Generative AI Market Poised for Growth, Expected to Exceed $521.51 Billion by 2031 | SkyQuest Technology

WESTFORD, Mass., June 26, 2024 /PRNewswire/ -- According to SkyQuest, the global Generative AI Market size was valued at USD 16.81 Billion in 2022 and is expected to grow from USD 24.62 Billion in 2023 to reach USD 521.51 Billion by 2031, at a CAGR of 46.45% during the forecast period (2024-2031). 

Generative AI is a type of artificial intelligence capable of creating different types of content through prompts from users. Generative AI models to create text, images, videos, audio, and other synthetic data are gaining massive popularity around the world. The rising abundance of digital data to train generative AI models and extensive utilization of deep learning and neural networks are also promoting the demand for generative AI. The global generative AI market is segmented into component, end-use, industry vertical, and region.

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Generative AI Market Overview: 

Segments covered in Generative AI Market are as follows:

• Component
  • Hardware, Services, and Software (On Premises, & Cloud)
• End-use
  • Technology and Communication, Automotive & Assembly, Financial Services, Healthcare, Business, Legal & Professional Services, Consumer Goods/ Retail, Others

• Application
  • Business Intelligence and Visualization, Content Management, Synthetic Data Management, Search and Discovery, Others

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Generative AI Software Takes Crown in Revenue Generation

Generative AI software is the key component that brings in the most revenue for market players. High investments in the development of new and advanced generative AI software to satisfy demand from multiple industry verticals are slated to bolster market growth via this sub-segment. The need for custom generative AI software from enterprises to empower creativity or automate processes will also help boost market growth. Meanwhile, the demand for generative AI services is also surging at a rapid pace. A high emphasis on maintaining data security and compliance with different regulations is projected to help the generative AI services sub-segment to propel market growth at a rapid pace.

From Content to Code, Generative AI Does it All

Content is king in this increasingly digital world, whether it be text, video, image, or audio. Generative AI is being extensively used to create content. Use of generative AI for general writing applications is peaking around the world, which is why this end-use holds a significant share of the global market. Image generation and video generation/editing are also estimated to emerge as popular end-uses of generative AI with the launch of models such as Sora and Dall-E.

As generative AI models continue to advance, they are also estimated to revolutionize the marketing industry by automating different SEO and marketing tasks. Coding and web development are also being automated through simple prompts in a generative AI model. The growing use of smart virtual assistants is also estimated to bolster the demand for generative AI with AI assistance capabilities.

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Generative AI Holds Potential to Revolutionize Multiple Industries

The IT and telecommunication industry is projected to witness widespread adoption of generative AI models. Increasing deployment of artificial intelligence by tech companies to streamline their resource utilization and high investments in AI adoption allow this sub-segment to hold sway over others. Meanwhile, the use of generative AI in the healthcare industry is also estimated to hold a prominent market share. The use of generative AI in diagnostic algorithms, AI-based imaging, and other digital healthcare solutions allows the generative AI market to be fostered through the healthcare sub-segment.

Other industries such as BFSI and manufacturing are also deploying generative AI models to automate their processes and provide better customer services. Use of generative AI models to create intelligence and smart virtual assistance for vehicle infotainment systems and autonomous vehicles will help the automotive and transportation sub-segment bolster market growth in the future.

The global generative AI market has immense untapped potential in almost all segments and sub-segments. Companies operating in the global generative AI industry need to introduce innovation to expand their market presence via all segments. Use of generative AI models for image and video generation is slated to pick up pace and create many new opportunities in the long term.

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