"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:
- 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.
- 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.
- 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.
- 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:
- 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. - 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. - 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. - 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.)
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