The global generative AI market size is calculated at USD 25,880 million in 2024 and is predicted to reach around USD 11,08,100 million by 2034, expanding at a CAGR of 45.6% from 2024 to 2034.
The generative AI market refers to the production, distribution, and use of this AI technology, which is a type of machine learning that can create new content, including videos, text, simulations, images, audio, and codes. It is a type of artificial intelligence (AI) technology that can produce many types of content, including synthetic data, audio, imagery, and text. This technology can multi-task and perform out-of-the-box tasks, including classification, Q&A, summarization, and more. Growing demand to modernize workflow across industries and increasing applications of new technologies drive the growth of the generative AI market.
However, the risk factors of the market include handling technical complexity, data privacy and security risks, regulatory hurdles, job replacement concerns, and ethical concerns that can hamper the growth of the market. The future scope of the market includes increasing capital investment, attracting an influx of skilled professionals, improving personalized services and decision-making, improving job creation and creativity, adopting AI in remote work, increasing investment in research and development, and improving operations, which will help the growth of the generative AI market.
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| Stats ID: | 7791 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
| Stats ID: | 7791 |
| Format: | Databook |
| Published: | January 2025 |
| Delivery: | Immediate |
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