Generative AI Market Size, Share & Trends Analysis Report 2024 to 2030.
Generative AI Industry Overview The global generative AI market size was estimated at USD 13.0 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 36.5% from 2024 to 2030. Factors such as the rising application scope of technologies including super-resolution, text-to-image conversion, & text-to-video conversion, and modernization of workflow across industries are driving the demand for generative AI applications among industries, such as media & entertainment, retail, manufacturing, IT, and telecom. For instance, in March 2023, Microsoft Corporation launched a model, Visual ChatGPT, which comprises multiple visual foundation models and enables users to interact with ChatGPT through graphical user interfaces. With this model, ChatGPT can handle user requests for image generation and editing. Gather more insights about the market drivers, restrains and growth of the Generative AI Market Furthermore, growing need for building virtual worlds in ...