Meticulous Research® has released a new report titled ‘ Generative AI Market —Global Opportunity Analysis and Industry Forecast (2024–2031)’. The report highlights that the generative AI market is projected to grow at a CAGR of 32.6%, reaching a valuation of $133.9 billion by 2031.
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Key Drivers of Market Growth
The increasing demand for creative content, advancements in AI and deep learning technologies, and the growing adoption of generative AI in IT and telecom industries are significant factors propelling the market forward. Companies are emphasizing customer satisfaction, further boosting the demand for generative AI solutions. However, concerns about data privacy and security are potential constraints to growth.
Emerging Opportunities
The report identifies rising adoption of generative AI for productivity enhancement, the increasing use of large language models, and the growing need for automated business processes as major growth opportunities. The expanding use of generative AI in media and entertainment is also poised to drive market advancements. Despite these opportunities, the market faces challenges, such as a lack of understanding of generative AI solutions.
Segment Analysis
1.    By Offering:
The software segment is set to dominate, holding over 65.0% of the market share in 2024. Factors contributing to this include the demand for improved productivity, automation, and enhanced customer experiences. Businesses are increasingly relying on generative AI software to streamline operations and optimize processes.
2.    By Model:
The transformer model is anticipated to lead with a 47.0% market share in 2024. Its ability to handle complex data sequences, advancements in technology, and applications like text-to-image AI are key contributors. This segment’s focus on delivering contextually accurate and meaningful content strengthens its market position.
3.    By Data Modality:
The text segment is expected to capture over 32.0% of the market share in 2024. Advances in natural language processing, demand for text generation in personalized communication, and applications in fields like medical documentation and financial reporting drive this segment’s growth.
4.    By End User:
The IT and telecommunications sector is set to lead with a 23.0% market share in 2024. The growing need for personalized customer experiences, the use of AI-powered chatbots, and solutions to optimize network operations highlight this segment's dominance.
Regional Insights
North America is forecasted to maintain a dominant position with over 41.0% of the market share in 2024. The region benefits from the presence of leading generative AI players like NVIDIA, IBM, Amazon Web Services, and Intel. Additionally, the adoption of AI across retail, healthcare, and BFSI sectors bolsters the region's stronghold.
Key Market Players
Leading players driving the generative AI market include NVIDIA Corporation, IBM Corporation, Google LLC, Amazon Web Services, Capgemini SE, and Adobe Inc. Other notable players include Synthesia, Writesonic, Salesforce, D-ID, and Kyndryl Holdings.
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