Press release
Computational Creativity Market Poised for 25.9 % Growth, Set to Hit $3.24 Billion by 2029
Computational Creativity Market
The surge in the acceptance of computer-based inventive solutions is anticipated to stimulate the expansion of the computational creativity market in the future. These creative computer solutions incorporate innovative technologies and applications to capitalize on computer capabilities, artificial intelligence, and algorithms for assisting, enhancing, or creating various creative procedures across a wide range of domains. By employing algorithms and data, these solutions are crucial in the field of computational creativity, pushing the boundaries of cooperation between humans and machines in artistic ambitions. For example, The International Business Machines Corporation (IBM), an American technology enterprise, reported in May 2022 that 35% of businesses globally have employed artificial intelligence in 2022, marking a 4% increase compared to 2021. Therefore, the rise in the use of inventive computer-based solutions is driving the expansion of the computational creativity market.
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What Is the projected market size and growth rate for the computational creativity market?
In recent times, the market size of computational creativity has seen exponential growth. The market, which stands at $1.03 billion in 2024, is projected to rise to $1.29 billion in 2025, underlining a compound annual growth rate (CAGR) of 25.2%. The historical growth rate points to factors such as the escalating complexity of medical coding, a surge in healthcare data volume, rising demand for precision and compliance, increasing prominence of big data analytics, and the need for quicker billing cycles.
The market size of computational creativity is predicted to witness a significant hike in the upcoming years. The market is set to expand to a worth of $3.24 billion by 2029 with a compound annual growth rate (CAGR) of 25.9%. The predicted expansion during the forecast period can be linked to the growing integration with electronic health records (ehrs), an enhanced emphasis on data protection, the widening reach of telemedicine, escalating healthcare expenses, and an increased focus on patient-centric care initiatives. The major trends expected during the forecast period are market broadening at a global level, a focus on user experience and customization, along with real-time auditing and feedback.
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How are the latest trends influencing the growth of the computational creativity market?
Primary players in the computational creativity market, like NVIDIA, a leading software firm in the US, have intensified their efforts on creating groundbreaking inference platforms to outmatch their competitors. Inference platforms can be described as systems that run pre-trained models on novel, unfamiliar data for predictions or classifications. For example, NVIDIA launched four such platforms in March 2023, specifically engineered to boost a wide variety of burgeoning generative AI applications. The main aim of these platforms is to assist developers in quickly constructing specialized and AI-driven applications. The components of these platforms include NVIDIA's complete inference software stack, the latest processors such as NVIDIA Ada, NVIDIA Hopper, and NVIDIA Grace Hopper, the NVIDIA L4 Tensor Core GPU, and the NVIDIA plate_number_1 GPU. Each platform is tailor-made to support high-demand workloads like AI video, image generation, large language model deployment, and recommender inference.
What major market segments define the scope and growth of the computational creativity market?
The computational creativity market covered in this report is segmented -
1) By Component: Solution, Service
2) By Deployment Mode: Cloud, On-premise
3) By Application: Product Designing, marketing And Web Designing, Photography And Videography, Music Composition, Automated Story Generation, High-End Video Gaming Development, Other Applications
Subsegments:
1) By Solution: Creative Software, Generative Design Tools, AI-Assisted Content Creation Tools, Virtual Reality And Augmented Reality Solutions, Game Development Engines
2) By Service: Consulting Services, Custom Development Services, Training And Workshops, Support And Maintenance Services, Collaboration Platforms For Creative Projects
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Which region dominates the computational creativity market?
North America was the largest region in the computational creativity market in 2024. The regions covered in the computational creativity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Which key market leaders are driving the computational creativity industry growth?
Major companies operating in the computational creativity market report are Google Inc., Microsoft Corporation, Sony Corporation, Amazon Web Services, Intel Corporation, IBM Corporation, NVIDIA Corporation, Adobe Inc., Autodesk Inc., Canva Inc., Unity Software Inc., OpenAI, Jukin Media, Prisma Labs, EyeEm, Pelican Imaging Corporation, Amper Music Inc., Refik Anadol Studio, DeepArt.io, ScriptBook, Automated Creative, A Hundred Years, Runway ML, Aiva, Artomatix, PaintsChainer, Lumen5
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What Is Covered In The Computational Creativity Global Market Report?
• Market Size Forecast: Examine the computational creativity market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the computational creativity market for a structured understanding.
• Key Players Overview: Analyze major players in the computational creativity market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the computational creativity market.
• Segment Contributions: Evaluate how different segments drive overall growth in the computational creativity market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the computational creativity market.
• Industry Challenges: Identify potential risks and obstacles affecting the computational creativity market.
• Competitive Landscape: Review strategic developments in the computational creativity market, including expansions, agreements, and new product launches.
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