Generative AI market growth fueled by cloud storage innovation for easy data access

The generative AI industry is expected to experience a significant increase in value, from $11.3 billion in 2023 to $51.8 billion by 2028. The Generative AI market growth will likely occur at a compound annual growth rate (CAGR) of 35.6% throughout the forecast period.

Factors that are likely to contribute to this expansion include:

  • Advancements in cloud storage technology make it easier to access data.
  • Developments in AI and deep learning.
  • Increased use of creative applications and content creation.

According to a report by Research and Markets, managed services primarily focus on enhancing the client experience, which is a crucial aspect that companies cannot compromise on. Often, companies prefer to engage the services of top players in the market to ensure the best quality. However, it can be challenging for organizations to simultaneously handle various functions related to their core business procedures.

Companies can opt for managed services to address this issue, providing specialized skills to maintain and update software. Managed services also cover all pre- and post-deployment queries and needs of clients. Many organizations outsource these services to ensure on-time delivery to their clients.

Media and entertainment sector will see the fastest Generative AI market growth between 2023 and 2028

Media and entertainment companies are leveraging the power of generative AI to produce captivating and distinct content faster and with greater efficiency than traditional methods.

For instance, generative AI is used to develop virtual sets and characters for films and TV shows, reducing production costs and time. The music industry uses generative AI to produce fresh, inventive sounds and genres.

In gaming, Generative AI generates game worlds and characters in real-time, resulting in a more immersive experience for players. In advertising, generative AI creates customized and tailored content that appeals to specific target audiences.

North America will have the fastest-growing market size

According to projections, North America will dominate the generative AI market throughout the forecast period. Adopting generative AI technology as an effective tool for marketing and customer engagement across various verticals will likely drive revenue growth in the region.

The region has a significant population of tech-savvy individuals, high internet penetration rates, and advanced AI technologies, resulting in the widespread usage of generative AI solutions.

Most customers in North America are currently utilizing generative AI for application-based activities, such as text, code, image, and audio/video generation, among others.


Team Eela

TechEela, the Bedrock of MarTech and Innovation, is a Digital Media Publication Website. We see a lot around us that needs to be told, shared, and experienced, and that is exactly what we offer to you as shots. As we like to say, “Here’s to everything you ever thought you knew. To everything, you never thought you knew”

Leave a Reply

Your email address will not be published. Required fields are marked *