Computational Creativity Market to Observe Strong Development by 2028
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Further, the computational creativity helps create things once considered impossible for computers including sculptures, paintings, and written works of fiction. The global computational creativity market is likely to benefit from a range of factors including both macroeconomic and microeconomic factors.
Computational creativity has gained rising momentum in the recent years, with increasing need for automation in creative tasks to improve the process and to design more personalized experiences for the consumers. Rising adoption of computational creativity in modern applications along with heavy investments in start-ups that provide computational creativity solutions will possibly create new growth opportunities for key players in the computational creativity market. The computation creativity market players are also focusing on expansion and merger & acquisitions to bolster their position.
Computational Creativity Market – Notable Developments
IBM, Microsoft, Amazon Web Services, Jukedeck, Autodesk, Adobe, Google, Cyanapse, Obvious, Object AI, Avia, Logojoy, Lumen5, IntegraPay, Canva, B12, Amper Music, Automated Creative, Firedrop, Prisma Labs, Runway, Skylum, Hello Games, The Grid, ScriptBook, HUMTAP, and WaveAI Inc. are among the key players in computational creativity market.
In October 2018, IBM Research team collaborated with Symirise, one of the world’s leading producers of fragrances and flavorings, to create an AI system called ‘Philyra’ that can create perfumes based on digital fragrance models. It uses advanced machine learning algorithms developed by IBM Research for product design technology to examine thousands of formulas and raw materials that help identify patterns and novel combinations.
Further, with IBM Research AI for Product Composition, a spice manufacturer McCormick is leveraging machine learning to develop different combinations of flavors.
In May 2018, Jukedeck, a UK-based AI music startup and a key player of computational creativity market, used its musical AI to create entire soundtrack for a new digital video series, ‘ART + TECHNOLOGY’, launched in partnership with Bloomberg Media Group and Hyundai Motor Company.
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Computational Creativity Market Dynamics
Computational creativity market is deemed to be one of the most-acclaimed business spheres of the modern industrial space which is expected to witness a remarkable growth in the coming years.
Growing adoption of computational creativity solutions for a number applications in marketing and web designing, music composition, high-end video gaming development and others are likely to contribute to the expansion of computational creativity market. These solutions help users build new creative websites with just a few clicks, without requiring prior knowledge or experience in coding and also employ advanced algorithms to develop most relevant experiences for end users.
Such rapid pace of technological advancements, especially in AI field, is projected to augur well with the growth of computational creativity market. The computational creativity market is also likely to be positively influenced by a range of interconnected factors.
However, growing competition among key stakeholders and slow digitalization rate affecting the adoption of machine learning and AI technology may create a hindrance in the market growth of computational creativity.
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North America to Generate Substantial Revenue Growth of the Computational Creativity Market
Advances in modern technology along with rising use of AI-based solutions for creative pursuits is anticipated to push the adoption of computational creativity solutions in North America. Key providers in the region are focusing on product innovations and deployment of AI-based solutions along with adoption of numerous growth strategies to improve their presence in the computational creativity market.
Consumer inclination toward smartphone culture coupled with adoption of new technologies, especially the ones that aid an individual’s creative pursuits is likely to boost the growth of computational creativity market in various regions across the globe.
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