Generative AI Market Innovations, Technology Growth, Regional Developments and Research -2028

According to a research report "Generative AI Market by Offering (Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LAMBDA)), Services), Application (Computer Vision, Synthetic Data Generation (Medical Imaging, Cybersecurity)), Vertical and Region - Global Forecast to 2028" published by MarketsandMarkets, the generative AI market is projected to grow from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, at a compound annual growth rate (CAGR) of 35.6% during the forecast period. The generative AI market is expected to grow at a significant rate during the forecast period, owing to various business drivers like the innovation of cloud storage enabling easy access to data and evolution of AI and deep learning. Furthermore, the rise in the era of content creation and creative applications drive market growth.

By offering, Services to register for the highest CAGR during the forecast period

The scope of the services segment comprises professional and managed services. Services are essential to the generative AI software life cycle, including product upgradation, maintenance, training, and consulting. In the era of the digital economy, enterprises are evolving and demanding new ways to improve their RoI and business optimization. Vendors offer various services in the generative AI market, such as support, maintenance, and consulting, to execute and manage the generative AI solution life cycle.

By application, Natural Language Processing to register for the highest market size during the forecast period

Generative AI is a subset of artificial intelligence (AI) that is used in natural language processing (NLP) to create new text that is similar to human-generated text. Generative models can be used for tasks such as machine translation, text summarization, question answering, and more. In natural language processing, generative models are often used to generate text based on a given prompt or context. These models use complex algorithms and deep learning techniques to analyze large amounts of language data and learn patterns and structures of language. RNN (recurrent neural network) and transformer generative models are mainly used in NLP to generate more relevant and coherent text. Generative AI plays a critical role in natural language processing by enabling machines to generate human-like text that is easy to understand, relevant, and grammatically correct.

Generative AI Market Regional Analysis:

Avatars in social media feeds and the prevalence of text-to-image tools have helped generative AI gained public attention in APAC. Numerous tech startups in the region are working around generative AI models. The region is projected to be over USD 22 billion market by 2028 in terms of Generative AI revenue.

Japanese pharma companies are experts in wet lab research, and are eyeing on taking advantage of high-performance computing and generative AI on a large scale. Mitsui & Co., Ltd. and NVIDIA have collaborated on Tokyo-1, an initiative to introduce high-resolution molecular dynamics simulations and generative AI models for drug discovery

South Korea hopes to be a key player in fulfilling the new global demand for next-generation generative AI chips. The country’s Ministry of Science and ICT said it would earmark USD 642.5 million through 2030 to invest in companies working on advanced generative AI hardware

Singapore has been making steady progress in the development and advancement of generative AI technology. The country aims to It aims to replace legacy technologies with generative AI powered geospatial data, sustainability validation, and city scoring, making design faster, better, and more cost-efficient

Australia & New Zealand (ANZ) have made moves in exploring generative AI’s potential more broadly, including investing USD 50 million into property, media, and technology company View Media Group, which offers AI property technology solutions.

Top Key Companies in Generative AI Market:

Some major players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US). Some startups include Paige.AI (US), Riffusion (US), Play.ht (India), Speechify (US), Media.io (France), Midjourney (US), FireFlies (US), Brandmark.io (Netherlands), Morphis Technologies (Portugal).

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