The Generative AI Global Market Report 2023, provides comprehensive information on the generative AI market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Generative AI Global Market Report 2023, the market size is expected to grow from $10.28 billion in 2022 to $13.69 billion in 2023 at a compound annual growth rate (CAGR) of 33.1%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The global generative AI market size is expected to reach $42.68 billion in 2027 at a CAGR of 32.9%.
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Technological advancement is the key trend gaining popularity in the generative AI market. Major companies operating in the generative AI market are focusing on developing new technologies. For instance, in January 2023, NVIDIA Corporation, a US-based technology company, launched new metaverse technologies for enterprises with a suite of generative AI tools. This technology’s unique feature is the addition of a group of innovative generative AI tools for 3D artists, such as Audio2Face, Audio2Gesture, and Audio2Emotion, that allow users to animate 3D characters. Producers may now use Audio2Face to create facial expressions from audio files, as well as Audio2Emotion to create emotions and Audio2Gesture to create gestures, with the updated versions of these tools.
The generative AI market is segmented:
1) By Component: Software, Services
2) By Offering Type: Image, Video, Speech, Other Offering Types
3) By Technology: Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), Diffusion NetworkS
4) By End-User: Media And Entertainment, BFSI (Banking, Financial Services and Insurance), IT And Telecom, Healthcare, Automotive And Transportation, Other End-Users
North America was the largest region in the generative AI market in 2022.
The table of contents in TBRC’s generative AI market report includes:
- Executive Summary
- Generative AI Market Characteristics
- Generative AI Market Trends And Strategies
- Generative AI Market – Macro Economic Scenario
- Generative AI Market Size And Growth
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- Africa Generative AI Market
- Generative AI Market Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions In The Generative AI Market
- Generative AI Market Future Outlook and Potential Analysis
- Appendix
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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