May 29, 2025   SOURCE: PR NewsWire

Generative AI and Its Economic Revolution: What's Next?

"Generative AI is transforming global markets by creating innovative solutions across industries, from automating content creation to designing products. This technology is driving economic growth, reshaping jobs, and opening new opportunities worldwide."

BOSTON, May 29, 2025 /PRNewswire/ -- According to the latest study from BCC Research, the demand for Generative AI: Global Markets was valued at $15.4 billion in 2023 and is projected to grow from $20.8 billion in 2024 to $94.4 billion by the end of 2029, at a compound annual growth rate (CAGR) of 35.3% from 2024 through 2029.

This report provides a comprehensive analysis of the global generative AI market, covering trends, challenges, and key players. It includes data from 2023 to 2029, examining market segments like offerings (software, hardware, services), data types (text, audio, images), applications, industries, and regions. Additionally, it highlights innovations, regulations, ESG developments, patents, funding, and competitive strategies in the generative AI landscape.

Interesting facts

    --  Advances in deep learning, transformers, and neural networks like GPT
        and DALL-E have boosted generative AI, enabling AI systems to create
        human-like text, images, and code. Global AI adoption rose from 50% in
        2022 to 55% in 2023.
    --  Personalization is key for customer retention, with 89% of business
        leaders seeing it as critical for success in the next three years.
    --  Short-video content is on the rise, with a 10% increase in demand as
        more users embrace video, driven by social media platforms and startups.

Factors contributing to the growth include:

    1. Rising demand for personalized content and experiences: The growing
       demand for personalized content and experiences reflects consumer
       preference for tailored interactions that enhance satisfaction and brand
       loyalty.
    2. Advancements in artificial intelligence (AI) and machine learning (ML):
       Advancements in AI and ML are enabling smarter systems, improved
       automation, and data-driven decision-making across industries.
    3. Proliferation of cloud computing and AI-as-a-service (AIaaS): The
       proliferation of cloud computing and AI-as-a-Service (AIaaS) is making
       advanced AI tools more accessible, scalable, and cost-effective for
       businesses worldwide.
    4. Growing demand for automation across industries: The growing demand for
       automation across industries is streamlining operations, reducing costs,
       and increasing productivity through advanced technologies.

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Report Synopsis



     
              Report Metric   
     
              Details



     Base year considered                                                               2023



     Forecast period considered 
     2024-2029



     Base year market size                                            
            $15.4 billion



     Market size forecast                                             
            $94.4 billion



     Growth rate                
     CAGR of 35.3% from 2024 to 2029



     Segments overed              Offering, Data Type, Application, End-User Industry, and
                                    Region



     Regions covered              North America, Europe, Asia-Pacific, Rest of the World



     Countries covered            U.S., Canada, Mexico, Germany, the U.K., France, Japan,
                                    China and India



     Market drivers               --         Rising demand for personalized content and
                                    experiences.

                                 
     --         Advancements in AI and ML.

                                   --         Proliferation of cloud computing and AI-as-a-
                                    service (AIaaS).

                                   --         Growing demand for automation across industries.

This report addresses the following questions:

    1. What is the projected market size and growth rate?The global generative
       AI market was valued at $15.4 billion in 2023 and will reach $94.4
       billion by the end of 2029, at a CAGR of 35.3% during the forecast
       period.



    2. What factors are driving the growth of the market?The global generative
       AI market is driven by rising demand for personalized content, advances
       in AI and machine learning (ML), and growth in video and audio content
       creation. In addition, the proliferation of cloud computing and
       AI-as-a-Service (AIaaS) will also make generative AI accessible to
       smaller businesses, accelerating market expansion.



    3. Which data type will be dominant over the forecast period?Textual data
       types will dominate the market, driven by its widespread application in
       various industries, including content creation, customer service, and
       data analysis. The text segment is expected to maintain its dominance
       throughout the forecast period, driven by ongoing advances in NLP
       technologies and the increasing demand for AI-generated content.

    4. Which region has the largest market share?In 2023, North America had the
       largest market share in the global generative AI market. The region is
       expected to maintain its dominance throughout the forecast period due to
       the rising adoption of technologies and significant investments in
       digital transformation across industries.

Market leaders include:

    --  Accenture
    --  Adobe
    --  Alibaba Group Holding Ltd.
    --  Alphabet Inc. (Google)
    --  Amazon.Com Inc.
    --  Anthropic PBC
    --  Capgemini
    --  IBM
    --  Lumen5
    --  Meta
    --  Microsoft
    --  Nvidia Corp.
    --  OpenAI
    --  Persado
    --  Simplified (TLDR Technologies Inc.)

Related reports include:

Global Artificial Intelligence (AI) Market: Investments vs. Potential: Investments in the global AI market are aimed at unlocking its immense potential in areas like automation, healthcare, and finance. Despite growing funding, the full scope of AI's capabilities is still unfolding, offering vast opportunities for innovation and growth.

Artificial Intelligence (AI) in Life Sciences Market: AI in the life sciences market is revolutionizing healthcare by accelerating drug discovery, improving diagnostics, and enabling personalized treatment plans. Its applications are enhancing research, clinical trials, and patient care, driving innovation and efficiency in the life sciences industry.

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