AI in Media and Entertainment Market Opportunities 2024

"The Business Research Company recently released a comprehensive report on the Global AI In Media & Entertainment Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, 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 Drivers and Trends:

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.

Advancement in implementing cloud-based applications and services is a key trend gaining popularity in AI in the media and entertainment market. Major market players in the industry are implementing cloud-based applications and services to grow enhancements in the sector and gain a competitive edge in the market. For instance, in May 2021, Tata Consultancy Services (TCS), an India-based information technology company, launched an intelligent cloud-based subscription solution for media companies to improve the customer experience and increase revenue. TCS' intelligent subscription solution uses SAP business technology by leveraging the cloud, artificial intelligence, and machine learning to personalize content duration and offer recommendations based on user profiles, preferences, and previous subscriptions.

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Major Key Players of the Market:

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

AI In Media & Entertainment Market 2024 Key Insights:

• 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%.
• Empowering The Media And Entertainment Industry Through Surging OTT Popularity And Online Game Streaming
• Cloud-Based Innovations In AI Propel Media And Entertainment Players To New Heights
• North America was the largest region in the AI in media & entertainment market share in 2023

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