GENERATIVE AI MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024-2031)

Key Developments

• In April 2023, Amazon Web Services, Inc. (AWS), a subsidiary of Amazon and a leading cloud services provider, launched a global Generative AI Accelerator aimed at supporting startups. This accelerator offers access to impactful AI tools and models, optimization of machine learning stacks, customized go-to-market strategies, and additional resources to help these startups thrive in the evolving AI landscape.
• In March 2023, Adobe, a leading software company known for its creative solutions, announced a partnership with NVIDIA, a global technology company specializing in graphics processing units and AI, to advance the growth of generative AI and enhance creative workflows. Together, both companies will innovate advanced AI models aimed at deep integration into applications widely used by developers and marketers, facilitating new creative possibilities and efficiencies in their work.
• In February 2023, Google, a leading technology company known for its search engine and AI innovations, introduced the 'Bard' AI chatbot, designed to compete with OpenAI's ChatGPT. Bard is believed to be a lightweight version of Google's LaMDA, capable of responding to human inquiries and synthesizing information similarly to ChatGPT.
• In February 2023, Microsoft Corporation, a global technology leader, unveiled a preview of its AI-powered Bing search engine and Edge browser, positioning them as an AI co-pilot for the web. The new Bing allows users to ask questions directly in a chat interface, and it responds with concise answers generated by a powerful AI language model, rather than providing links to websites.
• In January 2023, NVIDIA, a leading AI hardware and software vendor, introduced new enterprise Metaverse technologies, including virtual reality (VR) and augmented reality (AR) tools, as part of its Omniverse portal. This launch features generative AI tools and updates to the Omniverse platform with RTX capabilities, along with an early access program for developers interested in creating avatars and virtual assistants.