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Artificial Intelligence

Generative AI Market Size to Hit Around USD 118.06 Bn By 2032

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Los Angeles, May 15, 2023 (GLOBE NEWSWIRE) — The global generative AI market is driven primarily by significant growth of the information technology (IT) sector and the increasing use of AI-integrated systems across multiple verticals to improve productivity and agility. Moreover, the media & entertainment industry is using AI for the intelligent processing of low-resolution images & videos will propel market expansion.

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Generative AI describes artificial intelligence algorithms that can generate novel, plausible content from existing content such as audio files, text, or images. In other words, it enables computers to abstract the underlying pattern associated with the input and then apply it to generate similar content.

Component landscape in the global generative AI market

The market is divided into software and services based on components. In 2022, software had the highest revenue share and is anticipated to continue its trend during the forecast period. The segment is being driven by capability overestimation, increasing fraudulent activities, unexpected outcomes, and rising awareness about data privacy and security. For instance, in August 2022, there was a data breach at Plex, a media server app used among millions, which compromised the personal encrypted data of their customers, including passwords, usernames, and emails.

The technology landscape in the global generative AI market

Variational auto-encoders, GANs, diffusion networks, and transformers are the most widely used generative AI technologies. Transformers generated the highest revenue as of 2022. The segment growth is driven by the increasing popularity of transformer applications, such as text-to-image, which converts textual content to an image.

On the other hand, diffusion networks are anticipated to experience the fastest growth rate during the projection period. Image generation is crucial for many industries, including BFSI, healthcare, automotive & transportation, media & entertainment, and defense, among others, to meet the growing demands of image synthesis because these sectors provide high value to businesses. For instance, DALL-E is a transformer that can read text input and change it into an image.

End-user landscape in the global generative AI market

Media & entertainment, automotive & transportation, business & financial services, healthcare, and IT & telecommunications are the most notable end-users of generative AI. The media & entertainment segment generated the most revenue in 2022 and is anticipated to grow at the highest CAGR over the projected period. The growing use of generative AI to create enhanced advertisement campaigns in media & entertainment is expected to drive demand.

BFSI is anticipated to experience the fastest growth during the projected period. The rising use of AI and ML in the financial services sector to prevent fraud, data security, and fulfill the changing needs of diverse stakeholders is credited with the market growth in this sector.

Regional landscape in the global generative AI market

North America led the global generative AI market in 2022 and is expected to continue its trend during the projected period, driven by rising adoption of pseudo-imagination, as well as rising number of banking frauds. Furthermore, prominent market players such as Google LLC, Meta (Facebook), and Microsoft, and as well as other leading technology companies and experts, are expected to augment the growth of the North America generative AI market.

Asia Pacific is expected to expand at the fastest CAGR during the projected period. Growing government AI initiatives in Asia Pacific and increasing adoption of AI applications in healthcare are driving the region’s growth in generative AI.

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Scope of the report

Coverage Details
Market Revenue USD 118.06 by 2032
CAGR 27.02%  
North America Market Share 41% in 2022
Software Segment Revenue Share 65.5% in 2022
Media & Entertainment Revenue Share 34% in 2022
Key Players Synthesia, Genie AI Ltd., Amazon Web Services, Inc., MOSTLY AI Inc., Google LLC, Microsoft, Adobe, IBM, Rephrase.ai, D-ID and Others

Market Dynamics

Market Driver:

Less time required for new product launch:

Generative AI shortens R&D cycles in various industries, from medicine to product development. Generative AI can produce videos and other new types of creative content. Businesses can utilize generative AI to increase customer retention rates or generate new leads. Companies such as Insilico Medicine and Amgen are using generative AI to design proteins for medicines, which will help reduce the time taken to launch new products.

Better Image Quality

A low-resolution video or image is upscaled to a higher resolution using a class of machine learning techniques called super-resolution. Companies like Netflix and Prime Video produce almost all their content in 4K, setting quality standards. For instance, The Amazon Fire TV has a 75% increase in power, best-in-class Wi-Fi, support for Alexa, and 4K Ultra HD. Most 4K Ultra HD movies are available on Amazon Fire TV, the most affordable 4K Ultra HD streaming media device.

Frontal Face View Generation, as well as Face emoji

Generative AI creates front-on photos from photos taken from various angles for use in a face verification or identification system. It converts real photographs into emojis or avatars. It can also predict the aging of a person using young photos. 

