Enterprise Generative AI Market To Reach $19.80 Billion By 2030

Enterprise Generative AI Market Growth & Trends

The global enterprise generative AI market size is expected to reach USD 19.80 billion by 2030, registering to grow at a CAGR of 37.4% from 2024 to 2030 according to a new report by Grand View Research, Inc. Owing to the rising adoption of generative AI, businesses are increasingly utilizing this technology to automate a wide array of tasks and improve operational efficiency. This ranges from handling administrative duties like data processing and scheduling to executing more intricate functions like predictive maintenance within the manufacturing sector. The application of AI-driven automation is enhancing efficiency across diverse domains.

With advancements in deep learning algorithms and neural networks, AI models can generate highly realistic and detailed images, blurring the natural and synthetic lines. This technology has transformative applications in various fields, including design, entertainment, and virtual reality, where AI-generated visuals can enhance user experiences and create new possibilities. However, challenges such as ethical considerations, bias mitigation, and ensuring data privacy must be carefully addressed to unlock the benefits of generative AI in image generation fully. NVIDIA has revealed a new tech, which uses powerful AI tech to turn primitive doodles. The tool leverages generative adversarial networks to convert segmentation maps into lifelike images.

The healthcare industry was leveraging generative AI for various applications, including medical imaging analysis, drug discovery, and personalized treatment plans. AI-powered diagnostic tools were aiding clinicians in interpreting complex medical images more accurately and efficiently, leading to earlier disease detection and improved patient outcomes. Additionally, AI algorithms were assisting in drug development by predicting molecular structures and analyzing vast datasets to identify potential candidates for new medications.

AI-driven voice assistants in customer service and smart devices are developing to imitate human interactions, powered by generative AI that enables more authentic dialogues, improved contextual understanding, and personalized replies. These evolving systems are gaining enhanced capabilities and versatility, serving multiple purposes across different applications. Additionally, in the realms of entertainment, gaming, and virtual reality, generative AI is transforming the creation of audio content. Sophisticated algorithms produce realistic voices, musical pieces, and immersive sound effects, revolutionizing the audio experience within these industries.

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Enterprise Generative AI Market Report Highlights

• Industry-specific tailored solutions are emerging, allowing businesses to harness generative AI's potential to address unique challenges in sectors like healthcare, finance, retail, and manufacturing

• Based on model type, the audio segment is expected to grow at the fastest growth rate from 2024 to 2030.Generative AI is revolutionizing audio content creation by automating tasks like music composition, sound design, and voice-over generation

• Based on components, the software segment held the largest market share of 72.8% in 2023.Generative AI software is being used to create personalized experiences for customers, such as customized product recommendations, tailored marketing messages, and adaptive learning content

• North America dominated the market with a revenue share of 40.2% in 2023. North American businesses are adopting generative AI (GAI) to craft personalized interactions for both customers and employees, resulting in elevated engagement, contentment, and loyalty. Instances of this adoption encompass customized marketing initiatives, personalized product suggestions, and adaptable educational content

Enterprise Generative AI Market Segmentation

Grand View Research has segmented the global enterprise generative AI market based on component, model type, application, end-use, and region:

Enterprise Generative AI Components Outlook (Revenue, USD Million, 2017 - 2030)

• Software

• Services

Enterprise Generative AI Model Type Outlook (Revenue, USD Million, 2017 - 2030)

• Text

• Image/Video

• Audio

• Code

Enterprise Generative AI Application Outlook (Revenue, USD Million, 2017 - 2030)

• Marketing and Sales

• Customer Service

• Product Development

• Supply Chain Management

• Others (Research and Development, Risk Management, etc.)

Enterprise Generative AI End-use Outlook (Revenue, USD Million, 2017 - 2030)

• IT & Telecom

• BFSI

• Retail & E-commerce

• Healthcare

• Manufacturing

• Media and Entertainment

• Others

Enterprise Generative AI Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America

  • U.S.

  • Canada

• Europe

  • UK

  • Germany

  • France

• Asia Pacific

  • China

  • India

  • Japan

  • South Korea

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East and Africa

  • KSA

  • UAE

  • South Africa

List of Key Players in Enterprise Generative AI Market

• AWS

• Google LLC

• H20.ai

• IBM

• Intel Corporation

• Jasper.ai

• Microsoft Corporation

• Nvidia Corporation

• OpenAI

• Oracle

• Synthesis AI