Generative AI - G7 | Statista Market Forecast

The market size in the Generative AI market is projected to reach US$19.16bn 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$189.20bn 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 Generative AI market in the Artificial Intelligence market of G7 nan is experiencing significant growth, fueled by factors such as increasing demand for digital technologies, growing awareness of health issues, and the convenience of online health services. This growth rate is being impacted by the increasing adoption of AI-powered solutions and the constantly evolving healthcare landscape.

Customer preferences: As the use of artificial intelligence grows, consumers are increasingly interested in personalized and creative solutions that cater to their unique needs and preferences. This has led to a rise in demand for generative AI technology, which has the ability to generate content, designs, and ideas based on individual inputs. This trend is further fueled by the growing importance of customization and personalization in the G7 and other developed markets, where consumers value products and services that reflect their cultural nuances and evolving lifestyles. This has resulted in a shift towards AI-driven solutions that can cater to diverse consumer preferences and offer a more personalized experience.

Trends in the market: In the G7 countries, the Generative AI market within the Artificial Intelligence market is experiencing an increasing demand for AI-powered virtual assistants. These assistants are being used in various industries such as healthcare, finance, and customer service, to streamline processes and improve efficiency. Additionally, there is a growing trend of using generative AI for content creation, with businesses leveraging this technology to produce personalized marketing materials and social media content. This trend is expected to continue to rise in the coming years, presenting significant opportunities for industry stakeholders. With the increasing reliance on AI-powered solutions, it is crucial for businesses to stay updated with the latest trends and advancements in the field to remain competitive in the market.

Local special circumstances: In Japan, the Generative AI market is driven by the country's strong manufacturing industry and focus on technological innovation. The market is supported by government initiatives to promote AI adoption and investments in research and development. Additionally, Japan's aging population and labor shortage have led to a rise in demand for AI-driven automation and robotics solutions. Cultural factors, such as a strong work ethic and emphasis on precision and efficiency, also contribute to the growth of the Generative AI market in Japan.

Underlying macroeconomic factors: The growth of the Generative AI Market within the Artificial Intelligence Market is also influenced by macroeconomic factors such as technological advancements, government support, and investment in AI infrastructure. Countries with favorable regulatory environments and strong investment in AI technologies are experiencing faster market growth compared to regions with regulatory challenges and limited funding. Additionally, the increasing adoption of AI in various industries and the need for innovative solutions to address complex business challenges are driving the demand for Generative AI.

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.

This report presents a comprehensive analysis and additional information on the Technology market, in a PDF format.

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.