Adobe plans to incorporate generative AI into its video and graphic design applications. Microsoft is harnessing the power of generative models by leveraging its cloud infrastructure, exclusive access to OpenAI’s technology, and the massive workplace and creativity tools market.

Generative AI Market Restraints: Data breaches

Since generative AI relies heavily on deep neural networks, such as Generative Adversarial Networks. It frequently ignores basic machine learning models that are still very useful for business applications such as fraud detection, information security, and recommendation systems. This led to higher chances of data breaches. For instance, the CEO of alcohol delivery service Drizly was responsible for security lapses that exposed the personal information of about 2.5 million customers. The Federal Trade Commission plans to take the unusual step of bringing individual sanctions against Drizly for data privacy violations.

Market Opportunities: Early Detection of diseases 

Generative modeling enables reinforcement machine learning models to be unbiased and comprehended. Generative AI in healthcare allows the early detection of potential harm or adverse effects to develop effective treatments. For example, generative Adversarial Networks (GANs) compute different angles of an x-ray image to visualize tumor growth.

Generative AI Market Challenges: 

Generative AI faces two challenges which are data and creativity. Generative AI requires a large amount of data to learn the characteristics of the artifacts it is attempting to create. This information can be challenging to obtain, especially for rare or one-of-a-kind objects.

  • In December 2020, SolarWinds became a major US company that serves 33,000 customers, including large corporations and government agencies, with IT software. Hackers introduced malicious code into one of their software systems, distributed to all customers during a routine system update.

Along with that, to generate new and innovative ideas, Generative AI must be creative. This creativity can be challenging and requires human intervention to produce viable results.

  • In January 2021, OpenAI, best known for its next-generation GPT-2 AI system, released Jukebox. This music-generation neural net generates music samples in multiple genres & styles, with fabricated lyrics co-written by the system & AI researchers.

Related Reports

  • Artificial Intelligence (AI) Market – The global AI market was valued at USD 119.78 billion in 2022 and it is predicted to rake over USD 1,591.03 billion by 2030 with a CAGR of 38.1% from 2022 to 2030.
  • Artificial Intelligence as a Service Market – The global AI as a service market was accounted at USD 4.7 billion in 2021 and is expanding over USD 92 billion by 2030with a CAGR of 39.16% from 2022 to 2030.
  • Enterprise AI Market – The enterprise AI market was valued at USD 16.81 billion in 2022 and is expanding over USD 102.9 billion by 2030 with a CAGR of 47.16% from 2022 to 2030.

Key Development in the Generative AI Market

  • On November 2020, Autodesk completed the acquisition of Spacemaker, a provider of AI and Generative Design-enabled urban design platforms.
  • In October 2022, Dave Rogenmoser, CEO of AI content platform Jasper, raised $125 million in funding IN Generative AI.
  • In December 2022, better marketing emails were created by SellScale by using generative AI.

Market Segmentation

By Component

  • Software
  • Services

By Technology Outlook

  • Generative Adversarial Networks (GANs)
  • Transformers
  • Variational Auto-encoders
  • Diffusion Networks

By End-use Outlook

  • Media & Entertainment
  • BFSI
  • IT & Telecommunication
  • Healthcare
  • Automotive & Transportation
  • Others

By Region

  • North America
  • Europe
  • Asia Pacific
  • LAMEA

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Artificial Intelligence

XtalPi Unveils XtalGazer: A Comprehensive AI-Driven Polymorph Selection Platform

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CAMBRIDGE, Mass., March 28, 2024 /PRNewswire/ — XtalPi Inc., a leading global technology company in integrating artificial intelligence (AI) and robotics to advance the discovery of groundbreaking medicine and innovative materials, announced today the launch of its proprietary comprehensive solid form discovery and selection platform, XtalGazer. This advanced platform aims to significantly improve the polymorph selection process for the pharmaceutical industry by integrating AI- and automation-powered experimental and computational approaches.

