Meticulous Research®, a leading global market research firm, recently published an in-depth report titled “Generative AI Market—Global Opportunity Analysis and Industry Forecast (2024-2031).” According to the report, the generative AI market is on track to reach a valuation of $133.9 billion by 2031, growing at an impressive CAGR of 32.6% from 2024 to 2031.
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Key Growth Drivers:
The meteoric rise of the generative AI market is largely driven by:
· Increased demand for creative applications such as content generation.
· Significant advancements in AI and deep learning technologies.
· Growing adoption of AI solutions within the IT and telecommunications sectors.
· A heightened focus on customer satisfaction through personalized services.
At the same time, the market may face some headwinds due to concerns surrounding data privacy and security.
Emerging Opportunities:
Generative AI is opening doors for a variety of growth opportunities:
· Enhancing productivity through AI-driven automation.
· Large language models (LLMs) are gaining traction for content creation and automation.
· There is a rising demand for automating business processes in various sectors.
· Generative AI is becoming a game changer in the media and entertainment industry.
However, challenges such as the misconception and limited understanding of generative AI still pose obstacles to widespread adoption.
Market Segmentation Insights:
The report segments the generative AI market by offering, model, data modality, and end user, providing a comprehensive view of the industry landscape.
· Offering Segment:
The software segment is set to dominate the market, capturing more than 65.0% of the share in 2024. This is attributed to the rising demand for automation in business processes, the need for enhanced productivity, and the implementation of AI-driven customer experience solutions.
· Model Segment:
The transformer model segment is expected to secure over 47.0% of the market share in 2024. The growing reliance on transformers for processing complex data sequences, combined with the increasing demand for Text-to-Image AI applications, contributes to the segment’s leadership.
· Data Modality Segment:
The text segment is forecast to dominate the data modality category, holding over 32.0% of the market in 2024. Advancements in natural language processing (NLP) and the demand for personalized communication through text generation are key drivers of growth.
· End User Segment:
In terms of end users, the IT & telecommunications sector is anticipated to dominate, accounting for more than 23.0% of the market share in 2024. The growing adoption of chatbots, voice assistants, and AI-driven customer engagement solutions is boosting the use of generative AI in these industries.
Regional Performance:
North America is predicted to lead the global generative AI market, holding over 41.0% of the market share in 2024. This dominance is driven by the presence of tech giants like NVIDIA, IBM, and Amazon Web Services, as well as the widespread adoption of AI across retail, healthcare, and financial services sectors.
Major Industry Players:
The top players in the generative AI market include NVIDIA Corporation, IBM Corporation, Amazon Web Services, Google LLC, Intel Corporation, Salesforce, and Adobe Inc. These companies are shaping the future of generative AI with innovations in AI-driven content generation and automation.
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