AI Image Generator Market Size Exceeds $900 Million, with a CAGR of 17.4%


US enterprise AI adoption dropped sharply, with large firms' usage falling from ~14% in June to below 12% in August - the steepest decline since November 2023 surveys began.....
SoCreate is an innovative screenwriting software that leverages generative AI images and visual tools, aiming to disrupt traditional screenwriting methods. The software offers many features commonly found in most screenwriting programs, such as templates, allowing users to easily create industry-standard scripts with the correct formatting. However, SoCreate's founder and CEO, Justin Koutou, believes that popular platforms still fall short, particularly in terms of visual and creative tools. A key selling point of SoCreate is its image upload feature, enabling screenwriters to utilize this.
According to a latest report published by Bain & Company, the Artificial Intelligence (AI) market is experiencing explosive growth, with the market size expected to approach $1 trillion by 2027. This growth is mainly driven by increasing investments in AI technology and ongoing advancements in the technology. The report indicates that from 2022 to 2027, the compound annual growth rate (CAGR) for the AI market will be approximately 31%. Image source note: Image generated by AI, image licensed through Midjourney. So, what is driving this wave of growth?
According to the International Data Corporation (IDC) report titled 'Worldwide Artificial Intelligence and Generative AI Spending Guide', global spending on artificial intelligence (AI) is expected to reach $632 billion by 2028, with a compound annual growth rate (CAGR) of 29.0%. AI plays a critical role in employee experience, customer interaction, and business process transformation. Despite the high attention on Generative AI (GenAI), its spending is lower than that of other AI applications such as machine learning, deep learning, and natural language processing; however, GenAI investment is rapidly increasing, and it is expected to lead to significant growth.
AI image generators significantly enhance creative efficiency, optimizing workflows for professionals, especially under tight deadlines. Getty Images and iStock have launched updated AI models that double speed, generating four images in just six seconds. The new model allows prompts of up to 250 words, offers various camera controls, supports 4K detail output, and includes AI editing features like background removal and element addition, greatly....