Generative AI in Data Analytics Market Analysis

Generative AI in Data Analytics Market Overview

Global generative AI in data analytics market size was valued at USD 2.02 million in 2022. The generative AI in data analytics market is projected to grow from USD 3.23 million in 2023 to USD 211.94 million by 2032, exhibiting a compound annual growth rate (CAGR) of 59.2% during the forecast period (2023-2032). An artificial intelligence called "generative AI" is capable of producing new data, including text, graphics, and programming code.

This information can be used to identify fraud, enhance product recommendations, and train machine learning models. Generative AI, which can create new data and extract insights from existing data at scale, is becoming increasingly popular for enhancing data analytics and business intelligence.

FIGURE 1: GENERATIVE AI IN DATA ANALYTICS MARKET SIZE 2019-2032 (USD MILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Generative AI in Data Analytics Market Trends

Use of generative AI in data analytics

A significant user of generative AI in data analytics is the healthcare industry. To sort through enormous amounts of data, analyse it, and find patterns, generative AI is used. Additionally, it may use that data to create simulations and models that can more accurately forecast outcomes than ever before. The industry has benefited from this improved efficiency, which has helped to lower prices and improve care quality.

Generative AI is being used more frequently in the healthcare industry, from prevention to therapy and diagnostics. Personalised medicine, epidemiology, and drug discovery have benefited greatly from its capacity to extract significant insights from enormous datasets. Generative AI will continue to be a crucial instrument for the success of the healthcare sector as it becomes more dependent on data-driven decisions.

Development of new generative AI algorithms

The use of generative AI in data analytics is constantly expanding. New algorithms that enable the development and application of creative methods for deriving insight from data also appear along with new technology. This post will give a quick rundown of these developments and highlight some of the possible ramifications. It is becoming more and more obvious that businesses' future approaches to data analysis will heavily depend on generative AI. If businesses want to stay competitive and gain from enhanced accuracy and efficiency when it comes to making decisions based on their data, they must be aware of this reality.

Generative AI in Data Analytics Market Segment Insights

Generative AI in Data Analytics Market- Deployment Insights

The global Generative AI in Data Analytics market, in this report, in this report is segmented based on deployment encompassing Cloud-Based and On-premise. Cloud-based deployment is dominating in 2022, as it is the most popular deployment method for generative AI in data analytics during the forecast period. This is because cloud computing is becoming increasingly popular among businesses, as it offers flexibility and scalability for deploying and using generative AI applications.

Generative AI in Data Analytics Market Technology Insights

The global Generative AI in Data Analytics market, in this report is segmented based on Technology encompassing Natural Language Processing, Machine learning, Computer vision, Deep learning, and Robotic Process Automation. Machine learning is the widely accepted technology for generative AI in data analytics. This is because machine learning is a powerful tool that can be used to learn from data as well as to make predictions. Generative AI can be used to produce synthetic data that can then be used to train machine learning models.

FIGURE 2: GENERATIVE AI IN DATA ANALYTICS MARKET , BY Technology, 2022 VS 2032 (USD MILLION)

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

Generative AI in Data Analytics Market- Application Insights

The global Generative AI in Data Analytics market, in this report is segmented based on Application encompassing Data Augmentation, Text Generation, Anomaly Detection and Simulation and Forecasting. Data augmentation is expected to be the dominating in 2022 in generative AI in the data analytics market. This is because businesses are increasingly using machine learning models to make decisions, and these models need to be trained on large amounts of data. However, in many cases, businesses do not have enough real data to train their models. Generative AI can be used to generate synthetic data that is similar to real data, which can help businesses to train their machine learning models and improve their accuracy and performance.

Generative AI in Data Analytics Market- Regional Insights

By region, the study provides the market insights into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America Generative AI in Data Analytics market accounted for USD 0.72 million in 2022 with a share of around 33.60% and is expected to exhibit a significant CAGR growth during the study period. In North America, the market for AI in data analytics is expanding globally. This industry is expanding as a result of the demand for data-driven insights, which has led businesses to make significant investments in AI solutions and technology.

Major players like Google, Microsoft, IBM, and Intel are at the forefront of this flourishing business that has been formed throughout the region as a result of this trend. The growth of this industry is anticipated to be further fuelled by the development of high-end technologies like Generative Adversarial Networks (GANs), Natural Language Processing (NLP), and Reinforcement Learning (RL). Investments in AI-based applications like fraud detection, recommendation systems, and predictive analytics are also anticipated to contribute to the industry's continued growth. The North American AI market is expected to grow with all these developments. Mover increasing use of data-driven ai insights, analytics industry AI, and predictive data AI in the region is driving the market.

