The Generative AI market was valued at $1.75 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 79.96% to reach a value of US$ 33.03 billion by 2027. Generative AI platforms use machine learning algorithms to generate content such as images, videos, text, or music. These platforms typically use deep learning techniques such as neural networks for generating new content based on patterns learned from existing data.
Emerging Generative AI platforms including OpenAI’s ChatGPT, Google Bard, and Llama 2 from Meta, among others can also learn from user feedback and incorporate it to refine the final output. Enterprises have been using these platforms and aggressively experimenting on evaluating best-fit use cases for their respective industries. The Generative AI market research report offers revenue opportunity forecasts spanning 52 geographical markets, 6 regions, and 22 verticals from 2022 to 2027.
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Generative AI Market FAQs
The global Generative AI market size was estimated at US$ 1.75 billion in 2022
The global Generative AI market is expected to grow at a compound annual growth rate of 79.96%.
The Information Technology (IT) vertical dominated the Generative AI market share in 2022.
North America region held the largest Generative AI market share in 2022.
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Generative AI Market Highlights
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Generative AI Market Scope
Generative AI Regional Outlook ($Billion, 2022-2027)
Generative AI Sector Outlook ($Billion, 2022-2027)
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