Generative AI Software Market Forecast to Expand Near 10 Times by 2028 to $36 Billion, S&P Global Market Intelligence Says Jun 8, 2023

Generative AI Market Map: State, Trends, & Apps Infographic

The market growth in this segment is attributed to the increasing implementation of AI & Machine Learning (ML) in the sector to prevent fraudulent activities, secure data, and meet the dynamic needs of various stakeholders in financial services. Generative AI benefited the banking industry by creating marketing images and text and generating data to make ML applications more efficient and accurate. Moreover, generative AI in commercial banking can accelerate back-office tasks, such as answering real-time questions about a customer’s financial performance in complex scenarios.

generative ai market

The revolution in cloud storage solutions has boosted the generative AI market expansion by offering a strong ground for technology development and deployment. Cloud storage provides scalable computing power, enabling access to resource-intensive Generative AI model training for businesses without heavy capital spending. Furthermore, it guarantees high efficiency in data accessibility and collaboration, enabling storage and sharing of various datasets across global teams. The cost-effective pay-as-you-go model of cloud storage reduces economic restraints and accelerates secure management of sensitive Generative AI projects. Offerings of Pre-trained models and APIs by cloud providers simplify development procedures, whilst cloud-based infrastructure augments resource optimization and business agility. Subsequently, cloud storage solutions foster Generative AI innovation, enabling companies to explore creative avenues and fuel the market growth.

List of Key Companies Profiled:

One of the major factors driving the computer vision market includes quicker processing and higher accuracy, combined with the economic benefits of computer vision systems. Moreover, the growing use of computer vision in non-industrial applications, such as surveillance, healthcare, and monitoring, creates a lucrative opportunity for the computer vision market trends. Government agencies in several countries, such as U.S., Germany, and China, are investing more in the healthcare sector.

generative ai market

Generative AI technology has proven its potential in various fields, including content creation, design, music, and even banking and healthcare. Just like the internet transformed the way Yakov Livshits we do business, generative AI has the power to reshape industries and fuel growth. Embracing this technology is no longer optional but essential for businesses striving to stay relevant.

Allianz Global Investors

Based on the application, the global generative AI market can be bifurcated into healthcare, generative intelligence, media and entertainment, and others. Based on the technology type, the global generative AI market has been segregated into autoencoders, generative adversarial networks, and others. This transition led to a shift toward virtual and augmented reality, as well as other forms of digital content. With many people working and learning from home, there was an increase in demand for digital experiences such as virtual tours, online classes, and digital events. As a result, generative AI technologies, such as GPT-3, became increasingly popular for creating realistic and engaging digital content.

Yakov Livshits
Founder of the DevEducation project
A prolific businessman and investor, and the founder of several large companies in Israel, the USA and the UAE, Yakov’s corporation comprises over 2,000 employees all over the world. He graduated from the University of Oxford in the UK and Technion in Israel, before moving on to study complex systems science at NECSI in the USA. Yakov has a Masters in Software Development.

Alibaba (BABA) Boosts Generative AI Efforts With Tongyi Qianwen – Nasdaq

Alibaba (BABA) Boosts Generative AI Efforts With Tongyi Qianwen.

Posted: Fri, 15 Sep 2023 15:37:00 GMT [source]

The region is home to some of the world’s fastest-growing economies and has witnessed significant advancements in AI technologies, including Generative AI. These startups are developing cutting-edge AI solutions, including generative adversarial networks (GANs), deep learning models, and creative AI platforms. Further, Asia Pacific has a significant population and large consumer base, creating demand for AI-powered products and services.

Key Regions and Countries Covered in this Report:

The Generative AI market is highly competitive, with many vendors offering similar products and services. Government initiatives and investments in AI research and development, such as the National Artificial Intelligence Research and Development Strategic Plan in the United States, have also contributed to the demand for generative AI technologies in North America. The United States continues to lead in AI conference and repository citations, but those advantages are diminishing. Nonetheless, American universities produce the majority of the world’s large language and multimodal models (54% in 2022). AI technologies for video production, like picture generation, may make videos from zero and be used for video alteration, such as improving video resolution and completeness.

  • Based on component, software segment is expected to hold the maximum share of the generative AI market.
  • Beyond content generation, these AI tools excel in tasks like question answering, text completion, text classification, content improvement, and engaging in human-like discussions.
  • Primary research also helped understand various trends related to technologies, applications, deployments, and regions.

These models use sophisticated algorithms and deep learning techniques to analyze language data and generate coherent and relevant text. This IDC Market Presentation provides information and insights on the software tools and applications markets for generative artificial intelligence (AI). It includes market definitions for generative AI platforms and generative AI applications, demand-side (end-user) market trends, and supply-side (technology suppliers) market trends — the key players in this quickly evolving market and highlights of their offerings. It provides a forecast for both generative AI platforms and generative AI applications and provides guidance to software vendors that are developing and deploying generative AI tools and applications or are considering doing so. With this version, developers can use user-friendly tools in Generative AI Studio for model tuning and deployment, as well as access text models powered by PaLM 2, Embeddings API for text, and other foundation models in Model Garden.


AI developers frequently use generative AI to create game environments and new virtual worlds. It enables virtual reality (VR) developers to create a boundless library of exclusive and immersive game environments. Thus, implementing use cases such as VR games and VR training simulations has significant efficiencies. Therefore, the first deployments of AI in business will likely focus on augmenting human AI with a workforce (human employees working with intelligent virtual assistants or cobots). On the basis of End-use, generative AI market is categorized into Media & entertainment, BFSI, IT & communications, healthcare, automotive & transportation, and others. The market for generative AI has experienced a promising growth rate in the healthcare sector in 2021.

generative ai market

As the models get smarter, partially off the back of user data, we should expect these drafts to get better and better and better, until they are good enough to use as the final product. They are large and difficult to run (requiring GPU orchestration), not broadly accessible (unavailable or closed beta only), and expensive to use as a cloud service. Despite these limitations, the earliest Generative AI applications begin to enter the fray. Up until recently, machines had no chance of competing with humans at creative work—they were relegated to analysis and rote cognitive labor.

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