Global Generative AI in Marketing Market By Component (Service and Software), By System Type (Text Models and Multimodal Models), By Application (Text Generation, Image Generation, Video Generation, Music Generation, Search Engine Optimization (SEO), Other Application), By End-Use Industries, By Region and Companies – Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Oct. 2023
- Report ID: 98985
- Number of Pages: 302
The global Generative AI in Marketing market is valued at USD 2.4 billion in 2023. The overall demand for Generative AI in Marketing is expected to develop at an 28.6% CAGR over the forecast period from 2023 to 2033. Global sales of Generative AI in Marketing is anticipated to reach USD 22.2 billion by 2032.
Generative artificial intelligence (AI) is used in marketing to create engaging, relevant, and well-structured content for the specifically targeted audience. Generative AI helps marketing teams to create content that relates to their customers and audience by identifying patterns in customer behavior and analyzing the data. Many industries like automotive, BFSI, media and entertainment, IT and telecommunication, and healthcare are using generative AI for marketing for various applications. This wide use of generative AI for marketing in various industries is driving the growth of generative AI in the marketing market.
The use of generative AI is rising in the marketing sector due to its advantages and benefits like budget and time efficiency through technological advancements, targeted and personalized content for a specific audience, and developing innovations. By using generative AI, marketers are able to optimize time and increase the efficiency of the work. Also, create specialized content for specific audiences. This is boosting the growth of generative AI in the marketing market.
Note: Actual Numbers Might Vary In The Final Report
- Market Valuation and Growth Projection: The Generative AI in Marketing market was valued at USD 1.9 billion in 2022. It is expected to grow at a CAGR of 28.6% and reach USD 22.1 billion by 2032.
- Driving Factors: Innovative Marketing Solutions driven by Generative AI tools are leading market growth. The impact of chatbots on marketing, enhancing communication with customers and driving adoption of Generative AI.
- Restraining Factors: Concerns about biased and offensive data generated by Generative AI hinder market growth. Limitations in handling unconventional language and real-world understanding impact market expansion.
- The software segment dominates the market, while the text models segment leads in system types.
Applications Driving Growth:
- Text generation leads the applications segment, with a rising emphasis on SEO to optimize marketing content.
- End-User Industries: Media and Entertainment are the primary sectors utilizing Generative AI, particularly for image and video generation.
- Regional Dominance: North America holds a major revenue share (41.4%) in the Generative AI in Marketing market, followed by the Asia Pacific region.
- Key Players: Key companies such as Microsoft Corporation, IBM Corporation, Google LLC, and Amazon Web Services are driving market growth through collaborations and mergers.
- Growth Opportunities: Continued development in Generative AI presents lucrative opportunities, emphasizing its collaboration with professional communicators for enhanced efficiency.
- Trending Application: Image generation for marketing purposes through Generative AI is a significant trend, driving market growth.
Innovative Marketing Solutions from Generative AI tools are Driving the Growth of Generative AI in the Marketing Market.
Generative AI is revolutionizing marketing by offering engaging, relevant, and well-structured content for the specifically targeted audience in real-time. Industries can now reach a target audience in new and innovative ways, like product recommendations, by analyzing the behavior of customers and personalized advertisements. These services are inclining more and more industries to adopt generative AI in marketing by driving the growth of generative AI in the marketing market.
The rising use of generative AI tools like a chatbot has a deep impact on marketing. Chatbot is helping industries to communicate with their customers by using its ability to analyze the input and provide a significant response for it. Due to this ability, many industries are leaning toward generative AI in marketing. This is propelling the growth of generative AI in the marketing market.
Biased and Offensive Data from Generative AI is Restricting the Market growth of Generative AI in the Marketing Market.
Generative AI in marketing is restricted by its limitations in some exceptional cases. Generative AI can provide data that is offensive or biased toward someone. This data is generated by the AI by processing the data it was trained on. Therefore, it can also produce offensive data. It is unable to respond to the data which is not in the proper manner or in unconventional language.
