Market Size –
The generative AI software market size has grown exponentially in recent years. It will grow from $3.92 billion in 2023 to $6.32 billion in 2024 at a compound annual growth rate (CAGR) of 61.2%. The growth in the historic period can be attributed to increased computational power, advancements in deep learning algorithms, growth in demand for automation and efficiency, availability of large datasets for training, and expansion of applications across industries.
The generative AI software market size is expected to see exponential growth in the next few years. It will grow to $42.90 billion in 2028 at a compound annual growth rate (CAGR) of 61.4%. The growth in the forecast period can be attributed to the rising adoption of AI in creative industries, the emergence of new generative AI techniques, integration with virtual and augmented reality, demand for personalized content and experiences, and expansion of generative AI in healthcare and drug discovery. Major trends in the forecast period include the democratization of generative AI tools, increased focus on ethical and responsible AI development, convergence of generative AI with blockchain technology, the rise of AI-powered generative design in manufacturing, and growth of generative AI for content generation in social media and marketing.
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Scope Of Generative AI Software Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Generative AI Software Market Overview
Market Drivers –
The gaming industry expansion is expected to propel the growth of the generative AI software market going forward. The gaming industry encompasses the development, production, distribution, and monetization of video games across various platforms such as consoles, PCs, and mobile devices. The gaming industry is on the rise due to several factors, including the increasing accessibility through mobile platforms and a growing global audience embracing gaming as both entertainment and a competitive activity. Generative AI software enhances the gaming industry by dynamically generating immersive worlds, characters, and content, enriching player experiences with personalized and unpredictable elements. For instance, in January 2023, according to the Entertainment Software Association, a US-based trade association of the video game industry, U.S. consumer spending on video game content, hardware, and accessories reached $7.6 billion in December 2022, up 2% from 2021, and totaling $56.6 billion for the whole year of 2022. Therefore, the gaming industry expansion is driving the growth of the generative AI software market.
Market Trends –
Major companies operating in the generative AI software market are focused on developing software with advanced technology, such as text-to-image tools, to gain a competitive edge. Text-to-image tools are software systems or applications that use artificial intelligence algorithms, particularly generative models, to create images based on textual descriptions or prompts. For instance, in September 2023, OpenAI Inc., a US-based leading artificial intelligence research laboratory, launched an upgraded version of its text-to-image tool, DALL-E 3, an AI generative software that uses natural language inputs known as prompts to generate images based on the description given. It uses the AI chatbot ChatGPT to create tailored, detailed prompts based on user ideas. The tool is designed to better understand the meaning of text prompts, create detailed images, and avoid legal issues related to copying the styles of living artists. It also includes safety and legal protocols to prevent the creation of explicit, aggressive, or discriminatory images, to respect intellectual property rights, and to avoid copyright infringement.
The generative ai software market covered in this report is segmented –
1) By Component: Software, Services
2) By Model: Large Language Models, Image And Video Generative Models, Multi-modal Generative Models, Other Models
3) By Application: Computer Vision, Natural language processing (NLP), Robotics And Automation, Content Generation, Predictive Analytics, Other Applications
4) By End-User: Media And Entertainment, Banking, Financial Services And Insurance (BFSI), Information Technology (IT) And Telecommunication, Healthcare, Automotive And Transportation, Other End-Users
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Regional Insights –
North America was the largest region in the generative AI software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative AI software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Key Companies –
Major companies operating in the generative AI software market report are Alphabet Inc.; Microsoft Corporation; Meta Platforms Inc.; Amazon Web Services Inc.; International Business Machines Corporation; NVIDIA Corporation; Adobe Inc.; Databricks Inc.; Anthropic Technology Ltd.; OpenAI LP; C3 AI Inc.; Hugging Face Inc.; Glean Labs Inc.; Synthesia Technologies Ltd.; Stability AI Inc.; SoluLab Inc.; Accubits Technologies Inc.; Neoteric Technology Ltd.; Tome Labs Inc.; Inflection AI Inc.; Cohere Technologies Inc.; Mostly AI GmbH; Jasper Solutions Inc.; Addepto Sp. z o.o.; Markovate Inc.
Table of Contents
1. Executive Summary
2. Generative AI Software Market Characteristics
3. Generative AI Software Market Trends And Strategies
4. Generative AI Software Market – Macro Economic Scenario
5. Global Generative AI Software Market Size and Growth
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31. Generative AI Software Market Other Major And Innovative Companies
32. Global Generative AI Software Market Competitive Benchmarking
33. Global Generative AI Software Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative AI Software Market
35. Generative AI Software Market Future Outlook and Potential Analysis
36.Appendix
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