Global Generative AI in Business Market By Component (Service and Software), By System Type (Text Type and Multimedia Models), By End Use, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Nov. 2023
- Report ID: 98931
- Number of Pages: 266
- Format:
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Report Overview
The global Generative AI in Business Market size was valued at USD 1.2 billion in 2022 and is expected to grow at a CAGR of 33.5% during the forecast period of 2023-2032. It is predicted to reach USD 20.9 billion by 2032.
Generative AI is a set of algorithms capable of generating realistic content such as images, audio, and text for training the data. The generative AI algorithm is made of models that are trained on large quantities of data in a self-monitoring technique to recognize essential patterns for a wide range of tasks. Business market data refers to information gathered and analyzed on the current state of an industry or market, such as customer preferences, market trends, competitor analysis, or any other relevant insights. Businesses use this data to make informed decisions, develop successful marketing strategies, and remain competitive in the market.
Note: Actual Numbers Might Vary In The Final Report
The rising usage of generative AI has the ability to evolve the business. This technology allows for the creation of content with the help of learning from existing data. It has the ability to change industries and transform the way companies work. Machines are now able to create new things such as poetry, write code, and stories, and design 3D products, along with images and videos with little to no human help.
The use of generative AI models in the business market is rapidly growing, with foundation models like GPT-3 and original content creation being at the forefront. Variational Auto-Encoders are being utilized for image and video conversion, while generative models are being developed for various business models. The integration of generative AI models, particularly image and language models, is revolutionizing the way businesses approach content creation and marketing strategies.
Key Takeaways
- The global Generative AI in Business Market was valued at USD 1.2 billion in 2022 and is projected to grow at a CAGR of 33.5% to reach USD 20.9 billion by 2032.
- Generative AI refers to algorithms capable of creating realistic content like images, audio, and text. It has the potential to revolutionize industries by facilitating content creation, code writing, and product design with minimal human intervention.
- The market is primarily driven by the increasing demand for advanced manufacturing, the need for data privacy, and the rising adoption of generative AI for content creation and marketing strategies.
- The software segment dominates the market, accounting for 70% of the revenue share in 2022. This growth is attributed to concerns regarding data privacy, false activities, and unexpected outcomes.
- Text models such as GPT-3, LaMDA, and LLaMA currently lead the system type segment, enabling high-quality text generation, language translation, and open-ended conversations. Multimodal models, including GPT-4, DALL-E, Stable Diffusion, and Progen, are expected to see significant demand in the upcoming period.
- Generative AI aids small businesses in streamlining operations and marketing, facilitating cost-effective content development, and enabling precise customer targeting.
- North America leads the market, accounting for 37% of the revenue share, while the Asia Pacific region is projected to experience the fastest CAGR during the forecast period due to the increasing adoption of AI-based solutions.
- Key players in the market include Open AI, Microsoft Corporation, Google LLC, Genie AI Ltd., IBM Corporation, MOSTLY AI Inc., Veesual AI, Adobe Inc., Synthesis AI, Paige.AI, and Rephrase.ai, among others.
- Major trends driving market growth include the use of generative AI in the IT sector, healthcare, media, entertainment, and the BFSI industry. Additionally, increased investments in R&D and technological advancements contribute to the market’s expansion.
Drivers
Generative AI in business can convert computer-generated voice into sounds like absolutely human. For Instance, Synthesis is one of the major and crucial AI text-to-speech generators. This platform is leading from the front for developing algorithms of videos text-to-voice and applicable in advertising.
The rising request for advanced manufacturing with critical designs as well as the need to decrease the size while improving performance, is registered to propel this market growth. It drives the automotive market manufacturers to raise R&D investments and use a generative design that fuels this market growth.
Restraints
Lack of skilled Personnel
When generative AI allows machines to generate new content efficiently, that is also a limitation. The use of generative AI in business is still in its early stages, requiring an expert workforce and huge investments for implementation.
Component Analysis
Software Segment Dominates Over the Service Segment in Global Generative AI in Business Market.
Based on components, the market is divided into software and services. The software segment recorded as the largest revenue share of 70% in 2022 is expected to dominate the market over the forecast period. The growth of the software segment can be registered to factors like growing false activities, unexpected outcomes, overestimation of capabilities, and rising concerns about data privacy.