The market for generative AI in data analytics is expanding in North America. Businesses and organisations have a great opportunity to take use of the wealth of data that is becoming available. This chance opens up a number of opportunities for improved decision-making and for getting insightful knowledge from previously collected data. With the use of generative AI technology, specialists can create complex models that can analyse vast amounts of data and produce insightful insights that can be applied in a range of application scenarios. As a result, businesses are investing in this instrument at an increasing rate.

Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.

FIGURE 3: GENERATIVE AI IN DATA ANALYTICS MARKET SIZE BY REGION 2022 VS 2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

In Europe the development of generative AI and artificial intelligence (AI) benefits the European data analytics sector. Major economies like Germany, France, and the United Kingdom are leading the adoption of Generative Ai In Data Analytics. By way of illustration, generative AI enables computers to decipher data and produce forecasts based on patterns discovered in the existing data. This has been especially helpful for sectors that are now utilising AI's predictive capabilities, like banking, retail, manufacturing, healthcare, and more.

According to estimates, the use of AI solutions for data analytics will increase dramatically in Europe over the next five years as companies want to acquire deeper insights into their client bases. Companies will be able to access more powerful computer systems, new techniques, and technology, which will make big data analysis easier. The demand for data-driven solutions is anticipated to increase as Europe continues to build its capabilities in this area, enabling firms to see market possibilities more quickly than ever before.

The demand for innovation is driving a rapid evolution of the European data analytics sector. This process is now being driven by generative AI, which enables organisations to create fresh plans and discover information in their data that will keep them ahead of the curve. Exploring this technology's potential offers a variety of opportunities, from improving the value of current data sources to creating brand-new solutions that are tailored to particular need. Companies all over Europe can take use of this technology with the proper strategy to not only advance but also guarantee long-term success.

The market for AI in data analytics in Asia is expanding steadily, and many businesses are now focusing on regulatory compliance. This involves making sure they adhere to the rules and regulations of their respective countries. It serves as a necessity in order to stay competitive in this industry. Compliance is becoming increasingly crucial for success, hence the need to include it during the implementation process. Companies must remain aware of all regulations applicable to them, taking all steps necessary to ensure these are met at all times.

Cloud computing is becoming more and more popular in the Asia market for generative AI in data analytics. Businesses in the area are embracing its efficiency and cost-saving benefits as they become aware of its potential. In reality, as more businesses use it to streamline their operations, cut expenses, and gain a competitive edge, cloud computing is fast becoming a critical component of their data analytics plans. The market for generative AI in data analytics has expanded rapidly in Asia as a result of this rise in cloud computing popularity.

Generative AI in Data Analytics Market- Key Market Players and Competitive Insights

The Applied AI in Agriculture market is highly competitive, with a number of established players competing for market share. The market is primarily driven by the growing adoption of cloud computing. There are several domestic, regional, and global players operating in the Applied AI in Energy & Utilities market who continuously strive to gain a significant share of the overall market. During the study, MRFR has analyzed some of the major players in the Generative AI in Data Analytics market who have contributed to the market growth. These include Some notable players in the Applied AI in Energy & Utilities market include Google, IB General Electric , IBM Corporation, Microsoft., GE Power, Opower, Eneco, and Siemens.

Among these, Microsoft is a prominent solution provider of a wide range of Applied AI in Energy & Utilities. The company offers a range AI solutions that can be used to Predictive maintenance and Renewable energy integration in utilities and to energy. IBM is another AI solution that can be used for fraud detection, data analysis, and managing power supply. Similarly, Deere & Company's AI solutions can be used to monitor crops and drive autonomously.

Generative AI in Data Analytics Market- Key Companies Include

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  Google

  
  


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  General Electric

  
  


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  IBM Corporation

  
  


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  Microsoft

  
  


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  Opower

  
  


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  Eneco

  
  


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  Salesforce, Inc

  
  


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  Adobe

  
  


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  NVIDIA Corporation

  
  


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  Hugging Face

  
  

Generative AI in Data Analytics Market- Industry developments

August 2023: Google announced on Tuesday that it has integrated its generative AI assistant, Duet AI, into its data management and analytics platforms, including BigQuery and Looker. This integration will allow users to use Duet AI to generate insights from their data, create interactive dashboards, and automate tasks.

June 2023: Microsoft and Moody's Corporation today announced a new strategic alliance to provide financial services and international knowledge workers with cutting-edge data, analytics, research, collaboration, and risk solutions. The partnership, powered by Microsoft AI and anchored by Moody's proprietary data, analytics, and research, creates novel offerings that enhance insights into corporate intelligence and risk assessment. It is built on a combination of Moody's strong data and analytical capabilities and the strength and scale of Microsoft Azure OpenAI Service.

May 2023: Salesforce announced new real-time data and AI capabilities that are built into its CRM platform. These capabilities use generative AI to create personalized emails, qualify leads, and plan sales activities. This will help sales teams to improve efficiency and accelerate growth.