The generative AI market is anticipated to experience significant growth soon, driven by its continuously widening applications across different business areas, enhancement of deep learning technologies, and the surge of personalized demand.
Nonetheless, such barriers as ethical considerations and data constraints can stumble this growth course. Two trends are expected to impact the market’s future significantly: the fusion of generative AI with up-and-coming technologies like blockchain and the development of ethical AI practices.
As per the research of Dimensions whereas the Global Generative AI Market amassed a valuation of USD 14.9 billion in 2023 its growth is predicted by 2032 at USD 266.0 billion by, says Dimension Market Research. This implies we are expecting a Compound Annual Growth Rate(CAGR) of 37.8% in the 2024-2032 period, starting on a high note.
Generative AI, a powerful functionality, is an outstanding tool that helps to quickly create a wide range of different content of all kinds like text, images, or sounds based on the inputs.
Developments of encoder-decoder-based transformer models develop generative AI and empower the creation of text, images, and music. Concurrently, there’s a no-holds-barred push in the direction of creating responsible and ethical AI options as well as using generative AI for environment and climate action.
In addition to all this, the combination of generative AI with blockchain technology will crystalize the development of new possibilities for content creators as well as go after issues such as ownership and copyright.
The usage of neural networks as a means of identifying patterns allows discovery from unlabeled data and therefore serves as a basis for the development of fundamental models of AI tasks with a wide range of possibilities.
The Global Generative AI in Automation Market size is estimated to have a value of USD 1.5 billion in 2024 and is expected to reach USD 5.2 billion by the end of 2033.
Major participants in the generative AI market, for example, Microsoft, IBM, and Autodesk make efforts to provide automation, process enhancement, and decision-making solutions.
Tech industry partners are increasing in collaboration and they are doing this collectively towards the advancement of AI and automation. These firms are technology service providers with all-inclusive AI platforms and tools that help to address automation requirements across different industries.
