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Generative AI Report 2024: Industry Data & Innovation Insights

Generative AI Report 2024: Industry Data & Innovation Insights

The generative AI industry is rapidly growing, driven by advancements in deep learning and natural language processing capabilities as well as increasing computing power. This generative AI report explores key market data as well as areas of innovation and their implications for companies worldwide.
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The Generative AI Report 2024 presents an industry with significant progress, demonstrating the influence of AI across diverse sectors. This report investigates current innovations, market tendencies, and top contributors shaping the generative AI ecosystem. It examines investment trends, firmographic data, and how businesses utilize innovative technologies to boost productivity, encourage innovation, and establish new value propositions.

This generative AI industry report serves as a reference for stakeholders within the industry, investors, policymakers, and economic analysts, providing a snapshot of the industry’s health to map its trajectory for innovation and growth in the coming years.

StartUs Insights Generative AI Report 2024

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Executive Summary: Generative AI Outlook 2024

This report is created using data obtained from the Big Data and AI-powered StartUs Insights Discovery Platform, covering more than 4.7 million global companies, as well as 20K+ technologies and emerging trends. We also analyzed a sample of 2000+ generative AI startups developing innovative solutions to present five examples from emerging generative AI industry trends.

  • Industry Growth Overview: The generative AI industry has seen a 53.07% annual growth and already consists of 8600+ companies.
  • Manpower & Employment Growth: The industry employs over 920000 professionals globally. There was an employee growth of over 104000 in the past year.
  • Patents & Grants: The sector holds over 6800 patents, indicating innovation. It has secured more than 870 grants, showing funding for R&D.
  • Global Footprint: Top country hubs include USA, India, UK, Canada, and Germany. City hubs in San Francisco, New York City, London, Bangalore, and Singapore serve as top startup and innovation hubs.
  • Investment Landscape: Financial investment is steady, with an average investment value of USD 30.8 million per round. The industry has attracted over 1900 investors, resulting in more than 6300 funding rounds, with investments made in over 2300 companies,
  • Top Investors: SoftBank Vision, Insight Partners, Fidelity Investments, and others have collectively invested more than USD 10 billion.
  • Startup Ecosystem: Five startups include Liminal (Generative AI Data Security), Katonic AI (No-code AI App-Builder), encloud (Encrypted Generative AI), LangWatch (LLM Monitoring & User Analytics), and AIManager360 (Generative AI Business Intelligence).
  • Recommendations for Stakeholders: Technology companies should focus on transparency in AI models, ensuring security measures to protect data. Researchers and academia continue working on AI technologies that promote interdisciplinary thinking and ethical guidelines. Governments and regulatory bodies need to establish clear, adaptive policies that encourage innovation while protecting public interests, now and in the future.

Explore the Data-driven Generative AI Report for 2024

The Generative AI Report 2024 uses data from the Discovery Platform and encapsulates the key metrics that underline the sector’s dynamic growth and innovation. The heatmap shows the growth and distribution of generative AI startups around the world. Our database includes 2037 startups out of a total of 8600 companies, with 53.07% as the industry growth in the last year. The sector holds over 6800 patents and more than 870 grants, suggesting strong support for innovation.

The global workforce in the generative AI industry is over 920000, with an employee growth of over 104000 in the past year. The country hubs contributing to this expansion are the US, India, the UK, Canada, and Germany. City hubs contributing to generative AI advancements include San Francisco, New York City, London, Bangalore, and Singapore.

What data is used to create this generative AI report?

Based on the data provided by our Discovery Platform, we observe that the generative AI industry ranks among the top 5% in the following categories relative to all 20K topics in our database. These categories provide a comprehensive overview of the industry’s key metrics and inform the short-term future direction of the industry.

  • News Coverage & Publications: The news coverage and publications related to generative AI have reached 87000 in the last year. This indicates media interest and research activity.
  • Funding Rounds: Our database records over 6300 funding rounds, showing investment and financial support for generative AI ventures.
  • Manpower: The industry employs more than 920000 workers globally, with an increase of over 104000 new employees added in the past year, pointing to its growing workforce.
  • Patents: The generative AI sector holds over 6800 patents, showing its focus on innovation and intellectual property development.
  • Grants: It has secured 870 grants, suggesting funding from various sources to support ongoing research and development.
  • Yearly Global Search Growth: The yearly global search growth for generative AI is at 1076.71%, showing increasing interest and curiosity about the industry worldwide.
  • and more. Book a demo to explore all data points used to create this generative AI report.

A Snapshot of the Global Generative AI Industry

The generative AI industry has shown growth and dynamism, driven by manpower, employee expansion, and numerous active companies. With over 920000 professionals employed in this sector, the industry experienced an increase of more than 104000 new employees in the last year. The industry comprises over 8600 companies, indicating a diverse and increasingly global market presence.

