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Procurement-as-a-Service (PaaS) Market growing at a CAGR of 18.2% by 2031 | Wipro, Capgemini, Genpact
Procurement-as-a-Service (PaaS) Market
The automatic content recognition market was valued at $2.2 billion in 2021, and is estimated to reach $11.4 billion by 2031, growing at a CAGR of 18.2% from 2022 to 2031.
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Automatic content recognition (ACR) helps audiences retrieve information about the content they watched or listened by identifying the video or music content. In addition, ACR can link to internet content providers for on-demand viewing and contact third parties for additional background information, or complementary media. In addition, ACR solutions find significant application in media & entertainment, defense & public safety, e-commerce, consumer electronics, education, IT & telecommunication, automotive, healthcare, and avionics industries. Among these, the media and entertainment sector has surfaced as the leading end user of these solutions.
Furthermore, rising use of smart devices and content streaming services and growing Integration of ACR in smartphones and wearable devices drive the growth of the automatic content recognition market. In addition, growing number of hosted automatic content recognition solution providers fuels the growth of the automatic content recognition market. However, increasing security concerns is expected to impede the automatic content recognition market growth. Furthermore, increase in adoption of AI, ML and NLP technologies is expected to offer remunerative opportunities for expansion during the automatic content recognition market forecast.
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Competitive Analysis:
The competitive environment of Automatic Content Recognition Industry is further examined in the report. It includes details about the key players in the market's strengths, product portfolio, Automatic Content Recognition Market share and size analysis, operational results, and market positioning. It comprises the actions taken by the players to grow and expand their presence through agreements and entering new business sectors. Mergers and acquisitions, joint ventures, and product launches are some of the other techniques used by players.
Key Players:
ACRCloud
ArcSoft
Audible Magic
Apple
Digimarc Corporation
Gracenote
IBM Corporation
KT Corporation
Kudelski Group
Microsoft Corporation
Nuance Communication, Inc.
VoiceBase
Vobile
VoiceInteraction
Beatgrid Media B.V.
Clarifai and Many More
Region wise, the automatic content recognition market size was dominated by North America in 2021 and is expected to retain its position during the forecast period owing to rise in technological advancements and a well-established media & entertainment industry. However, Asia-Pacific is expected to witness significant growth during the forecast period, owing to surge in adoption of automatic content recognition software by prominent companies in this region.
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The integration of advanced technologies such as AI and big data is helping the industries to improve various aspects of a company such as perception, reasoning, learning, and problem solving of the human mind for detecting and predicting risks, which, in turn, is driving the growth of the market. In addition, the media enterprises widely adopt automatic content recognition technology for applications such as audience measurement and broadcasting monitoring.
Moreover, various public and private entities are expected to come together to create ecosystems to share data for multiple use cases under a common regulatory and security framework, which, in turn, is expected to provide lucrative opportunity for the growth of the global automatic content recognition industry.
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