The Generative AI Market is anticipated to experience substantial expansion, ascending from a value of USD 20.9 billion in 2024 to a substantial worth of USD 136.7 billion by the year 2030. This growth trajectory reflects a robust compound annual growth rate (CAGR) of 36.7% over the forecast period, according to a new report by MarketsandMarkets™. The surge in the Generative AI Market is poised to be driven by a confluence of influential factors within the business landscape. Notably, evolution of cloud storage technology simplifying data accessibility, coupled with the emergence of AI and deep learning technologies changing the landscape, stands out as significant contributors to this trend. Additionally, the upswing in content generation and the growing demand for innovative creative applications are playing a pivotal role in propelling the upward trajectory of this market.
Deep learning software type is projected to hold the largest market share in the Generative AI Market during the forecast period due to its unparalleled ability to manage complex and unstructured data. Deep learning algorithms, such as Generative Adversarial Networks (GANs) and Variational Autoencoders (VAEs), are at the forefront of generating realistic and diverse content, from images to text and audio. One notable trend related to deep learning software in this market is the increasing adoption of pre-trained models and transfer learning techniques, which enable faster deployment and customization of generative AI solutions for specific use cases. This trend streamlines the development process and reduces the need for extensive data labeling, making deep learning software more accessible and attractive to a wider range of industries and applications.
Video data modality in the Generative AI Market is poised for the fastest growth rate during the forecast period due to the increasing popularity of video content across industries. Businesses are leveraging videos for marketing, customer engagement, training, and entertainment purposes, creating a massive demand for AI tools that can analyze and generate video content. Trends indicate a shift towards multi-modal generative AI, where systems can process not just text but also images, audio, and video. This trend is driving the development of AI models capable of understanding, editing, and even generating videos, enabling applications such as video synthesis, deepfake detection, and personalized video content creation. The rise of video-centric social media platforms and the integration of AI-driven video analysis into security and surveillance systems are further propelling the growth of the video data modality within the Generative AI Market.
By region, North America accounts for the largest market during forecast period. The region boasts a robust ecosystem of technology companies, research institutions, and AI startups, fostering innovation and adoption of generative AI across industries. Additionally, North America leads in AI research and development, with major players like Google, Microsoft, and IBM investing heavily in generative AI technologies. Moreover, the region’s advanced infrastructure, favorable government initiatives, and early adoption of AI in sectors such as healthcare, finance, and automotive contribute to its market dominance. Contemporary trends in North America include the increasing use of generative AI in content creation, virtual assistants, and creative applications, driving further market growth and solidifying its position as a frontrunner in the global generative AI landscape.
The major players in the Generative AI Market include Microsoft (US), OpenAI (US), Google (US), AWS (US), Adobe (US) along with startups such as Anthropic (US), Paige.AI (US), Midjourney (US), Jasper (US) and Synthesia (UK).】
The Generative AI market is setting the pace for a revolutionary leap in technological growth and market expansion. With a predicted market worth of $136.7 billion by 2030, it showcases a dramatic shift from its 2024 valuation of $20.9 billion. This meteoric rise is fueled by the ever-evolving cloud storage technology and the advent of AI and deep learning technologies. As the landscape of digital content generation demands more innovative and creative applications, Generative AI is at the forefront, delivering diverse and realistic content across multiple domains.
Deep learning software, with its unparalleled ability to process complex and unstructured data, is expected to dominate the market share. The escalating adoption of pre-trained models and transfer learning techniques is enhancing the deployment and customization of generative AI solutions, thus streamlining development processes and broadening industry accessibility.
The video data modality, spearheading the fastest growth rate, is capitalizing on the burgeoning popularity of video content. The advent of multi-modal generative AI, capable of processing text, images, audio, and video, is revolutionizing the way businesses engage with their audience through marketing and entertainment.
North America is poised to lead the global market, with a solid foundation of technology companies, AI startups, and research institutions. The region’s proactive investment in AI research and development, coupled with its advanced infrastructure and supportive governmental policies, is nurturing the use of generative AI in various sectors, including healthcare, finance, and automotive.
Key market players such as Microsoft, OpenAI, Google, AWS, and Adobe, in conjunction with emerging startups like Anthropic, Paige.AI, Midjourney, Jasper, and Synthesia, are driving this market growth, signaling a new era of technological innovation and creative possibilities.