Latest News- Generative Artificial Intelligence (AI) Market: Software is expected to lead the Component segment during 2025-2029

The Generative Artificial Intelligence (AI) Market is being driven by Increasing demand for AI-generated content

The Generative Artificial Intelligence (AI) Market is expected to grow at a CAGR of 59.4% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 185820.2 million. The generative AI market has experienced a notable surge in the implementation of Large Language Models (LLMs). These advanced models employ deep learning methods to generate natural language text indistinguishable from human speech. Businesses can leverage these models to automate and enhance numerous processes, including customer service, content creation, and data analysis. OpenAI's GPT-3, a renowned language model, is a prime example of this technology's potential. It generates human-like text, enabling companies to automate content creation, such as product descriptions, news articles, and social media posts. By integrating generative AI, businesses can streamline operations, enhance productivity, and deliver superior customer experiences. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Component
  • Software
  • Services
• Technology
  • Transformers
  • Generative adversarial networks (GANs)
  • Variational autoencoder (VAE)
  • Diffusion networks
• Application
  • Computer Vision
  • NLP
  • Robotics & Automation
  • Content Generation
  • Chatbots & Intelligent Virtual Assistants
  • Predictive Analytics
  • Others
• Geography
  • North America
    • Canada
    • US
  • APAC
    • China
    • India
    • Japan
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Increasing demand for AI-generated content
• Increasing adoption of generative AI in various industries
• Emergence of fully autonomous generative AI solutions

However, the market also witnesses some limitations, which are as follows:

• Lack of quality data
• High level of technical expertise required to develop and operate generative AI solutions
• Concerns around ethical implications of generative AI

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Market Scope in Generative Artificial Intelligence (AI) Market Research Report

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Research Analysis Overview

The Generative Artificial Intelligence (AI) market encompasses advanced AI technologies, including Natural Language Processing (NLP) and Computer Vision, powered by Generative Adversarial Networks (GANs). Digitization fuels the demand for AI-driven solutions in various sectors, such as Entertainment and Healthcare. Advanced algorithms, like neural networks, deep learning, probabilistic modeling, iterative training techniques, Recurrent Neural Networks (RNNs), Convolutional Neural Networks (CNNs), and GPT series, are at the core of Generative AI. Machine learning simulations, videos, and artificial intelligence applications create patterns in virtual worlds and the metaverse. IT professionals leverage Text and other data to develop standard AI systems and harness the potential of Generative AI.

Market Research Overview

The Generative Artificial Intelligence (AI) market is a significant segment within the broader IT services industry. This market encompasses companies specializing in AI technologies such as Natural Language Processing (NLP), Computer Vision, and Generative Adversarial Networks (GANs). These firms offer AI-driven solutions in various sectors, including Healthcare, where Transformer models and multimodal data processing are pivotal for text, image, video, audio analysis, and generation. AI accelerators, text generation capabilities, summarization, personalized content, document generation, and model architectures are essential components of this market. Neuro-symbolic approaches further enhance AI's capabilities, ensuring businesses can leverage AI for diverse applications. The market size is determined by the combined revenue of these companies providing generative AI services and infrastructure. This market scope includes IT security services, cloud computing services, and infrastructure services for the Internet industry, excluding software product providers.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/