The Generative AI market, valued at approximately USD 10.71 billion in 2023, is expected to expand at a CAGR of 20.8%, reaching USD 40.28 billion by 2030. The growing integration of Generative AI with cloud infrastructure for seamless and efficient data transfer is a key driver of this growth.

In 2023, Generative AI gained widespread popularity for creating text, images, and audio content. As we move into 2024, the demand for multimodal AI is expected to rise. Unlike generative AI, which focuses on producing new content from existing data, multimodal AI integrates multiple data types—such as text, speech, images, and numerical data—to enhance analysis and performance. The rapid emergence of AI startups driven by generative AI will likely continue in 2024, with companies introducing increasingly sophisticated products as the industry evolves.

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Generative Artificial Intelligence (AI) serves as a significant catalyst in the swiftly progressing domain of technology, poised to make a substantial impact on the future narrative of cloud computing. The worldwide dependence on cloud infrastructure is escalating, with an impressive 90% of enterprises utilizing some form of cloud service. Cloud computing constitutes the foundation of contemporary business operations, offering scalability, flexibility, and cost-efficiency.

The innovation of Generative Adversarial Networks in machine learning language is simple at its core with the aim to generate realistic content like music and graphics is contributing to the Gen AI market growth. Their benefits in rapid photo modifications, small-scale dataset generation, and cinematic special effects further have positive impact on the market. 

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Among the many tasks that generative artificial intelligence (AI) helps engineers with are root-cause analysis, the development of innovative system designs, the production of preliminary code drafts, and code correction and refactoring. The current scenario reveals that the majority of the APIs approx. 60% to 70% uses the generative AI to develops code for software and websites. By automating the coding process, generative AI has the potential to completely transform the necessary skill sets and skills in software engineering with regard to code and architectural design. 

Gen AI is increasingly used in media & entertainment industry such as in merging technology with melody, AI-generated music leverages sophisticated algorithms to construct musical compositions. These machine learning models scrutinize ample data from existing compositions, identifying and learning patterns across varied styles and genres. For instance, in November 2023, Kaiber, known for its AI-driven creative endeavors in music videos, unveiled its inaugural mobile application, accessible on both iOS and Android platforms. The convergence of generative video technology and music extends the creation experience of music videos from the web to handheld devices. The app incorporates a suite of enhanced creation tools, including text-to-video, image-to-video, and video-to-video functionalities, all complemented by curated music options. 

In Asia, small and medium enterprises (SMEs) make up 96% of all businesses. Since 2019, Singapore has been at the forefront, demonstrating exceptional performance in sectors such as financial services, healthcare, transportation, logistics, and tourism. Meanwhile, China’s adoption of AI is primarily concentrated in financial services, retail, and high-tech industries. These sectors account for over one-third of the nation’s total AI market.

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Major players are Adobe, Amazon Web Services, Alphabet, IBM, Meta, Microsoft, NVIDIA, Synthesia, Inflection AI, Anthropic, OpenAI, and D-ID. Several smaller companies, such as Genie AI and SoundHound AI are focusing on the advancement of their product offerings. 

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