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Redding, California - September 26, 2024

Generative AI Market to Be Worth $133.9 Billion by 2031

Generative AI Market Size, Share, Forecast, & Trends Analysis by Offering (Software, Services), Model (Generative Adversarial Networks, Transformer), Data Modality (Text, Video, Image), End User (IT & Telecommunications, BFSI, Media & Entertainment) and Geography - Global Forecast to 2031

Meticulous Research^®—a leading global market research company, published a research report titled ‘Generative AI Market—Global Opportunity Analysis and Industry Forecast (2024-2031)’. According to this latest publication from Meticulous Research^®, the generative AI market is expected to reach $133.9 billion by 2031, at a CAGR of 32.6% from 2024 to 2031.

The generative AI market is primarily driven by the rising demand for content creation and creative applications, advancements in AI and deep learning technologies, increasing adoption in the IT and telecom sectors, and a growing emphasis on customer satisfaction. However, concerns related to data privacy and security may restrain market growth.

Furthermore, the rising adoption of generative AI to enhance productivity, the increasing utilization of large language models, the growing demand for automated business processes, and the expanding use of generative AI in the media and entertainment sector are anticipated to create significant growth opportunities for market players. On the other hand, the misconception and limited understanding of generative AI solutions present a challenge that affects the growth of the generative AI market.

The generative AI market is segmented by offering, model, data modality, and end user. The report evaluates industry competitors and analyzes the market at the regional and country levels.

By offering, the software segment is anticipated to hold the dominant position, with over 65.0% of the market share in 2024. The increasing demand for enhanced productivity and customer experience, the growing implementation of automation for tasks and data analysis, the increased focus on software-centric capabilities, and the rising adoption of generative AI software to optimize business processes are key factors contributing to this segment’s leading position in the generative AI market.

By model, the transformer segment is anticipated to hold the dominant position, with over 47.0% of the market share in 2024. The increasing need to process complex data sequences, advancements in transformer models, the widespread use of conversion applications like Text-to-Image AI, and the growing demand for meaningful and contextually accurate content are key factors contributing to this segment’s leading position in the generative AI market.

By data modality, the text segment is anticipated to hold the dominant position, with over 32.0% of the market share in 2024. Advancements in natural language processing, increasing demand for text generation technologies to facilitate highly personalized communication and content, the expanding use of text generation for specialized applications such as medical documentation and financial reporting, and the growing need to automate business processes are key factors contributing to this segment’s dominant position in the generative AI market.

By end user, the IT & telecommunications segment is anticipated to hold the dominant position, with over 23.0% of the market share in 2024. The rising demand for personalized customer experiences driven by AI technologies, the increasing need for chatbots and voice assistant solutions, the growing adoption of generative AI for analyzing data from network sensors to optimize operations, and the expanding use of generative AI to enhance network performance and provide customized services are key factors contributing to this segment’s dominant position in the generative AI market.

By geography, North America is anticipated to hold the dominant position, with over 41.0% of the market share in 2024. The presence of leading generative AI companies such as NVIDIA Corporation, IBM Corporation, Amazon Web Services, and Intel Corporation is expected to significantly enhance the revenue share of this region. Additionally, the growing adoption of generative AI across the retail, healthcare, and BFSI sectors, the rising implementation of generative AI in customer engagement, inventory management, and personalized shopping experiences, as well as the increasing use of chatbots on websites, social media platforms, and messaging apps to address customer inquiries are key factors contributing to the region’s dominant position in the generative AI market.

Key Players

The key players operating in the generative AI market are NVIDIA Corporation (U.S.), IBM Corporation (U.S.), Amazon Web Services, Inc. (U.S.), Capgemini SE (France), Google LLC. (U.S), Kyndryl Holdings, Inc. (U.S.), Intel Corporation (U.S.), Synthesia (U.K.), Writesonic (U.S.), Salesforce, Inc. (U.S.), D-ID (Israel), and Adobe Inc. (U.S.).

Download Sample Report Here @ https://www.meticulousresearch.com/download-sample-report/cp_id=6008

Key Questions Answered in the Report-

What is the value of revenue generated by the sale of generative AI?
What is the projected growth rate for global demand for generative AI over the next five to seven years?
What is the historical market size and growth rate for the generative AI market?
What are the major factors impacting the growth of this market at global and regional levels?
What are the major opportunities for existing players and new entrants in the market?
Which offering, model, data modality, and end user segments create major traction in this market?
What are the key geographical trends in this market? Which regions/countries are expected to offer significant growth opportunities for the manufacturers operating in the generative AI market?
Who are the major players in the generative AI market? What are their specific product offerings in this market?
What recent developments have taken place in the generative AI market? What impact have these strategic developments created on the market?

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Redding, California - September 26, 2024

Generative AI Market to Be Worth $133.9 Billion by 2031

Generative AI Market Size, Share, Forecast, & Trends Analysis by Offering (Software, Services), Model (Generative Adversarial Networks, Transformer), Data Modality (Text, Video, Image), End User (IT & Telecommunications, BFSI, Media & Entertainment) and Geography - Global Forecast to 2031

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