Generative AI is not able to respond to questions that require real-world understanding and common sense due to its limitations. These limitations are restricting the growth of generative AI in the marketing market. Moreover, many companies and artists have filed cases and lawsuits against the companies offering generative AI solutions for their inappropriate and offensive data on respected companies and artists. Incidents like this are hindering the growth of generative AI in the marketing market.
By Component Analysis
Software Segment Dominates Over the Service Segment in Global Generative AI in Marketing Market.
The global generative AI in the marketing market is divided into service and software on the basis of components. From these components, the software segment leads the market by covering major revenue share in the market. It is anticipated to continue its domination throughout the forecast period. The rising demand for AI-based software for creative and innovative content in the market for marketing purposes is driving the growth of this segment. However, the rising privacy concerns for generative AI in marketing are expected to help the service segment grow at the fastest rate over the forecast period.
By System Type Analysis
Text model Segment Leads in the System Type of Global Generative AI in Marketing Market.
Based on system type, global generative AI in the marketing 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 marketing market.
Multimodal models are also expected to show significant growth over the forecast period 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
By Application Analysis
The Rising Use of AI Tools for Text Generation is Driving the Growth of Text Generation in Generative AI in the Marketing Market.
Generative AI has various applications in marketing; some of them are Image generation, text generation, video generation, music generation, search engine optimization (SEO), and other application. Among these applications, text writing leads the segment by dominating other applications. The increasing use of generative AI for text generation in marketing is due to various factors like product description generation, script writing, and content creation.
Generative AI is used for these purposes in marketing to generate the data specified for targeted customers. With the rising use of AI tools like ChatGPT for generating text data, text generation is expected to drive the growth of generative AI in the marketing market.
Search engine optimization (SEO) is anticipated to grow significantly during the forecast period. It analyzes huge amounts of data, identifies patterns in customer behavior, and helps marketers by suggesting the high-performing keywords, phrases, and most relevant data for marketing purposes. This is boosting the growth of search engine optimization (SEO) in the generative AI in the marketing market.
By End-User Analysis
Images and Video Generation in Media and Entertainment industry for Marketing are Boosting the Growth of Generative AI in the Marketing Market.
Generative AI is used in many industries for marketing. Some of the industries are Media and Entertainment, Automotive and Transportation, BFSI, IT & Telecommunications, BFSI, and other end-use industries. From these industries, generative AI for marketing is mostly used in the media and entertainment industry. Generative AI is mostly used in media for marketing by generating various images, music, videos, and texts.
Generative AI generates the expected data by processing the input given by the user and offers related data or solutions to it. The increasing use of video and music generation for marketing in the media and entertainment industry is driving the growth of generative AI in the marketing market.
After media and entertainment, generative AI is used in IT and telecommunications. Using generative AI for marketing is revolutionizing the IT and telecommunication industry by offering services like chatbots and text generation.
Key Market Segments
- Text Models
- Multimodal Models
- Stable Diffusion
- Text Generation
- Image Generation
- Video Generation
- Music Generation
- Search Engine Optimization (SEO)
- Other Application
- Media & Entertainment
- IT & Telecommunications
- Automotive & Transportation
- Other End-Use Industries
Continuously Developing Generative AI will Create Lucrative Opportunities in the Generative AI in Marketing Market.
Rather than thinking the Generative AI as a replacement for professional communicators, it is a tool that helps the professional communicator to work efficiently. By combining the data of generative AI and inputs from professional communicators, it is completing the work more efficiently and accurately than before. This is expected to create many opportunities in the generative AI in the marketing market by offering marketing solutions from professional communicators with the help of generative AI tools like ChatGPT. Many companies are continuously working on the development and upgradation of generative AI to make it more efficient and accurate than before. This will create lucrative opportunities in the generative AI in the marketing market.
The Ongoing Trend of Image Generation for Marketing Through Generative AI is Boosting the Growth of Generative AI in the marketing Market Growth.