XtalGazer provides a total solution for delivering high-quality polymorph screening and selection methods to expedite drug development and mitigate risks. It represents a paradigm shift in solid-state research, moving from the traditional trial-and-error approach to a data-driven, design-led methodology. The platform provides an expansive suite of foundational tools to accelerate polymorph discovery, characterization, and selection process, empowering pharmaceutical companies to conduct thorough research with less active pharmaceutical ingredient (API) in shorter development cycles.
A key component of XtalGazer is XtalCSP, a crystal structure prediction platform to perform global searches of crystal structures for target molecules and the other optional components in the corresponding searching space, offering a deep insight into possible stable forms. Furthermore, crystallization strategy recommendations will provide AI-backed experimental design to help avoid human bias. XtalGazer also utilizes MicroED to rapidly elucidate crystal structures from powder samples, reducing the need for growing single crystals.
XtalPi’s launch of XtalGazer marks another significant step in the company’s ongoing exploration of solid-state research. From crystal structure prediction platforms being one of the first products to launch at XtalPi, to today’s comprehensive polymorph selection platform, XtalPi will keep fulfilling its promise to solving challenging problems in this space. XtalPi will continue to deliver faster, more accurate, and more comprehensive approaches to building an ecosystem for the R&D process in solid-state, pre-formulation and crystallization.
For more information about XtalPi, please visit www.xtalpi.com.
About XtalPi:
XtalPi is an innovative technology company powered by artificial intelligence (AI) and robotics. Founded in 2015 on the MIT campus, XtalPi is dedicated to driving intelligent and digital transformation in the life science and new materials industries. With tightly interwoven quantum physics, AI, cloud computing, and large-scale clusters of robotic workstations, XtalPi offers a range of technology solutions, services, and products to accelerate and empower innovation for biopharmaceutical and new materials companies worldwide.
Media Contact: Vivienne [email protected]
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Artificial Intelligence

ICIS and Base Oil News Announce Partnership to Enhance Market Insights

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LONDON, March 28, 2024 /PRNewswire/ — ICIS, a global source of commodity intelligence, is pleased to announce a strategic partnership with Base Oil News, a premier news outlet founded by industry expert Iain Pocock that provides in-depth coverage of the base oils and lubricants market. This collaboration marks a significant milestone in the dissemination and exchange of critical market data and insights.

With more than two decades of journalism experience at Bloomberg, Reuters, and Argus Media, Iain Pocock brings unparalleled expertise to this partnership. His deep understanding of illiquid energy markets makes him a credible and influential figure in the industry. Since November 2023, Iain has been working closely with ICIS to share and exchange valuable data and insights, enhancing the services both platforms offer to the base oils and lubricants market.
Through the collaboration, Iain integrates ICIS’ extensive content and data resources in Base Oil News market coverage. In return, he contributes market insights to ICIS News, including expert and exclusive analysis of supply and demand dynamics, price margins, and other critical market drivers. This exchange ensures that subscribers of both ICIS and Base Oil News have access to the most comprehensive, timely, and accurate market information, empowering them to make informed decisions.
“It’s a very exciting partnership – where we leverage each other’s strengths and provide actionable insights to our customers,” said Iain Pocock, Founder of Base Oil News. “The market is the winner.”
“As ICIS is already the world’s most trusted pricing benchmark for base oils, this collaboration with Iain Pocock and Base Oil News provides an even stronger and deeper service to our customers,” said Stephen Burns, Editorial Director at ICIS. “Iain’s expertise and extensive industry connections are invaluable, and we have established a fruitful partnership that benefits the market at large.”
For the latest insights from Iain Pocock on ICIS News, visit ICIS News.  
About ICIS
ICIS – Independent Commodity Intelligence Services – helps businesses through seamlessly delivering data and analytics, across the chemical, fertilizer and energy markets. A trusted source and benchmark for price information and insight across key commodities markets worldwide. Our independent, transparent market intelligence informs thousands of quality decisions every day, taking the pressure out of negotiations and giving customers space for more innovative thinking, through published datasets including price assessments, price forecasts, supply and demand fundamentals and more.
Over 150 years of shaping the world by connecting markets to optimise the world’s valuable resources. With a global team of more than 600 experts, ICIS has employees based in London, New York, Houston, Karlsruhe, Milan, Mumbai, Singapore, Guangzhou, Beijing, Shanghai, Dubai, Sao Paulo, Seoul, Tokyo and Perth.
ICIS is part of RELX, a FTSE15 company with a market cap of £64bn and an employee base of over 30,000 experts across 40 countries.
About RELX
RELX is a global provider of information and analytics for professional and business customers across industries. The Group serves customers in more than 180 countries and has offices in about 40 countries. It employs approximately 30,000 people of whom almost half are in North America. RELX PLC is a London listed holding company which owns 52.9% of RELX Group. RELX NV is an Amsterdam listed holding company which owns 47.1% of RELX Group. The shares are traded on the London, Amsterdam and New York Stock Exchanges using the following ticker symbols: London: REL; Amsterdam: REN; New York: RELX and RENX. Total market capitalisation is approximately £64bn | €75bn | $81bn.
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Artificial Intelligence

