Generative AI Market Size is Projected to Reach US$ 30.4 Billion by 2028| CAGR of 20.01% | Industry Analysis, Growth, Report

February 06 22:50 2023
Generative AI Market Size is Projected to Reach US$ 30.4 Billion by 2028| CAGR of 20.01% | Industry Analysis, Growth, Report
Generative AI Market Analysis
The expanding information technology (IT) sector is among the key factors stimulating the generative AI market.

The latest research study by IMARC Group, “Generative AI Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”  offers a comprehensive analysis of the industry, which comprises insights on global generative AI market analysis. The market size reached US$ 10.3 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 30.4 Billion by 2028, exhibiting a growth rate (CAGR) of 20.01% during 2023-2028.


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Generative AI represents a technology that utilizes machine learning algorithms to enable devices to create new digital videos, images, texts, audio, or code. It is driven by algorithms that can identify the underlying pattern of input and develop similar outputs. In addition to this, generative AI offers numerous benefits, including creating high-quality content, enhanced identity protection, better comprehension of abstract theories, decreased financial and reputational risks, etc. Consequently, it is widely utilized across several sectors, such as healthcare, robotics, banking, financial services and insurance (BFSI), etc.


Generative AI Market Report Scope

Report Coverage


Market size value in 2022

US$ 10.3 Billion

Market forecast in 2028

US$ 30.4 Billion

Growth Rate

(CAGR) of 20.01% from 2022-2027.

Base year for estimation


Historical data


Forecast period



Generative AI Market Trends and Drivers: 

The expanding information technology (IT) sector is among the key factors stimulating the generative AI market. Moreover, the widespread adoption of this technology for enhancing productivity and agility is further catalyzing the market growth. Apart from this, the growing utilization of generative AI in the media and entertainment industry for the smart processing of low-resolution images and videos is acting as another significant growth-inducing factor. Additionally, the escalating demand for generative AI in the manufacturing of various products, including prosthetic limbs and organic molecules, from scratch is positively influencing the global market. Besides this, the inflating popularity of generative AI, as it aids chatbots in holding effective conversations and boosting customer satisfaction, is also bolstering the market growth. Furthermore, the rising need for generative AI across the BFSI sector to detect fraud, generate synthetic data, predict trading, etc., is propelling the global market. In line with this, it produces digital artworks by using only text-based descriptions, which is anticipated to fuel the generative AI market over the forecasted period.


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Generative AI Market Report Segmentation:


The report has been segmented the market into following categories:


Breakup by Offering Type:

  • Image
  • Video
  • Speech
  • Others


Breakup by Technology Type:

  • Autoencoders
  • Generative Adversarial Networks
  • Others


Breakup by Application:

  • Healthcare
  • Generative Intelligence
  • Media and Entertainment
  • Others


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Breakup by Region:

  • North America: (United States, Canada)
  • Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America: (Brazil, Mexico, Others)
  • Middle East and Africa


Key highlights of the report:

  • Market Performance (2017-2022)
  • Market Outlook (2023- 2028)
  • Porter’s Five Forces Analysis
  • Market Drivers and Success Factors
  • SWOT Analysis
  • Value Chain
  • Comprehensive Mapping of the Competitive Landscape


If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.


Competitive Landscape:

The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.


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About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

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