Recently, a business research company released the 2024 Generative Artificial Intelligence Market Report, showing that the market has expanded rapidly in the past few years. According to the report, the generative artificial intelligence market is expected to grow from $13.64 billion in 2023 to $18.1 billion in 2024, with an average annual growth rate (CAGR) of 32.7%. This growth is mainly attributed to the improvement of computing power, the widespread availability of data, the continuous deepening of research and development, the increase in industrial applications, and the breakthroughs in deep learning. In the next few years, the generative artificial intelligence market is expected to continue its strong growth and is projected to reach $57.96 billion by 2028, with an average annual growth rate of.8%. The report points out that the factors driving this growth include the innovation of AI hardware, the integration across industries, the consideration of ethical AI, the rise of autonomous systems, and the application of edge computing. Several major trends mentioned in the report include the popularization of AI-generated content, the increase in personalized customization, the expansion of cross-domain applications, the focus on ethical AI and bias elimination, and the improvement of human-machine collaboration.

One of the main factors driving the growth of the generative artificial intelligence market is the widespread adoption of artificial intelligence. Generative artificial intelligence is an AI system that can create new outputs based on data and can generate various contents such as text, images, and audio. The application of such technologies can significantly reduce the time and effort required to create virtual environments while enhancing their authenticity and interactivity.

The market report also mentions some of the major market players, including Google, Microsoft, Meta, Dell Technologies, Amazon Web Services, Siemens, General Electric, Intel, and Lenovo Group. These companies are focusing on developing innovative solutions, such as commercial chatbots, to gain a competitive advantage. A commercial chatbot is an AI software designed to interact with users in a conversational manner and can provide information, assistance, and perform tasks in a business environment.

Regarding the market segmentation, the report divides the generative artificial intelligence market into several parts, including by component (software, service), by product type (image, video, voice, etc.), by technology (Generative Adversarial Networks, Transformers, Variational Autoencoders, Diffusion Networks), and by end user (Media & Entertainment, Banking and Financial Services, IT & Telecom, Healthcare, Automobile & Traffic, etc.).

According to the report, North America became the largest region in the generative artificial intelligence market in 2023. The report covers multiple regions such as Asia-Pacific, Europe, North America, South America, the Middle East, and Africa.