North America Generative AI Market Insights Forecasts to 2032

• The North America Generative AI Market Size was valued at USD XX Billion in 2022.
• The Market is growing at a CAGR of 31.1% from 2022 to 2032.
• The North America Generative AI Market Size is expected to reach USD XX Billion by 2032.
• North America is expected to grow the fastest during the forecast period.

The North America Generative AI Market Size is expected to reach USD XX Billion by 2032, at a CAGR of 31.1% during the forecast period 2022 to 2032.

Market Overview

Generative artificial intelligence is a type of artificial intelligence that can generate graphics, text, or any other kind of media using generative models. Generative AI algorithms learn structures and patterns within data by training on big datasets, resulting in innovative and realistic outputs that match the original distribution of data. The market for generative artificial intelligence is dominated by North America for several reasons such as technological innovation hotspots, with numerous prominent AI research institutions, tech businesses, and startups pioneering the development and deployment of generative AI solutions. Furthermore, North America has a developed and robust high-performance computing infrastructure, which is required for training and executing sophisticated generative AI models. North America will begin to assume the lead in the generative AI sector, with the United States leading the way. Multiple driving forces underpin North America's generative AI market dominance, including rising demand for AI-generated content in industries such as media and entertainment, the expanding role of AI in healthcare and diverse industries, and the abundance of large datasets for training generative models. Favorable government legislation, access to investment capital funding, and a good business climate for AI development all contribute to the region's sustained growth and dominance in artificial intelligence.

Report Coverage

This research report categorizes the market for North America generative AI market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the North America generative AI market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the North America Generative AI Market.

Driving Factors

The world of business is experiencing major changes caused by the rapidly developing field of artificial intelligence (AI). Marketing, sales, finance, and human resources are great examples of enterprise operations that stand to benefit from upcoming AI-driven solutions. While technological developments like cloud computing, 5G connectivity, and the Internet of Things (IoT) have brought about significant developments, none have displayed the rapid evolution seen in AI. Furthermore, the rising demand for AI-generated content in the media and entertainment, healthcare, and other industries, as well as the availability of massive amounts of data for training generative models, are propelling the industry. For Instance, Grammarly, Inc., a U.S.-based AI-based writing assistant, announced the March 2023 launch of Grammarly Go, a generative AI feature that allows users to compose, edit, and customize content. The increase of AI is an evolution of unrivalled scale, developing at a pace unmatched in comparison to these factors are

Restraining Factors

Generative AI is largely reliant on massive volumes of data to assist with training and content generation. This creates privacy concerns because huge databases can contain private data about individuals. Furthermore, the usage of potentially harmful AI-generated content, such as deep fakes, has raised ethical issues and regulatory attention. These fears may result in increasing restrictions and compliance requirements, thereby limiting the scope and use cases of generative AI in specific industries.

Market Segment

• In 2022, the service segment accounted for the largest revenue share over the forecast period.

Based on the component, the North America generative AI market is segmented into software and services. Among these, the service segment has the largest revenue share over the forecast period. The services improve the value proposition of generative AI solutions by assuring optimal implementation, reducing delays, and enabling enterprises to take advantage of the revolutionary possibilities of modern technology. As businesses hold the strategic importance of relevant AI solutions, and demand for services is projected to continue strong, fostering the company's position in the generative AI industry.

• In 2022, the generative adversarial networks (GANs) segment accounted for the largest revenue share over the forecast period.

On the basis of technology, the North America generative AI market is segmented into generative adversarial networks (GANs), transformers, variational auto-encoders, diffusion networks, and others. Among these, the generative adversarial networks (GANs) segment has the largest revenue share over the forecast period. The process involves producing realistic and novel content by incorporating GAN technology for a variety of applications such as music, art, healthcare, and so on, to generate new synthetic data, which is even used to create data for medical imaging or drug discovery, thereby assisting the market demand for the technology. Also, Deep learning, which involves the use of artificial neural networks that can learn from massive datasets to make predictions or generate new material, is a major component contributing to its growth.

• In 2022, the media & entertainment segment is expected to hold the largest share of the North America generative AI market during the forecast period.          

Based on the end-user, the North American generative AI market is classified into media & entertainment, BFSI, it & telecommunication, automotive & transportation, healthcare, and gaming. Among these, the media & entertainment segment is expected to hold the largest share of the North America generative AI  market during the forecast period. The media & entertainment category is predicted to have the greatest market share in the generative AI market due to the immense revolutionary influence of Generative AI on content production, personalization, and user engagement within the industry. Deep learning-based picture and video synthesis, music composition, and story generation are examples of generative AI technologies that enable content makers to create more immersive and creative experiences for consumers.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the North America generative AI market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Google LLC
• Microsoft Corporation
• Deep AI
• OpenAI
• Eleuthera AI
• Starry AI
• Magic Studio
• Amazon Web Services, Inc.
• META
• IBM Corporation.
• Adobe, Inc
• Charater.AI
• Hypotenuse AI
• Viable
• Defog.AI

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• On September 2023, Amazon and Anthropic announced today a strategic partnership that will combine their respective industry-leading technology and expertise in safer generative artificial intelligence (AI) to accelerate the development of Anthropic's future foundation models and make them widely available to AWS customers.

Market Segment

This study forecasts revenue at global, regional, and country levels from 2021 to 2032. Spherical Insights has segmented the North America generative AI market based on the below-mentioned segments:

North America Generative AI Market, By Component

• Software
• Services

North America Generative AI Market, By Technology

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

North America Generative AI Market, By End-User

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

North America Generative AI Market, By Country

• United States
• Canada
• Mexico
• Rest of North America