Berg Insight’s new research report finds that the Generative AI (GenAI) market grew by triple digits in 2024 across all three major segments: GenAI hardware, foundation models, and development platforms.
“The GenAI hype is not without merit, since its ability to creatively generate convincingly human-like content makes it a disruptive technology with the potential to influence nearly every industry”, said Melvin Sörum, IoT Analyst at Berg Insight. “Even though traditional AI systems have been used commercially for many years, GenAI is a more novel practice that enables computer systems to produce original content – including text, images, video, audio and software code – rather than merely analysing existing data or making predictions”, continued Mr. Sörum.
GenAI landscape
The research has identified 31 key foundation model providers spanning LLMs, vision, audio and multimodal models. While many LLMs started as unimodal, nearly all successful LLMs now include multimodal capabilities.
US-based companies include Anthropic, Google, Meta, OpenAI, and xAI, while China-based companies are Alibaba, Baidu, ByteDance, and Tencent. Additionally, there are France-based Mistral AI and Canada-based Cohere, which offer cross-modal solutions.
Meanwhile, US-based Midjourney, Runway, and UK-based Stability AI. Key audio specialists, including US-based Assembly AI and ElevenLabs, are included in specialised vision model developers.
Twenty-four key companies offering tools for building GenAI applications support the ecosystem, which includes cloud giants such as Microsoft, Google, and AWS, as well as diversified tech companies like IBM and Oracle in the US.
Hardware providers also comprise the landscape, including Nvidia, data platform specialists such as Databricks and Snowflake, model training platforms like Scale AI, and the open-source library from Hugging Face.
Dutch Nebius and Chinese companies such as Alibaba, Baidu, ByteDance, and Tencent are among European and Asian players contributing to the landscape.
