Generative AI Market to be Valued at USD 12 Million (2022) & Achieve CAGR of 29.6% During 2024-30

Generative AI Market size was valued at around USD 12 million in 2022 and is estimated to grow at a CAGR of about 29.6% during 2024-30.

The trend of generative AI has witnessed a massive boost in the last few years and the growth is anticipated to continue in the coming years as well. According to a recent report published by MarkNtel Advisors, the Global Generative AI Market was valued at USD 12 million in 2022 and is likely to grow at a CAGR of around 29.6% during the forecast period of 2024-30. The numerous advantages offered by generative AI in various sectors, including improved productivity, enhanced efficiency, time & cost efficiency, amplification of creativity, data synthesis, etc., have propelled its demand leading to a boost in the Global Generative AI Market.

The report further states that numerous factors are fueling the growth of the given market such as augmented adoption across industries, the development of better & advanced technologies, and the growing demand for customized & distinctive content. Used across a wide range of industries, such as healthcare, banking & finance, media & entertainment, information technology & telecommunications, automotive & transportation, and others, generative AI models have established a concrete ground.

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Reviewing the Global Generative AI Market Segmentation

  • By Component (Software and Service)
  • By Technology (Generative Adversarial Networks (GANs), Transformers, Variational Autoencoder (VAE), Diffusion Networks, and Retrieval Augmented Generation)
  • By Application (Computer Vision, NLP, Robotics & Automation, Content Generation, and Others (Chatbots & Intelligent Virtual Assistants, Predictive Analysis, etc.))
  • By Model (Large Language Models, Image & Video Generative Models, Multi-model Generative Models, and Others (Text-to-Text Generative Models, Audio Generative Models, etc.))
  • By End User (Media & Entertainment, Healthcare, IT & Telecom, and Others (Automotive & Transportation, Gaming, etc.))
  • By Region (North America, South America, Europe, The Middle East & Africa, and Asia-Pacific)

The segment of Generative Adversarial Networks (GANs) captured a substantial share of the Generative AI Market in 2022 and is likely to continue the trend in the forecast period as well. The prominent capacities of GANs to generate highly realistic & diverse content are majorly responsible for the segment’s dominance. Moreover, due to incessant improvisations and improvements, GANs have proved to be extremely efficient & successful in several tasks such as the production of images & videos, the generation of natural language, and creative content formation. Additionally, the adoption and usage of GANs are highly supported as they are empowered to produce high-quality results with a range of applications in industries.

Market Growth is Expected to be Flourished by the Rising Awareness Regarding the Generative AI

The growing awareness about generative AI is expected to drive the growth of the market considerably. Generative AI fully learns, understands, and formulates chat responses to a user query based on intent and context, unlike conventional AI-driven conversational intrusions which are restricted due to already-given instructions leading to scanty responses and scarcely deciphered user queries.

Moreover, the generative AI models are enabled to interact with the users in a more customized & human-like manner owing to their reliance on virtual assistants and the integration of technologies like chatbots, deep learning, NLP (Natural Language Processing), NGL (Natural Language Generation), and LLM (Large Language Models). Furthermore, consumers are increasingly adopting generative AI for various applications owing to their user-friendly interface & numerous advantages, which are further predicted to boost the Global Generative AI Market in the forecast period.

Top Companies Dominating the Global Generative AI Market

The major companies dominating the Global Generative AI Market include IBM Corporation, Google LLC, Amazon Web Services, Adobe, Microsoft Corporation,, Meta, Genie AI Ltd., MOSTLY AI Inc., NVIDIA, Insilico Medicine, Open AI, Synthesia, Giphy, Lumen 5, and Others.

About Us:

MarkNtel Advisors is a leading consulting, data analytics, and market research firm that provides an extensive range of strategic reports on diverse industry verticals. We being a qualitative & quantitative research company, strive to deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, and individuals, among others.

We have our existence across the market for many years and have conducted multi-industry research across 80+ countries, spreading our reach across numerous regions like America, Asia-Pacific, Europe, the Middle East & Africa, etc., and many countries across the regional scale, namely, the US, India, the Netherlands, Saudi Arabia, the UAE, Brazil, and several others.

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