New York, April 04, 2023 (GLOBE NEWSWIRE) -- According to Market.us, The global Generative AI in Conference Market size accounted for USD 112.5 million in 2022 and growth is estimated to accelerate at a CAGR of 18.5%, registering an incremental revenue of USD 588.7 million by 2032.
Generative AI is used in conferences for many applications. The introduction of generative AI at the conference has allowed customers to have a more efficient and convenient user experience. Generative AI is used in conferences for various purposes, like correcting lip movement when the speaker’s speech and lip movement is not matching. The generative AI helps to match lip movement and speech synchronization. This is attracting more businesses to adopt generative AI in conferences for a seamless and better user experience.
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Key Takeaway:
- By component, the software for generative AI in conferences leads the segment.
- By deployment, cloud-based generative AI in the conference is preferred over on-premise deployment.
- By end-use Industry, media and entertainment industries have the most applications of generative AI in the conference.
- North America held a revenue share of approximately 42.3% in 2022
- Asia Pacific market is anticipated to grow significantly during the forecast period.
Many generative AI companies also offer services like eye gazing in video conferences. This helps the user for a better and more seamless experience during the video conference. The eye gazing feature from the companies improves the user experience by giving a real-time experience to the users. Due to all these key factors, generative AI in the conference is in high demand from various industries. With continuous innovations and developments, the generative AI in conference market is expected to grow significantly during the forecast period.
Factors affecting the growth of Generative AI in Conference Market
Several factors can affect the growth of global generative AI in conference market. Some of these factors include:
- Increasing video conferencing trend: With advancements in technology, conferences have moved to the virtual way over the last couple of years. To provide a seamless experience and avoid mistakes, generative AI is majorly used in the conference.
- Rising generative AI applications: Generative AI has many applications in various industries like media and entertainment, it and telecommunications, BFSI, and many others industries. The increasing use of generative AI in conferences is boosting the growth of generative AI in conference market.
- Rising user experience expectations: With evolving technologies, the demand for better user experience is increasing in the world. Therefore, many companies are focusing on the development of technologies for better user experience. This is also fueling the growth of generative AI in conference market.
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Top Trends in Global Generative AI in Conference Market
The ongoing trend of video conferences worldwide drives the growth of generative AI in conference market. Many companies organize conferences for various industries and individuals to come together and share ideas and thoughts for development. The increased use of conferences worldwide has forced companies to develop a more seamless and better user experience for customers. Due to this, companies have developed upgraded versions of generative AI, which is expected to help market development.
Market Growth
With technological advancements, conferences have moved to the virtual way in the last couple of years. Generative AI is majorly used in the conference to provide a seamless experience and avoid mistakes. Generative AI has many applications in various industries like media and entertainment, it and telecommunications, BFSI, and many other industries. This increasing use of generative AI in conferences is boosting the growth of generative AI in conference market. Moreover, with evolving technologies, the demand for better user experience is increasing worldwide. Therefore, many companies are focusing on developing technologies for better user experience. This is also fueling the growth of generative AI in conference market.
Regional Analysis
North America leads the global generative AI in conference market by accounting for a major revenue share of 42.3%. The growth of the North American market is due to key players in the generative AI market in countries like the United States and Canada. In addition, the major companies in North America are heavily investing in developing advancements in generative AI. This is boosting the growth of generative AI in conference market in North America. After North America, the Asia Pacific region is anticipated to grow significantly during the forecast period. The increasing adoption and investments in the technology sector will drive the growth of the Asia Pacific region.
Competitive Landscape
The generative AI in conference market is fragmented into a few companies. Key players in the generative AI in conference market focus on different strategies to expand their market share across various regions. The companies adopt strategies like collaboration, partnership, merging, and acquisition. Apart from this, many key players are investing more in the R&D of this field to have as advanced technology of generative AI as possible. Some of the major players include Zoom Video Communications Inc., MOSTLY AI Inc., Genie AI Ltd., Adobe Inc., Synthesis AI, Open AI, Microsoft Corporation, Google LLC, IBM Corporation, Amazon Web Services, Inc., and other key players.
Recent Development of the Generative AI in Conference Market
- In February 2023, Microsoft Corporation launched their new AI-powered browser Bing which is developed to copilot their web browser.
- In March 2023, Zoom Video Communications Inc. added generative AI to Zoom IQ by partnering with Open AI.
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Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 112.5 million |
| Market Size (2032) | USD 588.7 million |
| CAGR (from 2023 to 2032) | 18.5 % |
| North America Revenue Share | 42.3% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
The applications of generative AI in the conference, like lip movement and speech synchronization, and eye gazing or eye contact experience to the user, are attracting more businesses and companies to adopt the generative AI-based conferences. This is propelling the growth of generative AI in conference market. The industries like media & entertainment, IT and telecommunications, healthcare, BFSI, automotive & transportation, and many industries are using generative AI in the conference. This is expected to boost the market growth in the upcoming period.
Market Restraints
The generative AI performs its operations by analyzing the patterns and algorithms provided to it. If the generative AI is provided with false and biased data, it can create biased and false data-based solutions to the requested solution. This is restraining the growth of generative AI in conference market. Also, the seamless implementation of generative AI in conferences requires massive time and huge computing power to process the huge amount of data for the requested solution. This puts pressure on the servers and computer systems to operate a huge amount of data simultaneously. It can also create technological complications in the operation of the conference. These factors are restraining the growth of generative AI in conference market.
Market Opportunities
The generative AI performs its operations through years of developments in the patterns and algorithms of the data on which it is trained. Moreover, it allows users to request any needed data in the world. Due to all these benefits, generative AI is widely used in many industries like media & entertainment, it and telecommunications, healthcare, BFSI, automotive and transportation, and many others industries. Also, the continuous developments in generative AI are anticipated to create many lucrative opportunities in the market during the forecast period.
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Report Segmentation of the Generative AI in Conference Market
Component Insight
The users prefer the software segment for generative AI in conferences. Many companies are offering generative AI at conferences through various software. It gives seamless performance and a better experience to the users. This is expected to boost the growth of the software in the component segment of generative AI in conference market.
Deployment Insight
The cloud-based deployment of generative AI in conference market leads the market by covering a major share of the global generative AI in conference market. The growth of cloud-based deployment is attributed to the rising use of cloud-based generative AI software and services in various industries for its application in better user experience. With growing cloud-based services, the generative AI in conference market is also anticipated to grow significantly over the forecast period. However, the low cost and massive amount of computing power attract many industries to adopt the on-premise deployment of generative AI in conference market. This is driving the growth of the on-premise deployment of generative AI in conference market.
End-User Insight
The media & entertainment industry majorly uses generative AI in the conference for its application in better user experience. The generative AI helps to synchronize the lip movement and speech from the speaker. It helps the media and entertainment industry to optimize the time and give a better visual experience to users. This is driving the growth of the media and entertainment industry in the global generative AI in conference market.
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Market Segmentation
Based on Component
- Software
- Services
Based on Deployment
- Cloud-Based
- On-Premise
Based on End-Use Industry
- Media & Entertainment
- IT & Telecommunications
- Healthcare
- Automotive & Transportation
- BFSI
- Other End-Use Industries
Based on Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Market Key Players:
- Zoom Video Communications Inc.
- MOSTLY AI Inc.
- Open AI
- Synthesis AI
- Genie AI Ltd.
- Adobe Inc.
- Microsoft Corporation
- IBM Corporation
- Google LLC
- Amazon Web Services. Inc.
- Other Key Players
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