Press release
AI in Media & Entertainment Market Size Forecasted To Achieve $58.61 Billion By 2029 With Steady Growth
AI in Media & Entertainment
What Is the AI in Media & Entertainment Market Size and Projected Growth Rate?
In recent times, there has been an explosive growth in the market size of AI in media & entertainment. This market is set to swell from $17.3 billion in 2024 to $21.99 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 27.1%. This remarkable growth during the historic period is credited to the inception of AI-centric copyright protection measures, the emergence of content moderation tools, an increase in content personalization, geographical outspread, a surge in streaming activities, and a rising demand for game development.
The market size of AI in the media & entertainment sector is anticipated to witness phenomenal expansion in the coming years, with projections reaching $58.61 billion by 2029 at a 27.8% compound annual growth rate (CAGR). This growth in the predicted timeframe is likely due to advancements in personalized content, AI-driven content creation, broader applications of AR and VR, AI-boosted user interaction, and data-driven forecasting analytics. Some prominent trends during this projection period comprise content copyright safeguard, preliminary chatbot and interaction systems, AI-improved editing, voice and language identification, and forecasting analytics.
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What Are the Major Segments in the AI in Media & Entertainment Market?
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
Subsegments:
1) By Hardware/Equipment: AI-Enabled Cameras and Imaging Devices, Streaming Devices With AI Capabilities, Smart TVs With AI integration, Audio Equipment With AI Features
2) By Services: Content Creation And Editing Services, AI-Powered Recommendation Engines, Audience Analytics and Insights Services, Automated Moderation And Content Review Services, Virtual Reality And Augmented Reality Experiences
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What Are The Driving AI in Media & Entertainment Market Evolution?
The rise in demand for over-the-top (OTT) platforms and the expansion of online game streaming are set to drive the growth of AI in the media and entertainment industry. The increasing subscriber base on OTT platforms is credited to more reliable networks, stronger internet connections, and mobile devices capable of offering multimedia services. The market has also experienced growth in the online gaming sector, spurred by factors such as the widespread availability of affordable internet, access to online games, and significant advancements in the gaming industry. This enhanced demand for OTT platforms and online gaming has increased the use of AI within these sectors, providing players and viewers with heightened gaming and virtual experiences on digital platforms. For example, a report on US media entertainment projects that, by 2023, over 350,000 jobs will be supported by the US video game industry, contributing roughly $66 billion to the GDP. The report also suggests that 78% of households will be using gaming devices, with the industry reaching a global total of $184 billion and attracting as many as 3.2 billion gamers. Digital purchases are anticipated to account for 95% of sales, and mobile gaming is predicted to generate 49% of all revenues. Moreover, in February 2022, the Department of Foreign Affairs and Trade, a government department based in Australia, estimated that by 2024, the worldwide digital games industry will be valued at approximately $294 billion. Therefore, the growing appeal of OTT platforms and the expansion of online game streaming are likely to propel AI advancements in the media and entertainment industry.
Which Firms Dominate The AI in Media & Entertainment Market Segments?
Major companies operating in the AI in media & entertainment market include 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
What Trends Are Expected to Dominate the AI in Media & Entertainment Market in the Next 5 Years?
Leading companies in the AI media and entertainment market are honing in on the creation of advanced technological solutions, like AI-empowered cloud solutions. These are designed to improve content production, create smoother production processes and generate tailored experiences users. AI-enabled cloud solutions fuse the capabilities of cloud computing and artificial intelligence for enhanced performance and efficient data processing. With the assistance of machine learning and automation, these solutions provide businesses the benefit of improved decision making and promoting innovation across various sectors. For example, in September 2024, China's Huawei Technologies Co., Ltd. introduced the Huawei Cloud E3 Media Services. This service was created to boost efficiency in content production and distribution, specifically within the media and entertainment industry, by improving production efficiency and transforming content distribution. The robust infrastructure of the service supports low-latency streaming and scalable resources, allowing companies to swiftly attend to traffic demands. This comes with assurance of top-grade security and reliability for sensitive data management.
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Which Is The Largest Region In The AI in Media & Entertainment Market?
North America was the largest region in the AI in media & entertainment market share in 2024. The regions covered in the AI in media & entertainment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the AI in Media & Entertainment Market?
2. What is the CAGR expected in the AI in Media & Entertainment Market?
3. What Are the Key Innovations Transforming the AI in Media & Entertainment Industry?
4. Which Region Is Leading the AI in Media & Entertainment Market?
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