Generative AI Market Worth $51.8 Billion by 2028

According to a research report "Generative AI Market by Offering (Software (Transformer Models (GPT-1, GPT-2, GPT-3, GPT-4, LAMBDA)), Services), Application (Computer Vision, Synthetic Data Generation (Medical Imaging, Cybersecurity)), Vertical and Region - Global Forecast to 2028", published by MarketsandMarkets, the generative AI market is projected to grow from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, at a compound annual growth rate (CAGR) of 35.6% during the forecast period.

The generative AI market is expected to grow at a significant rate during the forecast period, owing to various business drivers like the innovation of cloud storage enabling easy access to data and evolution of AI and deep learning. Furthermore, the rise in the era of content creation and creative applications drive market growth.

Some of the prominent key players are:

• Microsoft (US)
• IBM (US)
• Google (US)
• AWS (US)
• META (US)
• Adobe (US)
• OpenAI (US)
• Some startups include Paige.AI (US) and many more...

By offering, Services to register for the highest CAGR during the forecast period

The scope of the services segment comprises professional and managed services. Services are essential to the generative AI software life cycle, including product upgradation, maintenance, training, and consulting. In the era of the digital economy, enterprises are evolving and demanding new ways to improve their RoI and business optimization. Vendors offer various services in the generative AI market, such as support, maintenance, and consulting, to execute and manage the generative AI solution life cycle.

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Source: MarketsandMarkets, https://www.marketsandmarkets.com/