Overview and Scope
Generative AI in marketing refers to the application of artificial intelligence techniques, particularly generative models, to create content, designs, or strategies for marketing purposes. Generative AI in marketing is utilized to create diverse and personalized content such as ads, product descriptions, and social media posts.
Sizing and Forecast
The generative AI in marketing market size has grown exponentially in recent years. It will grow from $2.70 billion in 2023 to $3.64 billion in 2024 at a compound annual growth rate (CAGR) of 34.6%. The growth in the historic period can be attributed to the evolution of AI algorithms, growth in data volume, cost reduction, growth of digitalization, and the rise of e-commerce.
The generative AI in marketing market size is expected to see exponential growth in the next few years. It will grow to $12.08 billion in 2028 at a compound annual growth rate (CAGR) of 35.0%. The growth in the forecast period can be attributed to the expansion of content marketing, the rise of influencer marketing, customer journey personalization, ethical AI practices, and demand for AI-generated content. Major trends in the forecast period include AI-driven content creation, hyper-personalization, integration of predictive analytics, AI-enhanced creative collaboration, and regulatory compliance solutions.
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Segmentation & Regional Insights
The generative ai in marketing market covered in this report is segmented –
1) By Component: Service, Software
2) By System Type: Text Models, Multimodal Models
3) By Application: Content Generation, Search Engine Optimization (SEO), Lead Nurturing And Lead Scoring, Reporting And Analytics, Social Media Marketing, Other Applications
4) By End-Use: Media And Entertainment, Information Technology And Telecommunications, Healthcare, Automotive And Transportation, Banking, Financial Services, And Insurance, Retail And E-commerce, Other End-Use Industries
North America was the largest region in the generative AI in marketing market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI in marketing market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The growth of e-commerce is expected to propel the growth of the generative AI in marketing market going forward. E-commerce refers to the buying and selling of goods and services over the Internet or other electronic networks. E-commerce is growing due to several factors, including increasing internet penetration, shifting consumer preferences towards online shopping, convenience, and advancements in logistics and payment systems. Generative AI in marketing is used in e-commerce to personalize product recommendations, create targeted advertising content, and generate engaging product descriptions tailored to individual customer preferences, enhancing the overall shopping experience and driving sales. For instance, in February 2024, according to the United States Census Bureau, a US-based government agency, total retail e-commerce sales reached $1,831.4 billion in the fourth quarter of 2023, reflecting a 0.4% increase compared to the third quarter of 2023. Therefore, the growth of e-commerce is driving the growth of the generative AI in marketing market.
Key Industry Players
Major companies operating in the generative AI in marketing market report are Alphabet Inc.; Microsoft Corporation; Amazon Web Services; International Business Machines Corporation (IBM); Baidu Inc.; Adobe Inc.; OpenAI; Zeta Global.; Appier Inc.; Persado Inc.; Benchsci Inc.; Bluecore Inc.; Bizzabo Ltd.; Conversica Inc.; Cognitivescale Inc.; Acquisio Inc.; Brighterion Inc.; ClarifAI Inc.; B12 Inc.; AYLIEN Ltd.; Synthesis AI; Amplero Inc.; Genie Artificial Intelligence Ltd.; MOSTLY AI Inc.; Rephrase.AI
The generative ai in marketing market report table of contents includes:
1. Executive Summary
2. Generative AI In Marketing Market Characteristics
3. Generative AI In Marketing Market Trends And Strategies
4. Generative AI In Marketing Market – Macro Economic Scenario
5. Global Generative AI In Marketing Market Size and Growth
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31. Global Generative AI In Marketing Market Competitive Benchmarking
32. Global Generative AI In Marketing Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Generative AI In Marketing Market
34. Generative AI In Marketing Market Future Outlook and Potential Analysis
35. Appendix
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