According to a research report "Generative AI Market by Offering (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LaMDA), Services), Modality (Text, Image, Video, Audio & Speech, Code), Application (Content Management, Search & Discovery), Vertical and Region - Global Forecast to 2030" published by MarketsandMarkets, the market for generative artificial intelligence (AI) is anticipated to experience substantial expansion, ascending from a value of USD 20.9 billion in 2024 to a substantial worth of USD 136.7 billion by the year 2030. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 36.7% over the forecast period. The surge in the generative AI market is poised to be driven by a confluence of influential factors within the business landscape. Notably, evolution of cloud storage technology simplifying data accessibility, coupled with the emergence of AI and deep learning technologies changing the landscape, stands out as significant contributors to this trend. Additionally, the upswing in content generation and the growing demand for innovative creative applications are playing a pivotal role in propelling the upward trajectory of this market.
By software type, deep learning to register the largest market share during the forecast period.
Deep learning software type is projected to hold the largest market share in the generative AI market during the forecast period due to its unparalleled ability to manage complex and unstructured data. Deep learning algorithms, such as Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs), are at the forefront of generating realistic and diverse content, from images to text and audio. One notable trend related to deep learning software in this market is the increasing adoption of pre-trained models and transfer learning techniques, which enable faster deployment and customization of generative AI solutions for specific use cases. This trend streamlines the development process and reduces the need for extensive data labeling, making deep learning software more accessible and attractive to a wider range of industries and applications.
By data modality, video segment is poised for the fastest growth rate during the forecast period.
Video data modality in the generative AI market is poised for the fastest growth rate during the forecast period due to the increasing popularity of video content across industries. Businesses are leveraging videos for marketing, customer engagement, training, and entertainment purposes, creating a massive demand for AI tools that can analyze and generate video content. Trends indicate a shift towards multi-modal generative AI, where systems can process not just text but also images, audio, and video. This trend is driving the development of AI models capable of understanding, editing, and even generating videos, enabling applications such as video synthesis, deepfake detection, and personalized video content creation. The rise of video-centric social media platforms and the integration of AI-driven video analysis into security and surveillance systems are further propelling the growth of the video data modality within the generative AI market.
By region, North America accounts for the largest market during forecast period.
The region boasts a robust ecosystem of technology companies, research institutions, and AI startups, fostering innovation and adoption of generative AI across industries. Additionally, North America leads in AI research and development, with major players like Google, Microsoft, and IBM investing heavily in generative AI technologies. Moreover, the region's advanced infrastructure, favorable government initiatives, and early adoption of AI in sectors such as healthcare, finance, and automotive contribute to its market dominance. Contemporary trends in North America include the increasing use of generative AI in content creation, virtual assistants, and creative applications, driving further market growth and solidifying its position as a frontrunner in the global generative AI landscape.
The major players in the generative AI market include Microsoft (US), OpenAI (US), Google (US), AWS (US), Adobe (US) along with startups such as Anthropic (US), Paige.AI (US), Midjourney (US), Jasper (US) and Synthesia (UK).
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