Trianz Welcomes Israel Abraham as Vice President of Services for Extrica.ai – The Data to AI Platform

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SANTA CLARA, Calif., March 28, 2024 /PRNewswire/ — Digital transformation technology & services company Trianz is pleased to announce the appointment of Israel Abraham as Vice President of Extrica Platform Services.

Trianz has embarked on a transformative journey, redefining its value proposition with an ‘IP Led’ model, with a commitment to deliver the fastest time to value, lowest human dependence, and highest ROI. Central to this approach are our hyper-automated platforms, Concierto.Cloud, Extrica.AI, and Pulse, driving industry-leading transformations in cloud, data and analytics, AI, and the digital workplace.
Israel Abraham is a very well-known pioneer and industry leader in AI, data management, and analytics systems, with over three decades of experience. He joins as the services leader for Extrica- the Trianz Data to AI platform, which productizes data, provides data a face and purpose, and accelerates time to insights and AI by 50% or more. In the role of Extrica Services leader, Israel will lead the shaping, visioning, and delivery of Extrica.ai based enterprise wide datamesh, BI, and AI solutions for customers worldwide.
“We are thrilled to welcome Israel Abraham to the Trianz family,” said Sri Manchala, CEO of Trianz and author of Crossing the Digital Faultline. “He is a leader in modernization as well as conceptualization of data platforms anew. Israel’s prior background in the industry with financial services and insurance giants underscores our commitment to securing top-tier talent that brings real-world experiences and needs to our technology platforms. As we continue to broaden our footprint in the digital transformation space, Israel’s visionary leadership and practical experience will serve as the cornerstone in accelerating insights and AI to deliver transformative value to our clients.”
Having played pivotal roles in highly reputed and large organizations such as Liberty Mutual Insurance, MassMutual, Safeco, and CNA Insurance, Israel has garnered recognition as a seasoned leader in big data and AI cloud implementations. His accolades include the prestigious 2014 Ventana Research IT Innovation Award, the 2009 Informatica MDM Innovation Award, and three filed Data Engineering patents in the last four years.
“Trianz has been at the forefront of digital innovation, and Extrica.ai is a paradigm shifting data to AI platform that completely changes how analytics and AI are delivered- much faster, taking business ahead of change. I am excited to scale the adoption of the Extrica platform, which has attracted attention from giants across the industry and hyperscalers,” said Israel Abraham. “I look forward to engaging with customers, bringing my own experiences, and collaborating with the talented team at Trianz to further enhance the capabilities of the Extrica Platform Services to transform data & AI strategies, execution, and outcomes for customers.”
About Trianz
Trianz is a leading-edge technology platforms and services company that accelerates digital transformations at Fortune 100 and emerging companies worldwide in data & analytics, digital experiences, cloud infrastructure, and security. Our ‘IP Led Transformations’ approach, informed by insights from a recent global study spanning 20+ industries and 5000+ companies, addresses challenges posed by the rapid pace of AI-driven transformation, digital talent scarcity, and economic uncertainty. Our IP and platforms, including Concierto, Extrica, and Pulse, revolutionize cloud adoption, data analytics, and AI insights, empowering organizations to navigate the complexities of digital transformation seamlessly.
Founded in California and with an organization of over 2,000 associates across the United States and India, Trianz is a Premier Partner of AWS, consistently rated #1 by clients for value delivery over the past five years. Trianz has been ranked as one of the best Consulting Firms by Forbes and has been certified as a Great Place to Work for three years in a row. To learn more about Trianz, email [email protected] or visit www.trianz.com.
Watch Trianz CEO Sri Manchala’s insightful interview with Bloomberg on Partner | Crossing The Digital Faultline & Leading Towards Transformative Success – YouTube and delve deeper into his book Crossing the Digital Faultline at Crossing the Digital Faultline | Trianz.
Trianz Media [email protected] +1-408-387-5800
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