Press release
AI In Media & Entertainment Market Grows with Size, Trends, and Insights || Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corp., Oracle Corporation, NVIDIA Corporation
AI In Media & Entertainment Market
The Business Research Company offers in-depth market insights through AI In Media & Entertainment Global Market Report 2024, providing businesses with a competitive advantage by thoroughly analyzing the market structure, including estimates for numerous segments and sub-segments.
Market Size And Growth Forecast:
The AI in media & entertainment market size has grown exponentially in recent years. It will grow from $13.79 billion in 2023 to $17.65 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The growth in the historic period can be attributed to initial AI-based copyright protection, content moderation tools, rise in content personalization, regional expansion and increased streaming activities, demand for game development.
The AI in media & entertainment market size is expected to see exponential growth in the next few years. It will grow to $44.08 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The growth in the forecast period can be attributed to advanced content personalization, ai-generated content creation, expanded AR and VR applications, ai-enhanced user interaction, data-driven predictive analytics. Major trends in the forecast period include content copyright protection, initial chatbot and interaction systems, ai-enhanced editing, voice and language recognition, predictive analytics.
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Market Segmentation:
The AI in media & entertainment market covered in this report is segmented -
1) By Solution: Hardware/Equipment, Services
2) By Product: Simulation FX, Animation, Modelling, Matte Painting, Compositing
3) By Application: Gaming, Fake Story Detection, Plagiarism Detection, Personalization, Production Planning & Management, Sales and Marketing, Talent Identification, Content Capture, Sports Automatic Productions
Major Driver - Empowering The Media And Entertainment Industry Through Surging OTT Popularity And Online Game Streaming
The spike in popularity of OTT platforms and growth in online game streaming are expected to propel AI in media and entertainment market. The presence of subscribers on over-the-top (OTT) platforms is growing due to improved networks, more robust internet connectivity, and multimedia service-capable mobiles. Recently, the market has also shown growth in the online gaming industry due to an array of factors such as increased penetration of affordable internet, access to online games, and large-scale development in the gaming industry. This increasing demand for OTT platforms and online gaming has boosted the utilization of AI in gaming and OTT to deliver a realistic gaming and virtual experience for players and viewers on a virtual platform. For instance, in July 2023, according to the Entertainment Software Association, a US-based video game trade association, US consumers spent $59.6 on video games in 2021, an increase of $56.1 from the previous year. Furthermore, in April 2023, according to a press release shared by Netflix Inc., a US-based streaming media company, Netflix had 223 million paying subscribers in the fourth quarter of 2022, and by the first three months of 2023, that number had risen to 231 million. Therefore, the spike in popularity of OTT platforms and growing online gaming streaming will drive AI in the media and entertainment market.
Competitive Landscape:
Major companies operating in the AI in media & entertainment market report are Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corp., Oracle Corporation, NVIDIA Corporation, Ericsson AB, Dolby Laboratories Inc., Production Resource Group L.L.C., Avid Technology Inc., Blackmagic Design Pty. Ltd., Quantum Corporation, Imagine Communications Corp., Deluxe Entertainment Services Group Inc., Gravity Media Ltd., Matchroom Sport Ltd., Brightcove Inc., Veritone Inc., EVS Broadcast Equipment S.A., Gearhouse South Africa PTY. Limited, Pixellot Ltd., Synthesia Ltd., LMG LLC, Valossa Labs Ltd., Spiideo, PlaySight Interactive Ltd., Move AI, Sportway AB, GrayMeta Inc., AISportsWatch GmbH, AutomaticTV, Ross Video Ltd., Sony Corporation, Technicolor SA, Telestream LLC, Vizrt Group AS
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Top Trend - Unlocking Media And Entertainment Experiences With Generative AI Power
Major companies operating in the AI in media and entertainment market are focused on introducing advanced solutions, such as generative AI-powered recommendations, to gain a competitive edge in the market. Generative AI-powered recommendations is technology that uses advanced machine learning algorithms to create highly personalized and relevant content recommendations for users based on their preferences, purchase history, and browsing patterns. For instance, in November 2023, Google LLC, a US-based Technology company launched Vertex AI Search. Vertex AI Search is a set of capabilities that uses generative AI to provide advanced search and recommendation functionalities for various industries, such as media and entertainment, healthcare, and life sciences. It enables organizations to quickly ingest data, add customization, and build search engines or chatbots that can interact with customers and answer questions grounded in enterprise data.
The Table Of Content For The Market Report Include:
1. Executive Summary
2. AI In Media & Entertainment Market Characteristics
3. AI In Media & Entertainment Market Trends And Strategies
4. AI In Media & Entertainment Market - Macro Economic Scenario
5. AI In Media & Entertainment Market Size And Growth
…..
27. AI In Media & Entertainment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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