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 Market Size

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

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

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