChatGPT, Google Bard, and Llama 2 from Meta, among others can also learn from user feedback and incorporate it to refine the final output. Enterprises have been using these platforms and aggressively experimenting on evaluating best-fit use cases for their respective industries. The Generative AI market research report offers revenue opportunity forecasts spanning 52 geographical markets, 6 regions, and 22 verticals from 2022 to 2027.
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Generative AI Market FAQs
- What was the Generative AI market size in 2022?
The global Generative AI market size was estimated at US$ 1.75 billion in 2022
- What is the Generative AI market growth?
The global Generative AI market is expected to grow at a compound annual growth rate of 79.96%.
- Which industry vertical led the Generative AI market?
The Information Technology (IT) vertical dominated the Generative AI market share in 2022.
- Which region accounted for the largest Generative AI market share?
North America region held the largest Generative AI market share in 2022.
- Who are the leading Generative AI market players?
Microsoft Corporation, Google, IBM Corporation, Meta, and Open AI are some of the leading Generative AI market players.
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Generative AI Market Highlights
- The Generative AI market is anticipated to garner a CAGR of 79.96% and expected to reach $33.03 billion by 2027.
- The North American region was estimated to garner the largest Generative AI market share in 2022. The US undoubtedly, emerged as the highest revenue-generating economy in the region.
- In terms of vertical end-use segments, the Information Technology (IT) sector is the highest contributing segment followed by the manufacturing sector.
- Some of the major companies making their mark in the Generative AI market are Microsoft Corporation, Google, IBM Corporation, Meta, and Open AI.
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Generative AI Market Scope
Generative AI Regional Outlook ($Billion, 2022-2027)
- North America
- Asia-Pacific
- Western Europe
- Middle East and Africa
- Central and Eastern Europe
- South and Central America
Generative AI Sector Outlook ($Billion, 2022-2027)
- Information Technology
- Retail Banking
- Government
- Manufacturing
- Retail
- Others
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