The global generative AI market is projected to reach a value of USD 165.49 billion by 2031 with a CAGR of 32.8% during the forecast period. This growth is driven by the increasing demand for personalized content and the integration of AI and machine learning. The software segment is expected to dominate the market due to rising concerns about data privacy. The market is witnessing applications in various industries such as healthcare, automotive, gaming, and media, and is expected to continue growing as companies adopt creative AI technologies to generate new words, images, and restructuring.