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Generative AI Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

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Generative AI Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028

April 20
05:14 2023
Generative AI Market Growth, Opportunities Business Scenario, Share, Growth Size, Scope, Key Segments and Forecast to 2028
Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US). Some startups include Paige.AI (US), Riffusion (US), (India), Speechify (US), (France), Midjourney (US), FireFlies (US), (Netherlands), Morphis Technologies (Portugal).
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

The global generative AI market is projected to register a CAGR of 35.6% during the forecast period, reaching USD 51.8 billion by 2028 from an estimated USD 11.3 billion in 2023. Major drivers for the market include the innovation of cloud storage enabling easy access to data, evolution of AI and deep learning, and rise in the era of content creation and creative applications.

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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.

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Some leading players in the generative AI market include Microsoft (US), IBM (US), Google (US), AWS (US), META (US), Adobe (US), OpenAI (US) and Insilico Medicine (Hong Kong). These players have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to expand their presence in the generative AI market.

Focused on generative AI, OpenAI is the creator of GPT, Dall-E, and ChatGPT. The company was founded in 2015 and is based in San Francisco, California. Its generative pre-trained transformer (GPT) products offer a large language model (LLM) that uses deep learning to produce human-like text. In 2020, it introduced GPT-3, a language model trained on trillions of words from the internet, and it announced that an API called “the API” would form the basis of its first commercial product. GPT-3 is used for natural language processing and can also translate between languages and generate text. In 2021, OpenAl introduced DALL-E, and in 2022, it released a preview of ChatGPT, which is a conversational Al system. DALL-E 2, released in 2022, can generate more realistic and accurate images with 4 times the resolution of the original DALL-E.

Microsoft caters to a wide range of verticals, including finance and insurance, manufacturing and retail, media and entertainment, public sector, healthcare, and IT and telecommunications. In November 2020, the company pledged a USD 50 million investment in AI for Earth to accelerate innovation. As the company continues to bring rich AI capabilities directly into the data stack as large-scale models become powerful platforms. Microsoft exclusively licensed GPT-3, allowing to leverage its technical innovations to deliver advanced AI solutions for their customers, as well as create new solutions that harness the power of advanced natural language generation.

Google Cloud continues to build AI into numerous solutions that the customers can use to develop AI-powered applications — including processing documents, images, and translation — to understand and analyze data more efficiently, and to use packaged solutions for a variety of industries. In all these examples, AI significantly enhances the usefulness and multiplies the value of these products and services to people and organizations. Google has announced an ambitious new project to develop a single AI language model that supports the world’s “1,000 most spoken languages.” As a first step towards this goal, the company is unveiling an AI model trained on over 400 languages, which it describes as “the largest language coverage seen in a speech model today.” In February 2020, the company acquired Looker, a unified platform provider for business intelligence, data applications, and embedded analytics.

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