As per the report published by The Brainy Insights, the global generative AI market is expected to grow from USD 8.65 billion in 2022 to USD 188.62 billion by 2032, at a CAGR of 36.10% during the forecast period 2023-2032. The North American region emerged as the most significant global generative AI market, with a revenue share of 42.10% in 2022. The region has a high market growth rate due to the presence of established end-user industries. The North American market will be driven by investment in the artificial intelligence and machine learning sector to support the generative AI market. The presence of tech players in the U.S. and Canada is providing lucrative growth opportunities for the market in the region. The Asia-Pacific region is anticipated to grow lucratively during the forecast period. The market is witnessing a lucrative growth rate due to the growth of end-user industries in countries like Japan and China. Further, the increasing investment in artificial intelligence will propel market growth.

Leading companies include Synthesia, Genie AI Ltd, MOSTLY AI Inc., IBM, Amazon Web Services, Inc., Google LLC, Adobe, Microsoft, D-ID, and The significant players continuously focus on new product developments and venture capital investments to obtain market share.
The global generative AI market has been segmented based on technology, component, verticals, and region. The technology segment includes transformers, diffusion networks, generative adversarial networks and variational auto-encoders. The transformers segment dominated the market with a revenue share of 35.77% in 2022. Transformers are used for text-to-image applications and are thus used in most end-user industries. The transformers convert the text data in the image, which helps in advertising. The component segment includes service and software. The software segment dominated the market with a revenue share of 65.10% in 2022. Software is responsible for efficiently working with generative AI and equipping the hardware with IoT and artificial intelligence. Several software advancements have been made in recent years, enhancing generative AI's capabilities. The vertical segment includes BFSI, media and entertainment, healthcare, IT and telecommunication, automotive and transportation, and others. The BFSI segment will likely grow at the highest CAGR during the forecast period. Generative AI helps in the prevention of fraudulent activities in the BFSI sector. Generative AI can be produced in various applications, which can be used to protect data and meet the requirement of different dynamic needs.

The deployment of artificial intelligence is evolving due to generative AI and other foundation models, which also speed up application development and give non-technical people access to significant capabilities. The emergence of generative AI has the potential to alter the business landscape fundamentally. This technology can potentially disrupt industries and how businesses are run because it enables the generation of fresh content by learning from existing data. Generative AI can boost efficiency and productivity, cut costs, and provide new growth prospects by making it possible to automate numerous jobs that people previously performed. As a result, companies that can use technology well will probably have a considerable competitive edge.


Avinash Dhanwani is a Research Director, Brainy Insights Private Limited, monitoring & engaging with latest innovations and market development in ICT industry.