Published Date: 20-Jan-2023
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According to a new report, published by KBV research, The Global Generative AI Market size is expected to reach $53.9 billion by 2028, rising at a market growth of 32.2% CAGR during the forecast period.
The Service segment is showcasing a CAGR of 35.2% during (2022 - 2028). The escalating worries about data security, fraud detection, trading forecasting, and risk factor modeling are to blame for the segment's growth. In addition, the market expansion is being further aided by the rising demand for this solution within the media and entertainment industry for the intelligent processing of low-resolution photos and videos.
The Transformers segment acquired maximum revenue share in the Global Generative AI Market by Technology in 2021 thereby, achieving a market value of $22.4 billion by 2028. This can be linked to the rising use of apps that transform data, like text-to-image AI, which aims to turn text into an image. For instance, the transformer DALL-E comprehends text data and translates it appropriately.
The BFSI segment is showcasing a CAGR of 32.5% during (2022 - 2028). One application of AI in the banking industry is making loan decisions. With the use of AI, banks may assess a customer's creditworthiness using risk scoring, in addition, to deciding on a customer's maximum credit limit and loan terms depending on the dangers that have been identified. The growing use of artificial intelligence (AI) and machine learning (ML) in the financial services sector to prevent fraud, secure data, and fulfill the changing needs of diverse stakeholders is credited with the market growth in this sector.
The North America market dominated the Global Generative AI Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $21 billion by 2028. The Europe market is exhibiting a CAGR of 31.9% during (2022 - 2028). Additionally, The Asia Pacific market would showcase a CAGR of 33.1% during (2022 - 2028).
Full Report: https://www.kbvresearch.com/generative-ai-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of Google LLC, Amazon Web Services, Inc. (Amazon.com, Inc.), IBM Corporation, Microsoft Corporation, Adobe, Inc, MOSTLY AI Solutions MP GmbH, Synthesia Limited, Genie AI, Inc, Rephrase.ai, and De-Identification Ltd.
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