In addition, the service segment is expected to register the fastest-growing CAGR during the forecast period. The increase in growth of the segment can be registered to the growing concerns over the privacy of data, trading prediction, fraud detection, and risk modeling.
System Type Analysis
Text model Segment Leads in the System Type of Global Generative AI in the Business Market.
Based on system type, global generative AI in the Business market is classified into text models and multimodal models. Among these models, the text model leads over the multimodal models by the presence of various text models like GPT-3, LaMDA, and LLaMA.
GPT-3 is used to generate high-quality text. It can generate text according to various summarizations, language translations, and questions. While LaMDA is a little bit similar to GPT-3 but it takes more suggestions into account in open-ended conversations. LLaMA is used to generate text with upgraded features but with low parameters. All these models are helping the text models to drive the growth of the system-type segment in global generative AI in the business market.
Multimodal models are expected to register a significant demand due to the presence of models like GPT-4, Stable Diffusion, DALL-E, and Progen. GPT-4 is multimodal, which helps to generate the text by processing the image into text or text into text. It is helping the multimodal segment to grow significantly in the upcoming period.
Note: Actual Numbers Might Vary In The Final Report
End-Use Analysis
Generative AI boosts small business operations & marketing, develops content quickly & cheaply, targets customers precisely.
Small businesses can benefit from a number of advantages provided by generative AI technology in terms of operations and marketing. It can assist teams to start jobs more accurately and expeditiously while minimizing errors during the content creation process.
Small firms can quickly and cheaply develop material using generative AI, such as blogs, package designs, computer code, and even hypotheses concerning production failures. It’s crucial to consider several factors that may impact productivity and profitability while managing a successful firm. Understanding customer patterns, competitive elements like pricing points or features, operational expenses, and production costs are all part of this.
Small business owners can better understand how many factors, such as geography and client preferences, may affect their operations with the aid of generative AI. It provides effective tools that firms can use to uncover patterns specific to their sector or line of business in order to streamline operations and spot chances for innovation more quickly than with manual techniques.
It is a potent tool that helps small businesses target customers more precisely with pertinent offers while saving money on ineffective marketing initiatives. It can assist lower expenses, boost efficiency, and offer insightful information on how various factors may affect business operations.
Key Market Segments
Based on Component
- Service
- Software
Based on System Type
- Text Models
- GPT-3
- LaMDA
- LLaMA
- Multimodal Models
- GPT-4
- DALL-E
- Stable Diffusion
- Progen
Based on End-Use
- BFSI
- Manufacturing
- Customer Support
- Content Writing
- IT & Telecommunication
- Healthcare
- Automotive & Transportation
- Retail Industry
- Other End Uses
Opportunity
Investment in R&D and technological advancement
The market key players, such as Microsoft and Apple, are increasing their investments in R&D. In addition, key players are investigating the technologies such as Machine Learning (ML) and Artificial Intelligence (AI).
The AI service provider introduces an initiative focused on AI and ML, some advanced experiments, and working on generative AI planned in business. The market is expected to experience significant growth opportunities as various businesses are developing and experimenting with implanting generative AI in business with their products and services.
The global generative AI in business market is expected to be driven by an increase in the use of generative AI for developing the virtual world in the Metaverse. In addition, the growing demand trend for digital artwork using text descriptions will be driven by market growth.
Trends
The significant growth in the IT sector with increasing usage of artificial intelligence integrated systems over various verticals for increasing productivity and sharpness is primarily propelling the global generative AI in business market. In addition, the global adoption of generative AI in content writing, media & entertainment, IT & telecommunication for smart processing of poor-resolution images and videos is also creating market growth.
The growing demand for generative AI in healthcare business for the interpretation of various products, including organic molecules and prosthetic limbs from basics using 3D printing solutions, which creating positive demand in the market. The technology also accelerates the early detection of malignancies and facilitates drug discovery procedures.
In addition, the growing popularity of generative AI in business assist of chatbots in holding efficient conversations and boosting customer satisfaction leading to market growth. The rising perception of generative AI among the BFSI industry for synthetic data generation, fraud detection, trading prediction, and risk factor modeling is driving the market growth.
