Generative AI Market to Worth $63.05 Billion by 2028 | Generative AI to Leave Biggest Impact on Drug Discovery, Material Science, and Financial Services
Global generative AI market was valued at USD 8.12 billion in 2021 and it is expected to reach at USD 63.05 billion by 2028, at a CAGR of 33.7% over the forecast period (2022-2028).
Westford, USA, Dec. 09, 2022 (GLOBE NEWSWIRE) — The report on the global generative AI market predicts that by 2028, AI will contribute $15.7 trillion to the global economy, with $6.6 trillion coming from increased productivity and $9.1 trillion coming from consumer surplus. SkyQuest’s analysis shows that AI will have a particularly significant impact on the retail industry. The report notes that by 2022, 30% of all retail sales will be influenced by AI-based recommendations, and that by 2025, 50% of all retail sales will be made online using AI-based personalization engines. The report also highlights how AI is being used by businesses to create new products and services. For example, it cites the case of a Chinese start-up that has developed an AI-powered software platform that can automatically generate product designs based on customer requirements. In addition, the report discusses the ethical implications of AI and calls for regulation in order to ensure that AI technologies are developed responsibly.
SkyQuest’s analysis of the generative AI market demonstrates that this technology is still in its early stages of development and application. Despite the potential for generative AI to revolutionize many industries, there are significant challenges that need to be addressed before it can reach its full potential. Key issues facing the generative AI market are:
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- The need for more powerful computing hardware: The current generation of Generative AI algorithms require significant computational resources in order to train and operate. This is a major barrier to entry for many companies, especially small businesses.
- The lack of good quality training data: In order to produce high-quality results, Generative AI algorithms need large amounts of training data. However, such data is often not readily available, or is of poor quality. This limits the ability of many companies to develop and deploy Generative AI solutions.
- The need for expert knowledge: Due to the complex nature of Generative AI algorithms, deploying them successfully often requires expert knowledge. This limits the ability of many companies to benefit from this technology.
Generative AI Market to Leave Biggest Impact on Drug Discovery, Material Science, and Financial Services
In a recent report, SkyQuest analyzed the Generative AI market. The report looked at the current state of the industry and identified three major areas where generative AI will have a significant impact: drug discovery, material science, and financial services.
In the area of drug discovery, our analyst predicts that generative AI will help speed up the process of identifying new drugs and bringing them to market. Currently, the process of discovering and developing new drugs is lengthy and expensive. Generative AI will help reduce the time and cost associated with this process by helping to identify new drug candidates faster. In material science, SkyQuest believes that generative AI market will help to create new materials with unique properties. This will enable industries such as automotive and aerospace to create lighter, stronger, and more durable products. In addition, generative AI will also help to create new types of materials with improved electrical and thermal conductivity.
Finally, in financial services, we believe that generative AI will have a major impact on the way banks and other financial institutions make decisions. Generative AI will help these organizations to better assess risk and make more informed decisions about lending and investment. In addition, generative AI will also help financial institutions to better detect fraud and money laundering.
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Growth Opportunities for Generative AI market
It was found that this new form of AI will have a profound impact on how companies operate and how they create value. In particular, SkyQuest highlighted three key areas where generative AI will witness strong growth opportunities:
1. Generative AI will enable companies to create new products and services: By understanding and responding to customer needs in real time, generative AI will allow companies to create new products and services that are tailored to customer demand. This will lead to a more dynamic and responsive approach to innovation, as well as increased customer satisfaction and loyalty.
2. Generative AI market will transform marketing and sales: With the ability to generate realistic customer avatars, generative AI will allow companies to test marketing campaigns and strategies before they are deployed. This will lead to more effective marketing campaigns and higher sales conversion rates. In addition, generative AI can be used to create customized shopping experiences for customers, leading to increased spending.
3. Generative AI will improve decision-making: With the ability to generate vast amounts of data, generative AI will help companies make better decisions by providing them with insights that would otherwise be unavailable. This includes the ability to identify trends early, make better predictions about customer behavior and even understand the impact of internal changes on external factors.
Language is the Biggest Opportunity In Generative AI Market
Language is the key to unlocking the vast majority of the world’s information. It is estimated that over 80% of the data available online is in the form of unstructured text, making it inaccessible to most artificial intelligence (AI) algorithms. Generative AI models, which are capable of learning from and generating new data, have the potential to transform this unstructured text into valuable knowledge.
The benefits of generative AI models have been demonstrated in a number of tasks, including machine translation, Summarization, Question Answering, and Dialogue Generation. However, these applications are only scratching the surface of what is possible with language generate models. The real potential of generative AI market lies in its ability to help us make sense of the vast amount of unstructured data that is currently unusable by traditional AI methods.
In order to realize this potential, we need to continue to invest in research and development of generative AI models. This includes both improving existing models and developing new ones that are better suited for specific tasks or domains. Additionally, we need to create better datasets and evaluation metrics that can accurately measure the performance of generative AI models. Only by doing these things can we hope to unlock the true power of generative AI and make it a truly transformative technology.
Language is the biggest opportunity in generative AI market because it is an essential part of human communication. By harnessing the power of language models, we can develop new ways to generate text that can be used in a variety of applications. As natural language processing improves, we will only continue to see more opportunities for generative AI in this field.
SkyQuest Survey Reveals Most of the Consumers are Making Use of Generative AI to Better Decision Making and Expediate Creation of New Services and Products
In recent years, there has been a surge in interest in artificial intelligence (AI) and its potential to transform businesses and society. One area of AI that is particularly intriguing is generative AI, which refers to algorithms that can generate new data or content based on existing data. In a new survey of 300 business and IT leaders in the generative AI market, conducted by SkyQuest, respondents were asked about their experiences with and perceptions of generative AI. Overall, the results indicated that businesses are still in the early stages of exploring generative AI, but there is a lot of interest in the potential of this technology.
Just over 52% of respondents in the faster creation of new products or services said they were familiar with generative AI, and less than 35% said their organizations were using it. However, those who were using generative AI said they were seeing some benefits, including improved agility and responsiveness to change (cited by 54% of users), better decision making (52%), and faster creation of new products or services (50%).
There is also a lot of interest in the potential future applications of generative AI market. When asked about the most promising applications for generative AI in the next three to five years, respondents cited creating new products or services (cited by 37% of respondents), enhancing existing products or services (36%), accelerating scientific research (34%), and generating realistic simulations for training purposes (33%).
Not surprisingly, generative AI market is most commonly being used for marketing and sales applications (52%), followed by R&D (37%) and IT operations (32%). Other popular use cases include customer service (28%), fraud detection (27%) and financial planning (26%). Looking ahead, SkyQuest predicts that generative AI will become increasingly important as organizations look for ways to automate their task.
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Major Players in Global Generative AI Market
- Synthesia (UK)
- MOSTLY AI Inc. (Austria)
- Genie AI Ltd. (UK)
- Amazon Web Services, Inc. (US)
- IBM (US)
- Google LLC (US)
- Microsoft (US)
- Adobe (US)
- Rephrase.ai (US)
- Jasper AI (US)
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