Explore the Funding Landscape of the Generative AI Industry

Financial investment in the generative AI sector is steady. The average investment value per funding round is USD 30.8 million, showing investor confidence and capital inflow. The industry has attracted more than 1900 investors, resulting in over 6300 funding rounds closed. These investments have been made in more than 2300 companies, showing interest and support for generative AI innovations.

Who is Investing in Generative AI?

The generative AI industry has drawn a considerable amount of investment, with the combined value invested by the top investors reaching more than USD 10 billion.

Explore the trends in the generative AI industry along with the firmographic data:

  • The generative modeling trend includes 346 companies and employs a total of 8500 individuals, with an addition of 2500 employees in the last year. The annual trend growth rate is 68.83%, suggesting rapid expansion within the industry.
  • Retrieval augmented generation (RAG) is a trend, with 240 companies and a workforce of 24000, including an addition of 2500 employees in the past year. This trend shows a substantial annual growth rate of 114.71%, indicating its growing adoption and potential to enhance data retrieval and natural language processing.
  • One-shot learning is an evolving trend, represented by 50 companies with an average of 82 employees each. The average funding per company is USD 10.1 million, showing considerable investor interest in this innovative approach. One-shot learning’s capability to enable models to learn from minimal data inputs makes it useful for various applications, especially in environments where data is limited or costly to acquire.

5 Top Examples from 2000+ Innovative Generative AI Startups

The five innovative startups showcased below are picked based on data including the trend they operate within and their relevance, founding year, funding status, and more. Book a platform demo to find promising startups, emerging trends, or industry data specific to your company’s needs and objectives.

Liminal offers Horizontal Generative AI Data Security

US-based startup Liminal develops The Liminal Platform, which safeguards critical data across any model and application. Its Liminal Spaces offers a secure chat interface for direct interactions with any generative AI model. The web application of Liminal allows secure engagement with one or multiple generative AI models. Further, Liminal Streams protects the generative AI-enabled components within any off-the-shelf application. Liminal Elements incorporates security controls into any employee or customer-facing application. Lastly, the Liminal Engine, which is driven by a proprietary ensemble algorithm optimizes security and minimizes user disruption. Liminal secures generative AI across all use cases and finds applications in industries such as banking, biotech, insurance, education, healthcare, and more.

Katonic AI develops No-code AI App-Builder

Australian startup Katonic AI provides Katonic Generative AI Platform that allows businesses to build enterprise-grade AI applications. It includes features like Chatbot, Multimodal, Classify, Extract, Summarize, and Generate. The platform also provides a Tuning Studio for creating customized prompts. In addition, it offers a Playground where businesses explore and interact with various Generative AI models. The platform supports one-click installation and is NVIDIA Cloud Validated. Katonic AI also enables users to deploy and manage their Generative AI models.

encloud enables Encrypted GenAI

UK-based startup encloud delivers a secure, optimized generative AI solution for regulated industries. Its modular product suite combines generative AI with confidential computing. Pegasus AI, its AI inferencing server, is optimized to run on CPU/GPU. Sentinel provides audit and access controls, while Citadel ensures secure data storage. Further, Guardian enhances AI computing and is powered by secure enclaves. encloud optimizes open-source language models and enables the deployment of custom Generative AI on encrypted data.

LangWatch provides LLM Monitoring & User Analytics

Dutch startup LangWatch provides an open-source platform to enhance current LLM pipelines. It mitigates risks such as jailbreaking, sensitive data leaks, and hallucinations. The LangWatch library is available for installation, allowing easy integration with LLM calls. Its dashboard provides real-time insights and metrics on user interactions with AI. Further, it tracks conversion rates, output quality, user feedback, and knowledge base gaps for continuous improvement. The data evaluation feature enables the evaluation of new models and prompts, dataset development for testing, and experimental simulations on tailored builds. LangWatch ensures the responsible deployment of generative AI solutions.

AIManager360 offers Generative AI Business Intelligence

German startup AIManager360 develops a business intelligence tool that identifies all generative AI use cases. This tool provides comprehensive insights into the AI landscape and enables businesses to understand and leverage the potential of generative AI. The platform also allows businesses to make informed decisions and implement AI strategies.

Looking for Comprehensive Insights into Generative AI Trends, Startups, or Technologies?

The 2024 Generative AI Report presents a sector undergoing fast growth and significant investment, with the potential to bring about changes in various fields. Trends such as automation, creativity tools, and advanced machine learning models suggest a future filled with innovation and transformative possibilities. Book a platform demo to explore all 2000+ startups and scaleups, as well as all industry trends impacting generative AI companies.

 

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