Regional Analysis
North America leads the generative AI in business market by accounting for a major revenue share of 37%. The growth of the North American region is due to the presence of many major key players in countries like the United States and Canada. Increasing adoption of generative AI in business by various businesses in the region is upsurging the growth of the generative AI in business market in the North America region
Asia Pacific is anticipated to grow at the fastest CAGR during the forecast period. The growth of the Asia Pacific region is attributed to the rising demand for AI-based solutions in the region. Many businesses are adopting generative AI in business, which is fueling the growth of generative AI in business market of the region.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
The generative AI in business market is fragmented into many companies. Key players in the generative AI in business market are focusing on different strategies to expand their market share across various regions. Strategies like collaboration, partnership, merging, and acquisition are adopted by the companies.
Market Key Players
Listed below are some of the most prominent generative AI in business industry players.
- Open AI
- Microsoft Corporation
- Google LLC
- Genie AI Ltd.
- IBM Corporation
- MOSTLY AI Inc.
- Veesual AI
- Adobe Inc.
- Synthesis AI
- Paige.AI
- Rephrase.ai
- Other Key Players
Recent Developments
- March 14, 2023- The startup OpenAI on Tuesday said it is beginning to release a powerful artificial intelligence model known as GPT-4, setting the stage for human-like technology to proliferate and more competition between its backer Microsoft Corp (MSFT.O) and Alphabet Inc’s (GOOGL.O) Google.
- March 2023 – Microsoft, outpacing peers through investments in ChatGPT’s creator OpenAI, also showcased a new “business chat” experience that can pull data and perform tasks across applications on a user’s written command.
Report Scope
Report Features Description Market Value (2022) US$ 1.2 Bn Forecast Revenue (2032) US$ 20.9 Bn CAGR (2023-2032) 33.5% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered Based on Component – Service, Software, Based on System Type – Text Models (GPT-3, LaMDA, LLaMA), Multimodal Models (GPT-4, DALL-E, Stable Diffusion, Progen) Based on End Use – BFSI, Manufacturing, Customer Support, Content Writing, IT & Telecommunication, Healthcare, Automotive & Transportation, Retail Industry, and Other End Uses Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Open AI, Microsoft Corporation, Google LLC, Genie AI Ltd., IBM Corporation, MOSTLY AI Inc., Veesual AI, Adobe Inc., Synthesis AI, Paige.AI, Rephrase.ai, and Other Key Players Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for: Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the global generative AI in business market size?The global generative AI in business market size was valued at US$ 1.2 billion in 2022 and is expected to grow at a CAGR of 33.5% during the forecast period of 2023-2032. It is predicted to reach USD 20.9 Mn by 2032.
What are the drivers of the generative AI in business market?Generative AI in business has the ability to convert computer-generated voice into human-like sounds, which is a major driver for the technology. In addition, there is a rising demand for advanced manufacturing with critical designs, along with the need to increase R&D investments and use generative design.
How has COVID-19 impacted the generative AI market?The pandemic has forced businesses to shift towards digitalization, and many companies adopted generative AI for business during the outbreak due to its benefits. This has boosted the generative AI in business market significantly throughout the forecast period.
What is the dominant component in the generative AI in business market?The software segment is the dominant component in the generative AI in business market, accounting for 70% of the revenue share in 2022.
Which system type leads in the generative AI in business market?Text models lead in the generative AI in business market due to the presence of various text models like GPT-3, LaMDA, and LLaMA.
What are some of the end-uses of generative AI in the business market?Generative AI in the business market can be used in various industries such as BFSI, manufacturing, customer support, content writing, IT and telecommunication, healthcare, automotive and transportation, retail, and others.
Who are the key players in the generative AI business market?Some of the key players in the generative AI business market include Open AI, Microsoft Corporation, Google LLC, Genie AI Ltd., IBM Corporation, MOSTLY AI Inc., Veesual AI, Adobe Inc., Synthesis AI, Paige.AI, Rephrase.ai, and others.
Generative AI in Business MarketPublished date: Nov. 2023add_shopping_cartBuy Now get_appDownload Sample - Open AI
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