In 2024, the generative AI market was valued at USD 15.6 billion and is expected to soar to USD 81.1 billion by 2030, growing at a remarkable compound annual growth rate (CAGR) of 31.6% from 2024 to 2030. This surge in the market is attributed to its potential to revolutionize industries by opening new avenues for innovation and automation.
Generative AI encompasses a set of algorithms capable of creating realistic content by utilizing training data such as images, text, and audio. For instance, ChatGPT, which is trained on vast amounts of text data, excels in summarizing, sentiment analysis, and answering questions.
Generative adversarial networks (GANs) primarily focus on generating novel content that closely resembles real data sets. Instead of merely expanding basic AI systems, these advanced methods emphasize deep learning to create sophisticated data samples.
These models are inherently multi-modal, meaning they can manage multiple processes simultaneously. With the help of these models, human-machine interaction has significantly advanced, particularly through natural language processing (NLP).
A major driver of the generative AI industry's growth is the presence of large language models, renowned for their superior ability to generate, manipulate, and comprehend natural language.
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In 2023, the software segment accounted for the highest revenue share in the industry, approximately 55%. Software serves as the backbone of this industry, providing the essential algorithms, frameworks, and tools required for generative AI applications.
The natural language processing segment is dominating the market and is expected to grow at a substantial CAGR of 31.8% during the forecast period. Advancements in NLP are enabling the creation of complex language models and text, revolutionizing applications such as chatbots, content generation, and AI-driven solutions.
Regarding end users, the media and entertainment sector leads the industry and is projected to grow at a CAGR of 40% during the forecast period. The rapid adoption of AI tools in the media and entertainment industry is driving significant advancements in content creation and distribution.
In 2023, North America held the largest market share, approximately 50%. This dominance is due to the increasing rates of banking fraud, the rising healthcare burden, and the growing popularity of synthetic imagination. The region's advanced tech infrastructure and its capacity to nurture disruptive AI ventures are key factors contributing to its leading position in the industry.
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