Generative AI Market to Incur Meteoric Growth During 2024 to 2030: Grand View Research Inc.

 Generative AI Market Growth & Trends

The global generative AI market size is anticipated to reach USD 109.37 billion by 2030, according to a new report by Grand View Research, Inc., registering a CAGR of 36.5% from 2024 to 2030. Growing demand to modernize workflow across industries is expected to drive the demand for generative AI applications among industries. Other factors that propel the market growth include the evolution of AI and deep learning, a rise of creative applications & content creation, and innovation of cloud storage, allowing easy data access. Moreover, the introduction of AI-powered gaming that provides more high-level visuals and graphics, interactivity, and a more realistic feel is projected to boost market growth in the coming years.

The COVID-19 pandemic had a positive impact on the market. Many organizations adopted AI & Machine Learning (ML) as a response to the pandemic. Many key players, such as Microsoft, IBM, Google LLC, and Amazon Web Services, Inc., witnessed a growth in sales of AI-based technology during the pandemic. Moreover, the accelerated advancement of digital platforms empowered the adoption of generative AI applications. For instance, in June 2020, Amazon Web Services, Inc. announced the addition of a new generative AI algorithm, Autoregressive Convolutional Neural Network (AR-CNN), to its AWS DeepComposer suite of products, allowing developers to create excellent music digitally.

AWS DeepComposer also provides learning capsules to developers to learn the basics of algorithms. Many generative AI market players offer solutions for numerous applications, such as text-to-image, image-to-image, and super-resolution. For instance, in March 2023, Microsoft Corporation, a software company in the U.S., launched Microsoft 365 Copilot, an AI assistant feature for Microsoft 365 services and applications. Microsoft 365 Copilot can benefit businesses by saving time, streamlining and automating their IT processes, and increasing productivity. Moreover, these industry players are researching generative AI technology for advanced image resolution, face aging, and video resolution technologies.

For instance, U.S.-based Tesla is developing autonomous algorithms using data from car sensors. Also, the neural networks are further trained to perform object detection and semantic segmentation. Investment in the AI and ML sectors to support the market will drive the North America regional market. The presence of tech players in the U.S. and Canada provides lucrative growth opportunities for the regional market. For instance, big tech companies like Microsoft Corporation, Google LLC, and Amazon Web Service are investing in generative AI startups and technology. Asia Pacific is expected to grow at a considerable CAGR from 2024 to 2030 owing to the expansion of end-user industries in countries, such as China and Japan.

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Generative AI Market Report Highlights

• The software segment accounted for the highest revenue share of 64.5% in 2023 and is expected to retain its position over the forecast period. Rising use of generative AI-based software owing to its benefits, such as better image resolution, reduced conversion time, enhanced performance, and quick availability of output is attributed to market growth
• The transformers technology segment dominated the market with a share of 41.3% in 2023 and is expected to grow at a significant CAGR from 2024 to 2030. This can be attributed to the rising adoption of transformer applications worldwide that focus on predicting text and analyzing words. The diffusion networks segment is expected to grow at the fastest CAGR of 39.1% from 2024 to 2030 due to the variety and penetration of diffusion network applications to deliver generative models that generate realistic output
• The media & entertainment segment accounted for the maximum revenue share of 22.6% in 2023 due to the increasing adoption of generative AI for creating better advertisement campaigns and generative AI-based digital platforms for shopping. The BFSI segment is likely to grow at the fastest CAGR from 2024 to 2030
• North America held the largest share of 40.2% in 2023 and is expected to grow at a significant CAGR from 2024 to 2030. This can be attributed to the presence of a large number of key players as well as technology organizations. Asia Pacific is anticipated to register a CAGR of over 37.5% from 2024 to 2030 owing to developing technology infrastructure and government initiatives
• In March 2022, Google LLC, announced the acquisition of Mandiant, a cybersecurity firm, for USD 5.4 billion. This acquisition would help Google LLC provide better advisory services and security operations suites, which will help customers resolve their most critical security challenges

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Generative AI Market Segmentation

Grand View Research has segmented the global generative AI market based on component, technology, end-use, application, model, and region:

Generative AI Component Outlook (Revenue, USD Billion, 2017 - 2030)

• Software
• Service

Generative AI Technology Outlook (Revenue, USD Billion, 2017 - 2030)

• Generative Adversarial Networks (GANs)
• Transformers
• Variational Auto-encoders
• Diffusion Networks

Generative AI End-use Outlook (Revenue, USD Billion, 2017 - 2030)

• Media & Entertainment
• BFSI
• IT & Telecommunication
• Healthcare
• Automotive & Transportation
• Gaming
• Others

Generative AI Application Outlook (Revenue, USD Billion, 2017 - 2030)

• Computer Vision
• NLP
• Robotics And Automation
• Content Generation
• Chatbots & Intelligent Virtual Assistants
• Predictive Analytics
• Others

Generative AI Model Outlook (Revenue, USD Billion, 2017 - 2030)

• Large Language Models
• Image & Video Generative Models
• Multi-modal Generative Models
• Others

Generative AI Regional Outlook (Revenue, USD Billion, 2017 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
• Latin America
  • Brazil
  • Mexico
  • Chile
  • Argentina
• Middle East and Africa
  • UAE
  • Saudi Arabia
  • South Africa

List of Key Players in the Generative AI Market

• Adobe Inc.
• Amazon Web Services, Inc.
• D-ID
• Genie AI Ltd.
• Google LLC
• International Business Machines Corporation
• Microsoft Corporation
• MOSTLY AI Inc.
• ai
• Synthesia

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.