Generative AI Market size was valued at USD 16.81 Billion in 2022 and is expected to grow from USD 24.62 Billion in 2023 to reach USD 521.51 Billion by 2031, at a CAGR of 46.45% during the forecast period (2024-2031).
New information is generated by recognizing patterns or structures in current data with neural networks in global generative AI market. The need to create virtual worlds in the metaverse, conversational Gen AI capabilities, and the use of large language models (LLM) are driving the market growth. Conventional and analytical AI-based conversational interfaces are limited to pre-programmed commands and are unable to interpret the meaning of questions, which leads to inadequate responses.
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Top Player’s Company Profiles
OpenAI (US)
NVIDIA Corporation (US)
Google LLC (US)
Adobe Inc. (US)
IBM Corporation (US)
Microsoft Corporation (US)
Autodesk Inc. (US)
Unity Technologies (US)
Altair Engineering Inc. (US)
Meta (US)
Salesforce Inc. (US)
Hugging Face (US)
Synthesia (UK)
DATAROBOT INC (US)
Dynatrace (US)
UiPath (US)
SentinelOne (US)
C3 AI (US)
Darktrace (UK)
Presight AI (US)
Industry Titans Fuel Rapid AI Innovation Across Vertical Frontiers
Generative AI has a lot of competition in the global market, competing in numerous industry verticals. Companies such as OpenAI, Google DeepMind, and IBM are paving the way with state-of-the-art models and applications. Artificial intelligence driven diagnostics and personalized medicine are on the rise in healthcare. While AI is transforming trading algorithms and risk management in finance. AI is mainly used in retail to improve customer experience by providing recommendations based on their preferences. Conversely, AI is being applied to produce captivating content and stunning visual effects in the entertainment industry. When it comes to entertainment industry, AI is used to manufacture special effects as well as produce content.
Strategic Innovations Fuel the Race for Dominance in Generative AI
IBM, Google DeepMind, and OpenAI are among the giants in the field of generative artificial intelligence who are propelling a very competitive global market for the same. In various fields, these trend setters are opening up new horizons. In medical fields, artificial intelligence based diagnostic tools and customized treatment methods have changed patient-care standards. Finance can also benefit from artificial intelligence-enhanced trading algorithms and risk management systems.
AI-powered personalised suggestions are revolutionising retail experiences, and the entertainment sector is utilising AI for spectacular effects and content development. This dynamic landscape is characterized by rapid innovation, strategic alliances, and businesses trying to beat their rivals worldwide who are always hungry for AI dominion.
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Segments covered
Component
Hardware, Services, and Software (On Premises, & Cloud)
End-Use
Technology and Communication, Automotive & Assembly, Financial Services, Healthcare, Business, Legal & Professional Services, Consumer Goods/ Retail, Others
Application
Business Intelligence and Visualization, Content Management, Synthetic Data Management, Search and Discovery, Others
Personalized Treatment, Financial Mastery, and Retail Innovation by Tech Giants
IBM Watson Health utilizes AI to get personal treatment plans and advanced diagnostics, as to identify eye disorders, Google DeepMind has developed some algorithms powered by Artificial Intelligence. Risk assessment and trading algorithms in the financial industry have been improved with OpenAI’s language models. Big commercial giants such as Amazon use AI-personalised shopping experience creating and powered by recommendation systems. In the entertainment sector, AI-generated content is highly beneficial; production of schedules and show suggestions are some of the areas where Netflix employs AI. These industry giants are fueling global competition and advances in generative AI are the result of strategic deals like the IBM-Mayo Clinic partnership that focuses on cancer research.
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Global Industry Leaders Driving Change in Dynamic Landscape of Generative AI
The generative artificial intelligence (AI) landscape is quickly changing due to the presence of major industry giants like IBM, Google DeepMind, and OpenAI. These innovators are spearheading advancements across multiple sectors, from healthcare’s personalized treatments to finance’s enhanced risk management and retail’s tailored customer experiences. In the entertainment industry, AI is revolutionizing content creation with spectacular effects and efficient production scheduling. This competitive environment is marked by continuous innovation, strategic partnerships, and a relentless pursuit of AI supremacy globally. As these technologies expand into virtual realms and conversational AI, the race for dominance intensifies, shaping the future of AI-driven innovations across diverse industries.
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