LONDON, Feb. 28, 2024 (GLOBE NEWSWIRE) -- As per The Business Research Company's Generative AI Global Market Report 2024, the Generative Artificial Intelligence (AI) market has experienced remarkable growth in recent years, driven by technological advancements and widespread integration across various digital platforms. The generative AI market is poised for exponential growth, with the market size projected to reach $18.1 billion in 2024, reflecting a compound annual growth rate (CAGR) of 32.7%. The generative AI market size is expected to see exponential growth in the next few years. It will grow to $57.96 billion in 2028 at a compound annual growth rate (CAGR) of 33.8%. This generative AI market growth is fueled by the increasing demand for interactive and captivating content across digital platforms.
Factor Driving Growth: Integration Across Digital Platforms
Generative AI technologies are being seamlessly integrated into digital platforms, including websites, mobile apps, social media, and e-commerce platforms. This integration enables the development of interactive content, personalized recommendations, and dynamic experiences, thereby enhancing user engagement and retention.
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Development of Interactive Content
Generative AI facilitates the creation of interactive content that resonates with users, driving higher levels of engagement. Features such as personalized recommendations and interactive chatbots enable businesses to deliver tailored experiences, thereby increasing customer satisfaction and loyalty.
Major companies operating in the Generative AI market are focusing on new product development to expand their product portfolios and drive revenue growth. Integrated Generative AI sales and marketing tools, such as SalesAI and Marketing GPT, offer comprehensive solutions to enhance sales and marketing activities.
SalesAI: Transforming Sales Processes
SalesAI, introduced by People.ai, is a generative AI sales solution that revolutionizes sales management, coaching, and revenue generation. By analyzing hidden insights from customer interactions, SalesAI expedites pipeline development, automates workflows, and enhances sales team productivity.
Marketing GPT and Commerce GPT
Salesforce has launched Marketing GPT and Commerce GPT, two generative AI technologies designed to personalize marketing campaigns and shopping experiences. Marketing GPT generates intelligent audience segments and customized marketing journeys, while Commerce GPT enables dynamic buying journeys and tailored promotions.
Market Concentration
The Generative AI market is characterized by a few major players dominating the industry. OpenAI, Microsoft Corporation, Google LLC, and Adobe Inc. are among the top generative AI market competitors, collectively accounting for a significant share of the market.
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Market Segmentation
- Component: The market is segmented into software and services.
- Offering Type: Segments include image, video, speech, and other offering types.
- Technology: Generative Adversarial Networks (GANs), Transformer, Variational Autoencoder (VAE), and Diffusion Networks are among the key technologies.
- End-User: Media and Entertainment, BFSI, IT and Telecom, Healthcare, Automotive, and other industries are the primary end-users.
Generative AI Global Market Report 2024 by The Business Research Company provides insights on the generative AI market size, generative AI market segments, generative AI market trends, drivers and restraints, major competitors' market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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