The global generative artificial intelligence (AI) market was valued at $15.4 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 35.3% to reach $94.4 billion by 2029.

Generative AI is a subfield of AI that specializes in creating new data. It uses pretrained learning techniques to identify underlying patterns connected with the input, which allows it to then produce new text, pictures, videos, audio, and code that replicate the training data’s features.