Generative AI Market Analysis

Generative AI Market Analysis

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Based on component, the solution segment dominated around USD 6.8 billion revenue in 2023. Growing fraudulent activities, the overestimation of capabilities, unexpected outcomes, and rising concerns about data privacy will propel the solution segment growth. Through robust natural language processing models, generative AI is expected to play a significant role in various industries and sectors including fashion, entertainment, and transportation.
 

Based on technology, the generative AI market size from Generative Adversarial Networks (GANs) segment held over USD 3 billion in 2023. GANs enable the generation of realistic & high-quality data samples and are particularly useful in domains where data scarcity or privacy concerns limit the availability of large training datasets. GANs can generate synthetic data that closely resembles real data, thereby allowing for more diverse & extensive training.
 

North America generative AI market accounted for 30% of the revenue share in 2023. A rise in fake medical care and pseudo-imagination as well as increasing banking frauds will enable North America to dominate the industry over the forecast period. The presence of major companies in the U.S., such as Meta, Microsoft, and Google LLC, as well as industry professionals is likely to fuel expansion in the regional market. The demand for AI-generated content in industries including media & entertainment and healthcare as well as the accessibility to vast amounts of data for training generative models is an additional factor driving the regional market growth.