The market for generative systems with artificial intelligence will grow by an average of 34.3% per year until 2030. If its value was $7.9 billion in 2021, then within the decade its volume will jump to $110.8 billion, according to analysts from Acumen Research and Consulting.
Businesses manage to lighten their work by automating many of the manual and complex activities and processes. The trend leads to a reduction in costs and at the same time to increased efficiency. As a result, organizations can use available resources more efficiently and increase productivity. Generative artificial intelligence systems are now being incorporated into this automation and easing the daily activities of employees.
To create new content, generative AI analyzes the incoming requests it receives – image, text or sound. The applications of the technology are numerous – from writing letters and offers to identity protection, better control of robotics and even healthcare by implementing effective prevention and treatment protocols.
Several key findings emerge from the Acumen Research and Consulting report. For example, the market share of generative AI in North America formed more than 40% in 2021. The growth of the generative artificial intelligence systems market in Asia Pacific is expected to achieve a significant rate of about 36% by 2030.
According to recent estimates, the total private financing of such systems in China amounts to 17.21 billion US dollars in 2021. From the point of view of the type of users, it turns out that media and entertainment are the most active: they generated 3.3 billion US dollars revenue in 2021
All aspects of human activity, from drug development and law to art, music and design, can be influenced by generative AI. For example, artificial intelligence can suggest fresh architectural concepts and even create images of the dream home. In this way, it is able to help people to be more creative, innovative and unleash their imagination.
When users see what designs digital intelligence generates, it can help them solve a range of problems and tasks or discover alternative ways to achieve their goals. In this sense, generative AI can be seen as a promising field for consumers, businesses, governments and non-profit organizations.
Acumen examines the generative AI market, dividing it into several planes, depending on its components, technologies, end users and according to geo-economic regions.
The components segment is divided into two parts: software and services. According to the analysis, software accounts for the majority of market revenue by 2021. In terms of growth, however, services will experience the fastest expansion in the coming years.
In terms of technology, the market is divided into four sectors: variational autoencoders, generative adversarial networks (GANs), transformers, and diffusion networks. The transformer sub-segment has reached its peak in 2021 and will continue to play a significant role in the coming years. GANs, on the other hand, will enjoy rapid growth from 2022 to 2030.
The most numerous are the market layers when it comes to end users. These include media, entertainment, banking and finance, IT and telecommunications, healthcare, automobiles and transportation, and others. Banks, insurance and finance companies are one of the leading sectors in terms of growth. However, the media and entertainment sector will lead in terms of revenue.
North America will be the leader in the generative AI market in the period until 2030. Contributing to the intensive deployment of this type of solutions are trends such as numerous bank frauds, website hacks and IT fraud in healthcare – the American industry feels compelled to implement generative AI solutions in scale.
In addition to this, US business has a decent IT infrastructure, characterized by numerous process automation and robotics technologies. Of course, the presence of IT giants such as Amazon, Meta, Microsoft, IBM and Google also has an influence, which will also favor the significant rise of the generative AI market in the US.
Meanwhile, the Asia-Pacific region will grow at a rapid pace due to the increasing number of AI technology investments there.