Press release
Generative AI In Media And Entertainment Market Poised for 27.8 % Growth, Set to Hit $6.73 Billion by 2029
Generative AI In Media And Entertainment Market
The generative AI media and entertainment market is seeing a surge in growth due to the escalating popularity of video games. Video games, which are computer games that players engage with through user interfaces on display devices, are becoming increasingly popular due to their accessibility, variety of content, social interactivity, cultural impact, and the constant innovation within the industry. The increasing application of generative AI in different areas of video game development is seen as a way to boost creativity, efficacy, player engagement, and to provide more immersive and personalized gaming experiences. For instance, in August 2024, GamesIndustry.biz, a well-known UK-based publication covering global video game industry news, stated that approximately 75% of European gamers are adults, with an average age of 31.4 years. Furthermore, in 2022, the workforce in the European video game industry saw a 6.7% increase, equating to nearly 115,000 employees, while the industry's revenue also experienced a growth of 5%, amounting to €25.7 billion (USD 28.7 billion). Hence, the rise in the use of video games is a significant contributor to the growth of the generative AI media and entertainment market.
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What is the future CAGR of the generative ai in media and entertainment market, and how will it impact industry expansion?
The market size of generative AI in the media and entertainment sector has witnessed a significant surge recently. Predicted to rise from $1.97 billion in 2024 to $2.53 billion in 2025, it has a compound annual growth rate (CAGR) of 28.1%. The growth experienced in the past years is due to higher computing capabilities, inventive trials, good quality and available data, customizing content, along with big data.
The market size of generative AI in the media and entertainment sector is projected to experience an exceptional increase in the forthcoming years. It's anticipated to reach $6.73 billion in 2029, expanding at a compound annual growth rate (CAGR) of 27.8%. Factors contributing to this growth during the estimated period include integration with imaginative tools, the inclusion of AI in creative processes, ethical and regulatory factors, cost-efficiency, and scalability, and the rise of AI-powered content discovery. Key trends during the estimate period encompass advancements in deep learning algorithms, opportunities for monetization, real-time content production, and the ability to generate hyper-realistic content.
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How are the latest trends influencing the growth of the generative ai in media and entertainment market?
Leading corporations dealing in the generative AI media and entertainment sector are striving to remain competitive by creating innovative AI technologies including media copilot, catering to the changing requirements of the industry. This is an advanced AI tool that aids users in examining content efficiency across different distribution networks and revenue structures within media and entertainment industries. In April 2024, Symphony Innovation LLC, an American software enterprise, introduced their AI-powered Media Copilot, which possesses both predictive and generative characteristics. It uses generative and predictive AI to help users in scrutinizing content effectiveness on diverse distribution channels and revenue patterns. It also includes functions of SymphonyAI Media Copilot and options for optimizing revenue models.
Which key market segments comprise the generative ai in media and entertainment market and drive its revenue growth?
The generative AI in media and entertainment market covered in this report is segmented -
1) By Type: Text-To-Image Generation, Image-to-Image Generation, Music Generation, Video Generation, 3 Dimensional Modeling And Animation
2) By Offerings: Solution, Services
3) By Deployment Mode: Cloud-Based, On-Premise
4) By Application: Gaming, Film And Television, Advertising And marketing, Music And Sound Production, Virtual Reality (VR) And Augmented Reality (AR), Other Applications
Subsegments:
1) By Text-To-Image Generation: AI-Powered Image Creation From Text Descriptions, Art And Design Generation, Photorealistic And Stylized Image Generation
2) By Image-To-Image Generation:Image Enhancement And Editing, Style Transfer And Customization, Image Restoration And Transformation
3) By Music Generation: AI-Composed Music For Films, Games, And Commercials, Music Arrangement And Composition Tools, Soundtrack And Audio Effects Generation
4) By Video Generation: AI-Driven Video Synthesis And Editing, Automated Video Content Creation, AI For Animation And Motion Graphics
5) By 3 Dimensional Modeling And Animation: AI-Based 3D Object Creation, 3D Animation Tools, AI-Enhanced Character Modeling And Movement
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What regions are at the forefront of generative ai in media and entertainment market expansion?
North America was the largest region in the generative AI in media and entertainment market in 2024. The regions covered in the generative AI in media and entertainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Who are the leading players fueling growth in the generative ai in media and entertainment market?
Major companies operating in the generative AI in media and entertainment market report are Amazon Inc.; Alphabet Inc.; Samsung Electronics Co. Ltd.; Microsoft Corporation; Meta Platforms Inc.; Tencent Holdings Ltd.; Tesla Inc.; Intel Corporation; International Business Machines Corporation; Oracle Corporation; Uber Technologies Inc.; Netflix Inc.; PayPal Holdings Inc.; NVIDIA Corporation; Salesforce Inc.; Baidu Inc.; Adobe Inc.; Snap Inc.; X Corp; Zoom Video Communications Inc; Sentient Technologies LLC; Gong Inc.; DeepMind Technologies Limited; Cohere Inc.; OpenAI Inc.
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What Is Covered In The Generative AI In Media And Entertainment Global Market Report?
• Market Size Forecast: Examine the generative ai in media and entertainment market size across key regions, countries, product categories, and applications.
• Segmentation Insights: Identify and classify subsegments within the generative ai in media and entertainment market for a structured understanding.
• Key Players Overview: Analyze major players in the generative ai in media and entertainment market, including their market value, share, and competitive positioning.
• Growth Trends Exploration: Assess individual growth patterns and future opportunities in the generative ai in media and entertainment market.
• Segment Contributions: Evaluate how different segments drive overall growth in the generative ai in media and entertainment market.
• Growth Factors: Highlight key drivers and opportunities influencing the expansion of the generative ai in media and entertainment market.
• Industry Challenges: Identify potential risks and obstacles affecting the generative ai in media and entertainment market.
• Competitive Landscape: Review strategic developments in the generative ai in media and entertainment market, including expansions, agreements, and new product launches.
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