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The Global Generative AI Market size was valued USD 14.9 billion by 2023 and is further anticipated to reach USD 266.0 billion by 2032 according to Dimension Market Research.
The group said the market is anticipated to register a CAGR of 37.8 percent from 2024 to 2032.
Generative AI is a versatile tool that allows the rapid creation of diverse content from inputs like text, images, and sounds. Using neural networks to identify patterns, it can learn from unlabeled data, supporting the construction of foundational models for diverse AI tasks.
In a release, the group noted:
Categorized by technology, the market contains Generative Adversarial Networks (GANs), transformers, variational auto-encoders, & diffusion networks. Transformers claimed the largest revenue share in 2023, driven by their versatile applications, like text-to-image conversion highlighted by DALL-E, & the human-like text generation capability of GPT-3 from OpenAI, useful for tasks like composing poetry & emails.
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Natural Language Processing (NLP) application leads the market in 2023, holding a substantial share and is expected to grow significantly, as it is a vital tool in generative AI, and is used for tasks like text & speech creation. Advances in deep learning, displayed by models like Recurrent Neural Networks (RNNs), BERT from Google AI Language, & OpenAI's GPT-3, markedly improved the accuracy & effectiveness of NLP-based generative AI applications, contributing to significant growth in this domain.
Important Insights
-The Generative AI market is expected to grow by USD 251.1 billion by 2032 from 2024 with a CAGR of 37.8 percent.
-The software sector commands total revenue in 2023 and is set to maintain dominance, driven by concerns about fraud, AI capabilities, unexpected outcomes, & enhanced data privacy focus.
-Transformers dominated revenue in 2023, powered by versatile applications like DALL-E's text-to-image conversion & GPT-3's human-like text generation, assisting in tasks like composing poetry & emails.
-Natural Language Processing (NLP) dominated the market in 2023, vital in generative AI for tasks like text & speech creation. Advances in deep learning, seen in models like RNNs, BERT, and GPT-3, significantly enhance NLP-based generative AI, fostering substantial growth.
-North America dominated the generative AI...