Generative AI Market to Surpass USD 165.49 Billion by 2031 | SkyQuest Technology

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Generative AI Market Overview:

Software Segment to Dominate Due to Rise in Data Privacy Concerns

The software segment accounted for more than 65% of the global generative AI market share in 2022. Increase in fraudulent activities, coupled with overestimating capacity, and unexpected results and growing concerns about data privacy are all projected to boost the software sector. Key players in the software sector offer algorithms with intelligent WOM and machine learning solutions to stand out in the competition and generate high revenues for the overall market. Introducing original products to ever-changing corporate needs is also likely to add a boost to the market revenue generation rate. Such software systems offer organizations the opportunity to automate processes, break down creative barriers, explore new possibilities for company growth and positioning in the global generative AI market.  Furthermore, the availability of technological advances and the expanding need for powerful equipment and systems are likely to bode well for the future growth of this section.

Service Sector Segment to Witness Rapid Expansion Owing to Growing Concern over Data Security

The service sector is expected to grow at a rapid pace of over 35% during the forecast period. The growth of this segment is attributed to the increasing concern over data security, fraud detection, business forecasting, and risk modeling. Additionally, service providers are also helping organizations address the ethical and legal issues arising from the use of genetic AI. Currently AI technologies are evolving rapidly with increasing awareness and high adoption by the service industry. With the increasing investment in AI adoption and a greater need for strategic partnerships between businesses, the need for generative AI and network services will help create lucrative growth opportunities soon.

North America Emerge Dominant Due to Increase in Fraudulent Bank Activities

North America dominated the global generative AI market with more than 41% market share and is expected to continue so due to high levels of bank and medical fraud activities. The presence in the generative AI sector is predicted to drive the market growth in the region.

However, Asia Pacific is expected to grow at the fastest growth rate of over 35% during the period. Growing government initiatives to incorporate AI in Asia Pacific, coupled with increasing adoption of AI-based services drive the market growth during the analyzed period in the region are supporting factors. In addition, governments in the region have a strategic approach to AI development that includes flexible policies, funding and strategic partnerships to create a platform for the market to grow. Furthermore, increased internet connectivity, smartphone usage and adoption of various digital channels which supports the growing number of AI-based applications, making the market a more attractive destination for market players.

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Generative AI Market Insights:

Drivers

Restraints

Prominent Players in Generative AI Market

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Key Questions Answered in Generative AI Market Report

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