Generative AI - Australia & Oceania

The market size in the Generative AI market is projected to reach US$1.14bn in 2024.
The market size is expected to show an annual growth rate (CAGR 2024-2030) of 46.47%, resulting in a market volume of US$11.27bn by 2030.
In global comparison, the largest market size will be United States (US$11.66bn in 2024).

Definition:
Generative artificial intelligence (AI) is a field of artificial intelligence that focuses on creating models and systems capable of generating new content, such as images, videos, music, or text. By training on large datasets, generative AI models learn patterns and structures within the data to produce novel and realistic outputs that mimic the original data distribution. Using techniques like generative adversarial networks (GANs) or variational autoencoders (VAEs), generative AI has the potential to enhance creativity, enable data synthesis, and revolutionize various industries including art, entertainment, and content creation.

Additional Information:

The market comprises two key performance indicators: market sizes, and market sizes by industry. Market sizes are generated by the funding amount of Generative Artificial Intelligence companies. Key players of the market include companies such as Open AI, NVIDIA DeepL Learning and Google (Magenta, DeepDream).

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Applications of generative artificial intelligence to create new content, such as images, music, and text, which is indistinguishable from human-generated content.

Non-artificial intelligence applications of generative systems, such as procedural content generation in video games, which do not involve machine learning or creativity.

The Artificial Intelligence market in Australia & Oceania is experiencing intense growth due to factors such as the increasing adoption of AI technologies, growing awareness of its benefits, and the convenience of online services. This has led to a significant rise in the Generative AI market, driving its growth at a rapid pace.

Customer preferences: As the demand for personalized and creative content increases, consumers in Australia & Oceania are turning towards Generative AI technology for its ability to generate unique and engaging content. This trend is driven by the region's growing digital landscape and the need for businesses to stand out in a competitive market. Additionally, the shift towards virtual and remote work arrangements has also led to a rise in the adoption of Generative AI for automating tasks and optimizing workflow processes.

Trends in the market: In Australia & Oceania, the Generative AI market within the Artificial Intelligence market is seeing a surge in demand for AI-powered chatbots and virtual assistants. These AI tools are being integrated into various industries, from customer service to healthcare, to increase efficiency and improve user experience. This trend is expected to continue as more businesses adopt AI technology to streamline operations and enhance customer engagement. This could have significant implications for industry stakeholders, as they may need to invest in AI solutions to remain competitive in the growing market. Additionally, there may be a greater need for skilled professionals in the field of Generative AI, creating job opportunities in the region.

Local special circumstances: In Australia & Oceania, the Generative AI Market within the Artificial Intelligence Market is primarily driven by the increasing adoption of AI technologies in various industries, including healthcare, finance, and retail. This is due to the region's strong focus on technological advancements and innovation. Additionally, the region's highly skilled workforce and supportive government policies have contributed to the growth of the Generative AI Market. However, the market is also affected by unique factors such as the region's vast geographical landscape, diverse cultural influences, and strict data privacy regulations, which may influence market dynamics differently compared to other regions.

Underlying macroeconomic factors: The Generative AI Market within the Artificial Intelligence Market in Australia & Oceania is impacted by macroeconomic factors such as government policies promoting technological innovation, increasing investments in AI research and development, and a growing demand for AI applications in various industries. The region's stable economic growth and strong digital infrastructure also create a conducive environment for market growth. Additionally, the increasing focus on digital transformation and the adoption of AI technologies by businesses in the region are driving the demand for generative AI solutions.

Data coverage: The data encompasses B2B, B2G, and B2C enterprises. Figures are based on the funding values from different industries for the market.

Modeling approach / Market size:Market sizes are determined through a top-down approach with a bottom-up validation, building on a specific rationale for each market. As a basis for evaluating markets, we use annual financial reports, funding data, and third-party data. In addition, we use relevant key market indicators and data from country-specific associations such as GDP, number of internet users, number of secure internet servers, and internet penetration. This data helps us estimate the market size for each country individually.

Forecasts:In our forecasts, we apply diverse forecasting techniques. The selection of forecasting techniques is based on the behavior of the relevant market. For example, the S-curve function and exponential trend smoothing are well suited to forecast digital products and services due to the non-linear growth of technology adoption. The main drivers are the level of digitalization, the number of secure internet servers, and the revenue of the Public Cloud market.

Additional Notes: The data is modeled using current exchange rates. The impact of the COVID-19 pandemic and the Russian-Ukraine war are considered at a country-specific level. The market is updated twice a year. In some cases, the market is updated on an ad-hoc basis (e.g., when new, relevant data has been released or significant changes within the market have an impact on the projected development). Data from the Statista Consumer Insights Global survey is weighted for representativeness.

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Artificial intelligence evokes images of supercomputer assistants, machines that can think creatively, and, to some, scenes from their favorite sci-fi movie. The reality, despite not being as futuristic, is not far off from this. AI refers to the ability of a computer or machine to mimic the competencies of the human mind, which often learns from previous experiences to understand and respond to language, decisions, and problems. The market for AI technologies is vast, amounting to around 200 billion U.S. dollars in 2023 and is expected to grow well beyond that to over 1.8 trillion U.S. dollars by 2030.

Artificial intelligence (AI), the technology that allows digital computers or computer-controlled robots to perform tasks more commonly associated with intelligent beings, has been leaping into the limelight following the release of a wide variety of Generative AI models in 2023. The United States, being the largest economy in the world, has a natural advantage. Although human-like androids such as those portrayed in the science fiction movie Blade Runner are still far from reality, applications of AI such as smartphone virtual assistants and industrial robots are already widespread in U.S. society. The industry’s powerful ability to improve efficiency and increase productivity has made it of strategic importance to U.S. industries and government, both of which push the U.S. lead in the AI race.