The generative AI market is driven by an upsurge in the demand for content creation and creative applications. Advances in AI and deep learning technologies are playing a pivotal role in this growth. The IT and telecom sectors are increasingly adopting generative AI, focusing on enhancing customer satisfaction. However, the market growth may be restrained by concerns regarding data privacy and security, which pose challenges that need addressing.
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Productivity Enhancement Opportunities
The adoption of generative AI technologies to improve productivity is anticipated to create significant growth opportunities. The increasing use of large language models, coupled with the demand for automated business processes, is further driving this trend. The media and entertainment sector are also expanding its utilization of generative AI, paving the way for new avenues of growth. Nonetheless, a lack of understanding and misconceptions regarding generative AI solutions remain hurdles that could impede market expansion.
Segmentation Overview
The generative AI market is segmented based on offering, model, data modality, and end user. An analysis of the competitive landscape at regional and country levels is crucial for understanding market dynamics and trends.
Leading Position of Software Offerings
The software segment is projected to hold a leading position in the generative AI market, capturing over 65% of the market share by 2024. This segment’s dominance is driven by the growing demand for improved productivity and customer experience. The increasing implementation of automation for tasks and data analysis further enhances the appeal of software-centric capabilities in the market.
