Generative AI Market Size by Region, Countries, Industry Verticals and Opportunity Forecasts to 2027
All the vital news, analysis, and commentary curated by our industry experts.
Generative Artificial Intelligence (AI) Market Overview
The global generative AI market was valued at US$ 1.75 billion in 2022 and will grow at a compounded annual growth rate (CAGR) of 79.96% to reach a value of US$ 33.03 billion by 2027. The cumulative revenue generation opportunities for generative AI providers is estimated at US$ 65.04 billion between 2022 to 2027.
Generative AI Market Outlook, 2022-2027 (in US$ Billion)
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The generative AI market opportunity forecast report provides the total addressable market for the generative AI solutions from 2022 to 2027.
|Market Size (2022)||US$ 1.75 billion|
|Market Size (2027)||US$ 33.03 billion|
|Key Regions||· North America
· South & Central America
· Western Europe
· Central & Eastern Europe
· Middle East & Africa
· Asia Pacific
|Key Verticals||· Communications
· Information Technology
· Financial Markets
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Generative AI Market Segmentation by Region
The generative AI market is geographically segmented into North America, South & Central America, Western Europe, Central & Eastern Europe, the Middle East & Africa, and the Asia Pacific.
The North America region dominated the generative AI market with a revenue share of 34.4% in 2022. Undoubtedly, the US is the major contributor to the generative AI market growth in this region. Furthermore, Asia Pacific and Western Europe held the second and third position of the market with a share of 33.1% and 17.2%, respectively.
Generative AI Market Analysis by Region, 2022 (%)
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Generative AI Market Segmentation by Vertical
Communications, information technology, education, energy, financial markets, government, healthcare, insurance, manufacturing, media, and construction among others are some of the key end-use industries using generative AI in their operations.
In terms of vertical end-use segments, the information technology (IT) Sector is the largest segment with 9.9% market share, followed by the manufacturing sector. Additionally, the generative AI market for retail banking sector is anticipated to be the fastest growing segment recording an estimated CAGR of 92.0% during the forecast period.
Generative AI Market Analysis by Verticals, 2022 (%)
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Generative AI Market - Competitive Landscape
The major players significantly impacting the generative AI market are Microsoft Corporation, Google, IBM Corporation, Meta, and Open AI among others.
Leading Generative AI Companies
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This product provides revenue opportunity forecasts in the generative AI market from 2022 to 2027, spanning 52 geographical markets, 6 regions and 22 verticals.
- The global generative AI market is expected to grow at a CAGR of 79.96% over the forecast period.
- The global generative AI market over the forecast period is expected to be led by North America with a share of 34.4%, followed by Asia Pacific and Western Europe with shares of 33.1% and 17.2%, respectively. The Middle East, Africa, Central and Eastern Europe, and South and Central America together are expected to account for the remaining market share of 15.3%.
Reasons to Buy
- Access the current state and expected growth (next 5 years) of the generative AI
- Determine the most lucrative sectors for generative AI considering their current contribution to the overall generative AI market and their expected contribution to the growth of the market over the next 5 years.
- Identify the geographies/countries who would be the contributors to the growth of generative AI market over the next 5 years.
Frequently asked questions
What was the generative AI market size in 2022?
The global generative AI market size was estimated at US$ 1.75 billion in 2022 and is expected to reach US$ 2.46 billion in 2023.
What is the generative AI market growth?
The global generative AI market is expected to grow at a compound annual growth rate of 79.96% over the forecast period to reach US$ 33.03 billion by 2027.
Which industry vertical led the generative AI market in 2022?
The Information Technology (IT) sector was the largest vertical with 9.9% market share in 2022.
Which region accounted for the largest generative AI market share?
The North America region dominated the generative AI market with 34.4% market share in 2022.
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