Generative AI refers to the artificial intelligence that can generate texts, images, and other data using generative models usually without the involvement of humans. The Global Generative AI Market size was valued at around USD 12 million in 2022 and is anticipated to grow at a CAGR of about 29.6% during the forecast period (2024-30), states the recent research report published by MarkNtel Advisors.

The generative AI industry has enhanced and expanded substantially in the last few years and is anticipated to maintain the same trend in the future years. The various reasons fueling the given market include factors such as the rising adoption of generative AI across several industries & sectors, the growth & development of improved advanced technologies, and the increasing demand for unique & personalized content.

Further, the report states that the usage of unsupervised learning algorithms to detect spam, compress the data, and data preparation across wide-ranging industries, such as the healthcare sector, automotive industry, banking & finance, information technology, etc., have also propelled the Global Generative AI Market to grow optimistically.

Key Players in the Global Generative AI Market

The major companies in the Generative AI Market globally include IBM Corporation, Google LLC, Amazon Web Services, Adobe, Microsoft Corporation, Rephrase.ai, Meta, Genie AI Ltd., MOSTLY AI Inc., NVIDIA, Insilico Medicine, Open AI, Synthesia, Giphy, Lumen 5, and Others. These companies are among the top contenders and have a strong foothold on the market at the global scale.

Exploring the Segmentation of the Global Generative AI Market

• 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, BFSI, Healthcare, IT & Telecom, and Others (Automotive & Transportation, Gaming, etc.))
• By Region (North America, South America, Europe, the Middle East & Africa, and Asia-Pacific)

The Media & Entertainment sector has an upper hand with a substantial share of the Global Generative AI Market and is likely to continue the trend during the forecast period. The incessant use of generative AI to make enhanced advertisement campaigns & the adoption of generative AI across applications, including image & video creation, virtual environments, special effects, etc., have increased the demand for generative AI in the media & entertainment sector.

North America holds the highest share of the Global Generative AI Market given the prevalence of several factors such as an increase in the cases of banking fraud & the escalated mandate for pseudo-imagination & medical care in the region. Moreover, the generative AI market in North America is expected to boost even further owing to the existence of several organizations with developed technology & major companies such as Microsoft, Google LLC, Meta, etc., along with a well-developed academic & research infrastructure.