Nowadays, we are witnessing a phase of a generational shift in the field of artificial intelligence. Prior to this, machines were unable to express behavior that is identical to human behavior. But the new wave of generative AI systems not only have the potential to understand human language, but they also generate apparently original content. This powerful tool has opened up new opportunities for creators and artists operating in the generative AI market.
What Is Generative AI and How Does It Work?
Generative AI is a set of algorithms that can produce realistic content, including text, imagery, audio, videos, and music. It learns from a lot of data and creates new content using deep learning algorithms, particularly generative models. Generative AI begins with a prompt that the AI system can handle. Then, different AI algorithms respond to the request by returning fresh content that can include solutions to problems, essays, or realistic fakes created from pictures or audio of a person.
How is Market for Generative AI Growing?
The global generative AI market was valued at USD 10.63 billion in 2022 and is predicted to record USD 200.73 billion with a CAGR of 34.2% during the forecast period from 2023 to 2032.
Some of the key driving factors of market include the rising use of generative AI for spam detection, picture compression, data preprocessing, and noise reduction from visual data, as well as its rising application in medical imaging and image categorization. However, generative AI is in its developing stage, thus high investment in research & development activities, as well as a proficient workforce, are required to take it to the next stage.
Furthermore, this model is increasingly used in healthcare to create prosthetics and organic molecules, as well as to detect and treat cancers. This trend is expected to continue growing rapidly in the future. In addition, the rising development of AI governance framework coupled with the implementation of various guidelines for building ethical AI and decreasing discrimination biases to gain consumer trust is anticipated to accelerate market growth.
Top 10 Applications of Generative AI:
Generative AI has numerous applications in various fields. Here are some of the applications:
- Image Generation
- Text Generation
- Semantic Image-to-Photo Translation
- Video creation
- 3D shape generation
- Text-to-speech (TTS) generators
- Speech-to-Speech Conversion
- Image-to-Image Conversion
- Music Generation
- Code generation
There are various types of generative AI tools available to generate content, including videos, marketing copies, text, imagery, and others. These tools often provide a range of templates to facilitate rapid content creation. Here are some noteworthy generative AI tools to consider: OpenAI GPT-3, NVIDIA StyleGAN2, Google Magenta, Synthesia, IBM Watson Health, DALL-E, Neural Style Transfer
Some of the generative AI market key players include Amazon Web Services., Microsoft Corporation, Genie AI Ltd., Synthesia, MOSTLY AI, Google LLC, Rephrase.ai, Adobe, Meta, Oracle Corporation, Alibaba Cloud, Baidu, Hewlett Packard Enterprise Development, Samsung Electronics, Intel Corporation, Siemens, Salesforce, NVIDIA, SAP SE, and SAS Institute.
Generative AI models are becoming valuable for applications including picture and audio recognition, NLP, and creative content development, as they are capable of providing high-quality outputs and offering individualized solutions. In fact, in 2022, North America witnessed the largest market share, while Asia Pacific is estimated to grow at the fastest CAGR during the foreseen period. The future of generative AI seems bright and is anticipated to lead to numerous new developments and advancements in the field of AI.