Generative Artificial Intelligence (AI) in Art Market Report 2024

The generative artificial intelligence (AI) in art market size has grown exponentially in recent years. It will grow from $0.43 billion in 2023 to $0.62 billion in 2024 at a compound annual growth rate (CAGR) of 39.53%. The growth during the historic period can be attributed to the increase in AI startups, the rise of AI art communities, a growing number of public exhibitions, expansion in AI-generated music, and the emergence of AI art awards.

The generative artificial intelligence (AI) in art market size is expected to see exponential growth in the next few years. It will grow to $0.9 billion in 2028 at a compound annual growth rate (CAGR) of 9.76%. The anticipated growth during the forecast period can be attributed to the increasing adoption of AI tools by artists, rising investment in AI research and development, growing demand for AI in entertainment and media, a higher demand for AI art in interior design, and increasing use of AI art in corporate environments. Major trends for this period include technological advancements, integration with augmented reality, social media art, game design, and fashion design.

The growing adoption of artificial intelligence (AI) technologies is expected to drive the expansion of generative artificial intelligence (AI) within the art market in the future. AI technologies encompass a wide range of tools and systems designed to replicate human intelligence and perform tasks that typically require cognitive functions. The rise in AI adoption is attributed to increased computing power, the availability of big data, improved algorithms and techniques, and more accessible tools. Generative AI in art represents an intriguing blend of technology and creativity, using advanced AI algorithms and models to produce novel and unique art pieces. For example, in May 2022, International Business Machines Corporation (IBM), a US-based IT firm, reported that AI adoption among companies rose to 35% from 31% in 2021, with 42% of companies exploring AI technologies and a 13% increase in organizations implementing AI. Additionally, in January 2022, the Government Digital Service, a UK-based government entity, projected that overall spending on AI technology would grow from $20.25 billion to $101.26 billion between 2020 and 2040. Consequently, the increasing adoption of AI technologies is propelling the growth of generative AI in the art market.

Leading companies in the generative AI art market are focusing on developing innovative AI tools for music and sound generation to boost creativity, streamline workflows, and inspire new compositions. Music and sound generation AI tools autonomously create melodies, harmonies, rhythms, sound effects, and complete musical pieces, either independently or in collaboration with human users. For instance, in September 2023, Stability AI Ltd., a UK-based open-source generative AI company, introduced Stable Audio. This platform offers high-quality music creation through an intuitive online interface, utilizing the latest AI algorithms. Stable Audio features a basic free edition for creating and downloading songs up to 20 seconds long, and a 'Pro' membership that provides 90-second tracks for use in commercial projects. The tool helps musicians generate samples for their songs using advanced AI technologies.

In May 2024, Autodesk, a US-based software company, acquired Wonder Dynamics for an undisclosed amount. This acquisition aims to incorporate Wonder Dynamics' advanced AI-driven visual effects technology into Autodesk's suite of creative tools, enhancing the capabilities available to filmmakers and content creators. Wonder Dynamics is a US-based company specializing in artificial intelligence and visual effects.

Major companies operating in the generative artificial intelligence (AI) in art market are International Business Machines Corporation, NVIDIA Corporation, Adobe Inc., Autodesk Inc., OpenAI Inc., Quill Inc., DeepMind Technologies Limited, Anthropic PBC, Promethean Limited, Midjourney Inc., Runway ML Inc., Prisma Labs Inc., Obvious, Wombo Inc., Lumen5 Technologies Ltd., Artomatix, Rosebud AI Inc., Endel, ScribbleHub, Gan Studio, Aiva Technologies SA.

North America was the largest region in the generative artificial intelligence (AI) in art market in 2023. The regions covered in the generative artificial intelligence (AI) in art market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the generative artificial intelligence (AI) in art market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Generative artificial intelligence (AI) in art refers to the use of algorithms and machine learning techniques to autonomously create art or collaborate with human artists. This approach enables the generation of novel artworks, designs, or multimedia content based on predefined rules, patterns, or training data.

The main types of generative AI in art include visual art, music, and literature. Visual art covers various forms of creative expression that are primarily visual, such as painting, sculpture, photography, and digital art. Generative AI in this realm involves using algorithms to create or assist in creating artwork, often producing unique and complex designs that might be challenging for humans to conceive independently. Technologies or platforms used include standalone software, cloud-based services, and AI-enabled hardware. Applications span fine art, advertising and marketing, entertainment and gaming, and design and fashion. These tools are utilized by artists, creative professionals, art collectors and galleries, and the general audience.

The generative artificial intelligence (AI) in art market research report is one of a series of new reports that provides generative artificial intelligence (AI) in art market statistics, including generative artificial intelligence (AI) in art industry global market size, regional shares, competitors with an generative artificial intelligence (AI) in art market share, detailed generative artificial intelligence (AI) in art market segments, market trends, and opportunities, and any further data you may need to thrive in the generative artificial intelligence (AI) in art industry. This generative artificial intelligence (AI) in art research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The generative artificial intelligence (AI) in art market includes revenues earned by entities by providing services such as creating AI-generated artworks, developing AI tools for artists, and offering AI-based art curation and recommendation systems. The market value includes the value of related goods sold by the service provider or included within the service offering. The generative artificial intelligence (AI) in art market also consists of sales of hardware for AI processing, blockchain integration tools, and data sets and training models. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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