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Dublin, Oct. 19, 2023 (GLOBE NEWSWIRE) — The “Generative AI Market Size, Share & Trends Analysis Report By Component (Software, Service), By Application (Computer Vision, NLP), By End-use (BFSI, Healthcare), By Model, By Technology, By Region, And Segment Forecasts, 2023 – 2030” report has been added to ResearchAndMarkets.com’s offering.

The global generative AI market is poised for significant growth, with a projected market size of USD 109.37 billion by 2030 and an expected compound annual growth rate (CAGR) of 35.6% from 2023 to 2030.

Several key factors are driving this growth:

  1. Evolution of AI and Deep Learning: Advancements in artificial intelligence (AI) and deep learning technologies are contributing to the growth of the generative AI market. These technologies are enabling innovative applications and content creation.

  2. Rise of Creative Applications and Content Creation: Generative AI is empowering creative applications and content creation across various industries. This trend is enhancing productivity and fostering innovation.

  3. AI-Powered Gaming: The introduction of AI-powered gaming with high-level visuals, graphics, interactivity, and realism is boosting the generative AI market.

  4. Innovation in Cloud Storage: Innovations in cloud storage solutions are allowing easy data access and supporting generative AI applications.

  5. Positive Impact of COVID-19: The COVID-19 pandemic accelerated the adoption of machine learning and AI, benefiting significant market players such as Microsoft, IBM, Google, and Amazon Web Services.

Key Market Highlights:

  • Software Segment: The software segment holds the highest revenue share (64.8%) in 2022 and is expected to retain its position. Generative AI-based software offers benefits such as improved image resolution, reduced conversion time, enhanced performance, and quick availability of output.

  • Transformers Technology: Transformers dominate the market with a 41.5% share in 2022. The diffusion networks segment is expected to grow at the fastest CAGR of 38.1% over the forecast period.

  • Media & Entertainment: The media & entertainment segment accounted for the highest revenue share (22.7%) in 2022. Generative AI is increasingly adopted for better advertisement campaigns and digital platforms, driving demand in this sector.

  • Regional Growth: North America leads the market with a 40.2% share in 2022 and is expected to grow at a CAGR of 35.6%. Asia-Pacific is projected to grow at the highest CAGR (over 36.5%) due to developing technology infrastructure and government initiatives.

Key Players in the Market:

The generative AI market is characterized by dynamic growth, driven by the convergence of advanced technologies and creative applications. This report offers a comprehensive understanding of current and emerging trends in the generative AI market, making it a valuable resource for organizations aiming to harness the potential of generative AI and stay ahead of the competition.

For more information about this report visit https://www.researchandmarkets.com/r/qv9645

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