Generative AI Market to Surpass USD 165.49 Billion by 2031 | SkyQuest Technology

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Apr 24, 2024, 10:01 ET

WESTFORD, Mass., April 24, 2024 /PRNewswire/ -- SkyQuest projects that the generative AI market will attain a value of USD 165.49 billion by 2031, with a CAGR of 32.8% during the forecast period (2024-2031). The global generative AI market is likely to experience phenomenal growth via neural network revolutions in deep learning and will witness applications in multiple fields such as diverse as healthcare, automotive, gaming, and media. And as the volume of big data grows and the need for new ways of deriving meaningful insights from it grows, more and more companies are adopting creative AI technologies to create new words, images and restructuring on their own.

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Browse in-depth TOC on "Generative AI Market"

Pages - 165
Tables - 100
Figures – 76

Generative AI Market Overview:

Report Coverage	Details
Market Revenue in 2023	$17.1 billion
Estimated Value by 2031	$165.49 billion
Growth Rate	Poised to grow at a CAGR of 32.8%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Component, Industry Verticals, End Users, and Region
Geographies Covered	North America, Europe, Asia Pacific, and the Rest of the world
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Integration of AI and Machine Learning
Key Market Drivers	Increasing Demand for Personalized Content

Software Segment to Dominate Due to Rise in Data Privacy Concerns

The software segment accounted for more than 65% of the global generative AI market share in 2022. Increase in fraudulent activities, coupled with overestimating capacity, and unexpected results and growing concerns about data privacy are all projected to boost the software sector. Key players in the software sector offer algorithms with intelligent WOM and machine learning solutions to stand out in the competition and generate high revenues for the overall market. Introducing original products to ever-changing corporate needs is also likely to add a boost to the market revenue generation rate. Such software systems offer organizations the opportunity to automate processes, break down creative barriers, explore new possibilities for company growth and positioning in the global generative AI market. Furthermore, the availability of technological advances and the expanding need for powerful equipment and systems are likely to bode well for the future growth of this section.

Service Sector Segment to Witness Rapid Expansion Owing to Growing Concern over Data Security

The service sector is expected to grow at a rapid pace of over 35% during the forecast period. The growth of this segment is attributed to the increasing concern over data security, fraud detection, business forecasting, and risk modeling. Additionally, service providers are also helping organizations address the ethical and legal issues arising from the use of genetic AI. Currently AI technologies are evolving rapidly with increasing awareness and high adoption by the service industry. With the increasing investment in AI adoption and a greater need for strategic partnerships between businesses, the need for generative AI and network services will help create lucrative growth opportunities soon.

North America Emerge Dominant Due to Increase in Fraudulent Bank Activities

North America dominated the global generative AI market with more than 41% market share and is expected to continue so due to high levels of bank and medical fraud activities. The presence in the generative AI sector is predicted to drive the market growth in the region.

However, Asia Pacific is expected to grow at the fastest growth rate of over 35% during the period. Growing government initiatives to incorporate AI in Asia Pacific, coupled with increasing adoption of AI-based services drive the market growth during the analyzed period in the region are supporting factors. In addition, governments in the region have a strategic approach to AI development that includes flexible policies, funding and strategic partnerships to create a platform for the market to grow. Furthermore, increased internet connectivity, smartphone usage and adoption of various digital channels which supports the growing number of AI-based applications, making the market a more attractive destination for market players.

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Generative AI Market Insights:

Drivers

Increasing Demand for Personalized Content
Advancements in AI Technology

Restraints

Data Privacy Concerns
Ethical and Bias Issues

Prominent Players in Generative AI Market

Microsoft Corporation
NVIDIA Corporation
Adobe Inc.
IBM Corporation
Autodesk Inc.
Unity Technologies
Altair Engineering Inc.
DeepMind Technologies Limited
Autodesk Inc.
Runway ML
Meta
Salesforce.com, Inc.

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Key Questions Answered in Generative AI Market Report

What specific growth drivers are projected to impact the market during the forecast period?
List the top companies in the market and explain how they have achieved their positions of influence.
In what ways do regional trends and patterns differ within the global market, and how do these differences shape the market's future growth?

This report provides the following insights:

Analysis of key drivers (increasing demand for personalized content, advancements in AI technology), restraints (data privacy concerns, ethical and bias issues), opportunities (integration of ai and machine learning, shift towards subscription-based models), influencing the growth of global generative AI Market.
Market Dynamics: Comprehensive information about the various products offered by the dominant players in the global Generative AI Market.
Product Development/Innovation: An overview of emerging trends, R&D activities and product launches in the Generative AI market.
Market Growth: Detailed information on profitable growing industries.
Market Trends: Complete information about new products, emerging geographical areas and recent developments in the market.
Competitive Analysis: An in-depth analysis of the market segments, growth strategies, revenue analysis, and products of the key market players.

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About Us:

SkyQuest is an IP focused Research and Investment Bank and Accelerator of Technology and assets. We provide access to technologies, markets and finance across sectors viz. Life Sciences, CleanTech, AgriTech, NanoTech and Information & Communication Technology.

We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization has expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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SkyQuest Technology
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