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Generative Artificial Intelligence (AI) In Video Creation Global Market Research Insights with Upcoming Trends Segmentation, Opportunities and Forecast to 2033
Generative Artificial Intelligence (AI) In Video Creation Global Market
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According to The Business Research Company's, The generative artificial intelligence (AI) in video creation market size has grown exponentially in recent years. It will grow from $0.27 billion in 2023 to $0.32 billion in 2024 at a compound annual growth rate (CAGR) of 20.3%. The growth in the historic period can be attributed to growth of influencer marketing, need for fast content turnaround, expansion of mobile device usage, rise of video-based advertising, growth in video game and interactive entertainment.
The generative artificial intelligence (AI) in video creation market size is expected to see exponential growth in the next few years. It will grow to $0.68 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%. The growth in the forecast period can be attributed to increasing demand for personalized content, growth of social media platforms, rise of remote work and virtual collaboration, higher engagement rates of video content, expansion of e-learning and online education. Major trends in the forecast period include advancements in AI technology, need for cost-effective video production, availability of cloud computing, adoption of augmented reality (AR) and virtual reality (VR), technological integration with other media formats.
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Market Drivers and Trends:
The proliferation of social media and digital platforms is expected to propel the growth of the generative artificial intelligence (AI) in video creation market going forward. Social media and digital platforms are online environments that allow users to interact, share content, and engage with others through various digital tools and applications. The expansion of social media and digital platforms is due to broader internet access, enhanced mobile technology, and a surge in user participation and content consumption. Generative AI streamlines video creation for social media and digital platforms by producing high-quality, visually appealing content quickly and at a lower cost, enhancing user engagement. For instance, in January 2024, according to a report published by We Are Social, a UK-based creative agency, social media user identities increased by 5.6% over the past year, with 266 million new users joining social media for the first time in 2023. This significant growth translates to an average of 8.4 new social media users per second globally. Therefore, the proliferation of social media and digital platforms is driving the growth of the generative artificial intelligence (AI) in video creation market.
Major companies operating in the generative artificial intelligence (AI) in video creation market are focused on developing advanced technologies, such as generative AI-enabled 3D workflows, to enhance efficiency and creativity by automating complex tasks. Generative AI-enabled 3D workflows use artificial intelligence to automate and enhance the creation, modeling, and rendering of three-dimensional assets, streamlining the design process and improving efficiency in producing complex 3D content. For instance, in June 2024, WPP Plc, a UK-based creative transformation company, launched an AI-powered Production Studio, enabling advertisers to unlock exponentially more content for marketing campaigns. The new Production Studio transforms content creation for advertisers by integrating generative AI. It streamlines 3D model creation, centralizes updates, and ensures high-quality, culturally relevant visuals. AI-driven multilingual copy generation and dynamic, platform-specific content customization are central features. The studio also connects assets with data for precise, personalized communications and continuously uses real-time performance data to improve asset effectiveness and user experience.
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Major Key Players of the Market:
Meta Platforms Inc., Vimeo Inc., NVIDIA Corporation, Adobe Inc., Kaltura Inc., OpenAI, Canva, Google DeepMind Technologies Limited, D-ID, Animoto Inc., Veed Ltd., Descript Inc., Synthesia Ltd., Magisto Ltd., Render, Synthesis AI inc., Wibbitz Ltd., DeepBrain, Elai.io, Moovly, Pictory Corp., Rephrase AI, Runway AI inc., Vidnami, Lumen5
Generative Artificial Intelligence (AI) In Video Creation Market 2024 Key Insights:
• The generative artificial intelligence (AI) in video creation market size is expected to see exponential growth in the next few years. It will grow to $0.68 billion in 2028 at a compound annual growth rate (CAGR) of 20.6%.
• Growth Of Generative AI in Video Creation Driven By Expanding Social Media And Digital Platforms
• Advancements In Generative AI For Video Creation
• North America was the largest region in the generative artificial intelligence (AI) in video creation market in 2023
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