The Generative Artificial Intelligence (AI) In Art Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Generative Artificial Intelligence (AI) In Art Global Market Report 2024, The generative artificial intelligence (AI) in art market size has grown exponentially in recent years. It will grow from $0.43 billion in 2023 to $0.62 billion in 2024 at a compound annual growth rate (CAGR) of 42.1%. The growth in the historic period can be attributed to growth in AI startups, rise in AI art communities, rise in public exhibitions, growth in AI-generated music, and rise of AI art awards.
The generative artificial intelligence (AI) in art market size is expected to see exponential growth in the next few years. It will grow to $0.90 billion in 2028 at a compound annual growth rate (CAGR) of 42.2%. The growth in the forecast period can be attributed to rising adoption of AI tools by artists, increasing investment in AI research and development, rising demand for AI in entertainment and media, growing demand for AI art in interior design, and rising demand for AI art in corporate environments. Major trends in the forecast period include technological advancements, integration with augmented reality, social media art, game design, and fashion design.
The increased adoption of artificial intelligence technologies is expected to propel the growth of generative artificial intelligence (AI) in the art market going forward. Artificial intelligence (AI) technologies refer to a broad range of tools and systems designed to mimic human intelligence and perform tasks that typically require human cognitive functions. Artificial intelligence (AI) technologies are increasing due to increased computing power, the availability of big data, improved algorithms and techniques, and user-friendly tools. Generative artificial intelligence (AI) in art is a fascinating intersection of technology and creativity, utilizing advanced AI algorithms and models to create new and unique art pieces. For instance, in May 2022, according to the International Business Machines Corporation, a US-based information technology corporation, AI adoption rose to 35% of companies, up from 31% in 2021, with 42% exploring AI technologies and a 13% increase in organizations implementing AI. Furthermore, in January 2022, according to the Government Digital Service, a UK-based government body, overall spending on AI technology is expected to rise from $20.25 billion to $101.26 billion between 2020 and 2040. Therefore, the increased adoption of artificial intelligence technologies drives the growth of generative artificial intelligence (AI) in the art market.
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The generative artificial intelligence (AI) in art market covered in this report is segmented –
1) By Type of Artwork: Visual Art, Music, Literature
2) By Technology or Platform: Standalone Software, Cloud-Based Services, AI-enabled Hardware
3) By Application Area: Fine Art, Advertising And marketing, Entertainment And Gaming, Design And Fashion
4) By End-User: Artists, Creative Professionals, Art Collectors And Galleries, General Audience
Major companies operating in generative artificial intelligence (AI) in the arts market are developing innovative music and sound generation AI tools to enhance creativity, streamline workflows, and inspire innovative compositions. Music and sound generation AI tool generates melodies, harmonies, rhythms, sound effects, and entire musical compositions autonomously or in collaboration with human users. For instance, in September 2023, Stability AI Ltd., a UK-based free and open-source generative AI company, launched Stable Audio. It delivers faster, higher-quality music through an intuitive online interface using the most recent artificial intelligence (AI) algorithms. Stable Audio comes in two main types, the basic free edition, used to create and download songs up to 20 seconds long, and the ‘Pro’ membership, which offers 90-second tracks that may be downloaded for use in commercial projects. Stable Audio provides musicians with a solution to create samples for their songs with the help of the latest AI technologies.
The generative artificial intelligence (ai) in art market report table of contents includes:
1. Executive Summary
2. Generative Artificial Intelligence (AI) In Art Market Characteristics
3. Generative Artificial Intelligence (AI) In Art Market Trends And Strategies
4. Generative Artificial Intelligence (AI) In Art Market – Macro Economic Scenario
5. Global Generative Artificial Intelligence (AI) In Art Market Size and Growth
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32. Global Generative Artificial Intelligence (AI) In Art Market Competitive Benchmarking
33. Global Generative Artificial Intelligence (AI) In Art Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Generative Artificial Intelligence (AI) In Art Market
35. Generative Artificial Intelligence (AI) In Art Market Future Outlook and Potential Analysis
36. Appendix
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