Rapid Growth of Large Language Models Drives Generative AI Market to Projected $51.8 Billion by 2028

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Global Generative AI Market

Global Generative AI Market

Dublin, April 27, 2023 (GLOBE NEWSWIRE) -- The "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" report has been added to ResearchAndMarkets.com's offering.

The generative AI market is projected to grow from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, at a compound annual growth rate (CAGR) of 35.6% during the forecast period.

Market is anticipated to grow due to 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.

By offering, managed services under services segment to register for fastest growing market rate during forecast period

Managed services mainly deal with client experience. Companies do not bargain on this variable and often try to take these services from the best players in the market. Sometimes, it becomes troublesome for companies to concentrate on their core business procedures and handle various functions related to them.

This can be overcome with the adoption of managed services. These services offer specialized skills that are required to maintain and update software. All the pre- and post-deployment questions and needs of clients are covered under the managed services segment. Organizations mostly outsource such services to offer on-time conveyance to clients.

By vertical, media and entertainment segment to register fastest growing CAGR during forecast period

Generative AI is enabling media & entertainment companies to create compelling and unique content faster and more efficiently than traditional methods. For instance, generative AI is being used to create virtual sets and characters for films and TV shows, which can save time and money on production costs.

In the music industry, generative AI is being used to create new and innovative sounds and styles. In gaming, it is being used to generate game worlds and characters in real-time, providing players with a more immersive experience. In advertising, generative AI is being used to create personalized and targeted content that resonates with specific audiences.

North America to witness fastest growing market size during the forecast period

North America is estimated to lead the generative AI market during the forecast period. The adoption of generative AI technology as a key marketing and customer engagement tool for verticals will further drive market revenue generation across the region.

The presence of a growing tech-savvy population, high internet penetration, and advances in AI have resulted in an enormous usage of generative AI solutions. Most of the customers in North America have been leveraging generative AI for application-based activities that include but are not limited to, text generation, code generation, image generation, and audio/video generation.

Key Attributes:

Report Attribute	Details
No. of Pages	386
Forecast Period	2022 - 2027
Estimated Market Value (USD) in 2022	$11.3 Billion
Forecasted Market Value (USD) by 2027	$51.8 Billion
Compound Annual Growth Rate	35.6%
Regions Covered	Global

Market Dynamics

Drivers

• Innovation of Cloud Storage Enabling Easy Access to Data

• Evolution of AI and Deep Learning

• Rise in Content Creation and Creative Applications

Restraints

• High Costs Associated with Training Data Preparation

• Issues Related to Bias and Inaccurately Generated Output

• Risks Associated with Data Breaches and Sensitive Information Leakage

Opportunities

• Increasing Deployment of Large Language Models

• Growing Interest of Enterprises in Commercializing Synthetic Images

• Robust Improvement in Generative ML Leading to Human Baseline Performance

Challenges

• Concerns Regarding Misuse of Generative AI for Illegal Activities

• Quality of Output Generated by Generative AI Models

• Computational Complexity and Technical Challenges of Generative AI

Case Study Analysis

• Spectrumlabs Deployed Galileo for Faster Development of Newer Language Models

• Bestseller Reduced 50% Classroom Time with AI Videos

• Galileo Helped Involve.AI Improve Customer Intelligence ML Model Accuracy by 10%

• Vodafone Italy Raised Lead Conversions by 42% by Developing Creative Campaigns Through Generative AI

• Wpp Trained 50,000 Employees with AI Videos

• Swiss Re Banked on Lumen5 for Social Engagement

• Teleperformance Trains Global Workforce

• Yabble Used Gpt-3 to Deliver Fast, Nuanced Insights from Customer Feedback

• Cisco Scaled Video Content Localization Using Lumen5

• Gpt-3 Helped Waymark Consistently Produce Stronger and More Relevant Scripts Compared to Human

Companies Mentioned

• Adobe

• Aws

• Brandmark.Io

• Character.AI

• Codacy

• Deep AI

• Dialpad

• Eleutherai

• Excel Formula Bot

• Fireflies

• Fontjoy

• Galileo

• Genie AI

• Gfp-Gan

• Giphy

• Google

• IBM

• Insilico Medicine

• Jetbrains

• Lightricks

• Lumen5

• Magic Studio

• Media.Io

• Meta

• Microsoft

• Midjourney

• Morphis Technologies

• Mostly AI

• Openai

• Paige.AI

• Persado

• Play.Ht

• Riffusion

• Simplified

• Speechify

• Starryai

• Synthesia

• Veesual

For more information about this report visit https://www.researchandmarkets.com/r/nmozyj

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