The ongoing trend in generative AI in marketing for generating images and videos of specific products from the specific brand has shown many companies across various sectors are collaborating with the generative AI offering companies to generate AI-based images and videos of the products and services for promoting that product. For example, Heinz collaborated with Rethink to use their generative AI tool ‘DALL-E 2’ to generate the AI-based image of a ketchup bottle from Heinz. For this, Rethink has trained the AI tool with 100s of Heinz ketchup bottles to process and give the proper image of Heinz ketchup bottles. Trends like this are boosting the Growth of generative AI in the marketing market.
The North America Region Dominates the Market with Major Share in Account.
North America leads the generative AI in the marketing market by accounting for a major revenue share of 41.4%. 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 marketing by various businesses in the region is driving the growth of the generative AI in marketing market in the North American 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 marketing businesses are adopting generative AI in marketing, which is fueling the growth of generative AI in the marketing market of the region.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries
- North America
- The US
- Western Europe
- The UK
- Rest of Western Europe
- Eastern Europe
- The Czech Republic
- Rest of Eastern Europe
- South Korea
- Australia & New Zealand
- Rest of APAC
- Latin America
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- United Arab Emirates
- Rest of MEA
The generative AI in the marketing market is fragmented into many companies. Key players in the generative AI in the marketing 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.
Top Key Players in Generative AI in Marketing
- Microsoft Corporation
- IBM Corporation
- Google LLC
- Amazon Web Services. Inc.
- Adobe Inc.
- Synthesis AI
- Genie AI Ltd.
- MOSTLY AI Inc.
- Open AI
- Other Key Players
- In March 2023, Open AI launched the latest version of their AI service named GPT-4. GPT-4 allows to generation and editing the images, videos, music, and texts according to input.
- In March 2021, ALTAIR ENGINEERING. Inc launched the Thea Render V3.0. It is a 3D renderer that processes the unbiased graphic refining unit engines and state of art.
Report Features Description Market Value (2022) US$ 1.9 Bn Forecast Revenue (2032) US$ 22.1 Bn CAGR (2023-2032) 28.6% 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 By Component – Service, and Software; By System Type – Text Models, and Multimodal Models; By Application – Text generation, Video generation, Image generation, Music generation, Search Engine Optimization (SEO), and Other Application; By End-Use Industry – Media & Entertainment, Healthcare, IT & Telecommunications, Automotive & Transportation, BFSI, and other end-use industries. 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 Microsoft Corporation, IBM Corporation, Google LLC, Adobe Inc., Amazon Web Services. Inc., Rephrase.AI, Genie AI Ltd., Synthesis AI, MOSTLY AI Inc., Genie AI Ltd., Open AI, Paige.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 Generative AI in Marketing?
Generative AI in Marketing refers to the application of artificial intelligence technologies using algorithms for producing images, videos, and text in order to increase marketing campaign efficiency and effectiveness.How does Generative AI benefit marketing strategies?
Generative AI enhances marketing strategies by enabling the automatic creation of personalized and engaging content, facilitating A/B testing for improved campaign performance, and optimizing content generation processes to enhance customer engagement and conversion rates.What are the key applications of Generative AI in Marketing?
Generative AI finds application in various marketing activities, including content production, ad design, product visualization, personalized marketing campaigns, dynamic pricing strategies, customer segmentation strategies and customer segmentation - leading to improved customer experiences and higher marketing ROIs.What are the challenges faced by the adoption of Generative AI in Marketing?
Issues to consider in this area include gathering high-quality training data, assuring ethical use of AI-generated content in marketing campaigns, and eliminating potential biases when creating it. Generative AI also needs to integrate seamlessly into existing marketing workflows and platforms without disrupting workflow processes or platforms.How big is Generative AI in Marketing market?
The global Generative AI in Marketing market is valued at USD 2.4 billion in 2023. The overall demand for Generative AI in Marketing is expected to develop at an 28.6% CAGR over the forecast period from 2023 to 2033. Global sales of Generative AI in Marketing is anticipated to reach USD 22.2 billion by 2032.How is the future of the Generative AI in Marketing Market expected to evolve?
The market can expect further advancements in artificial intelligence-powered marketing automation, customer journey mapping and immersive marketing experiences powered by Generative AI as well as advancements in predictive analytics for targeted marketing strategies.
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