The global generative AI market size is expected to reach USD 200.73 billion by 2032, according to a new study by Polaris Market Research. The report “Generative AI Market Share, Size, Trends, Industry Analysis Report, By Component (Software and Services); By Technology; By End-Use; By Region; Segment Forecast, 2023 - 2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.
An increasing number of technologies like super-resolution, text-to-video conversion, and text-to-image conversion and growing proliferation for the modernization of workflow across several industries and mainly in BFSI and healthcare are key factors influencing the growth of the global market over the anticipated period.
In the last few decades, the IT sector has seen tremendous growth with the rapid adoption of AI-based systems across different verticals to enhance their productivity and agility. Also, the rising popularity of generative AI for assisting chat-bots to hold effective conversations & boosting the satisfaction of consumers is further likely to contribute positively to the growth of the market.
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Generative AI has capabilities to make use of unsupervised learning algorithms for effective spam detection and preprocessing of various data stages such as removing noise from visual data to improve the quality of pictures. Hence, various large market players are progressively focusing and investing in the development and introduction of new generative AI platforms and services, which is creating high growth opportunities for the market. For instance, in December 2022, Picsart launched its powerful new generative AI tools that create new objects & scenes in the images. It will serve as very crucial and helpful tools for marketers to place their products in different scenes.
Generative AI Market Report Highlights
Polaris Market Research has segmented the generative AI market report based on component, technology, end-use, and region:
Generative AI, Component Outlook (Revenue - USD Billion, 2018 - 2030)
Generative AI, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Generative AI, End-Use Outlook (Revenue - USD Billion, 2018 - 2030)
Generative AI, Regional Outlook (Revenue - USD Billion, 2018 - 2030)