The global generative AI market is projected to grow from USD 11.3 billion in 2023 to USD 51.8 billion by 2028, with a compound annual growth rate (CAGR) of 35.6%, according to a report by ResearchAndMarkets.com. The market is anticipated to grow due to innovation of cloud storage, which makes access to data easier; evolution of AI and deep learning; and increase in the era of content creation and creative applications. The report also revealed that the managed services segment will register the fastest-growing market rate during the forecast period, while the media and entertainment sector will registers the fastest-growing CAGR. North America is expected to lead the generative AI market during the forecast period, followed by Europe and the Asia-Pacific region.
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