NEW YORK, Nov. 17, 2023 /PRNewswire/ — In a recent Technavio report titled Generative Artificial Intelligence (AI) Market by Component, Technology and Geography – Forecast and Analysis 2023-2027, Technavio uncovers the significant impact of generative AI (GenAI) in various industries. According to the research, it is revealed that 66% of the market growth will originate from North America. The market size is forecast to increase by USD 34.69 billion from 2023 – 2028. Request sample report
Companies in North America are actively looking for creative solutions to elevate their operational capabilities. GenAI emerges as a crucial technology in the market and is driven by the increasing demand for AI-generated content, increasing adoption of generative AI in various industries, and the emergence of fully autonomous generative AI solutions.
The adoption of Generative AI is on the rise in the industries across the North America region. With advancements in machine learning and natural language processing, the region has led the charge in developing innovative solutions that are transforming various industries, such as retail, IT, manufacturing, and several others. Buy the full report here
Technavio highlights the emerging trends of Generative AI Market:
- Large Language Models (LLM) Accelerating GenAI Market Growth: The deployment of large language models (LLM) is a significant factor driving the growth of the generative artificial intelligence market.
- Global Growth Due to LLM Deployment: The global generative artificial intelligence market has experienced substantial growth thanks to the widespread use of LLM.
- Utilization of Deep Learning Techniques: LLM leverages deep learning techniques to generate natural language text that closely resembles human speech.
- Automation and Improvement of Processes: Companies can now automate and enhance various processes, including customer service, content creation, and data analysis, by harnessing these models.
- GPT-3 (Generative Pre-trained Transformer 3): Notably, GPT-3, developed by OpenAI, has gained immense popularity for its ability to generate human-like text that is virtually indistinguishable from text written by humans.
- Expected Boost in GenAI Market Growth: Applications like these are projected to fuel the growth of the global generative AI market in the forecasted period.
Prominent companies are actively immersing themselves in the GenAI trend.
Companies like Adobe Systems, Inc. and Autodesk, Inc. are using generative AI to assist designers and animators. Adobe Systems’ Sensei tool uses machine learning to make suggestions for complex tasks such as color matching and image cropping. In contrast, Autodesk’s Dreamcatcher software uses AI to streamline the 3D design process. Thus, the factors mentioned above are expected to increase the demand for generative AI solutions, which will propel the growth of the regional market during the forecast period. The incorporation of GenAI holds the potential to exert a significant impact on the success of industries in North America.
According to the findings of the Technavio, most of the companies hailing from countries such APAC, Europe and South America anticipate increased operational efficiency and automation through the adoption of GenAI as a pivotal component of their digital innovation strategy. This underscores the increasing demand for gen AI within these industries.
This generative AI market report extensively covers market segmentation by component (software and services), technology (transformers, generative adversarial networks (GANs), variational autoencoder (VAE), and diffusion networks), and geography (North America, APAC, Europe, South America, and Middle East and Africa).
As technological disruptions in the region continue to intensify, the integration of automation and the infusion of generative AI have become imperative for organizations. These measures are vital in mitigating business risks, reducing errors, enhancing operational efficiency, and elevating overall productivity. Industries have enthusiastically adopted a digital-first approach, leading to the development of increasingly intricate applications in their business operations.
Coverage
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Companies Covered
- Altair Engineering Inc.
- Amazon.com Inc.
- Autodesk Inc.
- DataRobot Inc.
- De Identification Ltd.
- Diabatix NV
- Genie AI Ltd.
- Hexagon AB
- International Business Machines Corp.
- LeewayHertz
- Microsoft Corp.
- MOSTLY AI Solutions MP GmbH
- nTopology Inc.
- NVIDIA Corp.
- OpenAI L.L.C.
- Rephrase Technologies Pvt. Ltd.
- Synthesia Ltd.
Regions Covered
- North America
- APAC
- Europe
- South America
- Middle East and Africa
Topics Covered
- Generative artificial intelligence
- Large Language Models (LLM)
- Generative Pre-trained Transformer 3
- Software
- Machine Learning
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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