The global generative AI market is set to witness remarkable growth, projected to reach a value of $109.3 billion by the year 2030, with a robust compound annual growth rate (CAGR) of 35.6% during the forecast period from 2023 to 2030. This is according to a report by Research and Markets.
The proliferation of Artificial Intelligence (AI) and deep learning, coupled with the rise of creative applications and content creation, is expected to be a key driver of this expansion. Cloud storage innovations enabling seamless data access, as well as the introduction of AI-powered gaming, are also expected to contribute significantly to market growth.
The COVID-19 pandemic catalyzed the generative AI market as organizations turned to Machine Learning (ML) and AI solutions to adapt and respond effectively. Leading market players, including Microsoft, IBM, Google, and Amazon Web Services, Inc., experienced a surge in the adoption of AI-based technologies during the pandemic. This acceleration of digital platforms further facilitated the uptake of generative AI applications, such as the introduction of Amazon Web Services, Inc.'s Autoregressive Convolutional Neural Network (AR-CNN) within the AWS DeepComposer suite, empowering developers to create exceptional digital music.
The generative AI market encompasses various industry players providing solutions for applications ranging from text-to-image and image-to-image conversion to super-resolution. Notably, Microsoft Corp. unveiled Microsoft 365 Copilot, an AI assistant feature for Microsoft 365 services and applications, streamlining IT processes and boosting productivity for businesses. Innovations are also underway in advanced image resolution, face aging, and video resolution technologies, including Tesla's development of autonomous algorithms using car sensor data.