AI/ML in Media and Entertainment
Annual growth rates during the forecast period 2023 - 2032
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Last updated
Annual growth rates during the forecast period 2023 - 2032
Last updated
AI/ML in Media and Entertainment Market Size was valued at USD 13.30 billion in 2022. The AI/ML in Media and Entertainment Market industry is projected to grow from USD 16.40 billion in 2023 to USD 198.42 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 31.9% during the forecast period (2023 - 2032).
The rise of artificial intelligence (AI) in the worldwide media and entertainment sector is being fueled by its use in games, fake story recognition, plagiarism detection, production planning and management, personalization, sales and marketing, and talent scouting, among other applications. The market is primarily driven by the growing acceptance of virtual creation in the media and entertainment sectors, as well as the technology's ability to create real-time virtual worlds and high-definition images. A growing number of people are using streaming services because they provide a huge selection of content that can be accessed whenever they want. By recommending content to consumers and creating custom playlists, AI/ML can be utilized to personalize the streaming experience.
AI/ML IN MEDIA AND ENTERTAINMENT MARKET SIZE 2019-2032 (USD BILLION)
Increasing demand for analytics and ML
Unprecedented disruption is currently occurring in the media and entertainment sector. The fast adoption of connected devices, customers' raised expectations, continued competition from online video streaming providers, and social media are just a few of the strong forces that are transforming the media and entertainment sector. By using machine learning algorithms and natural language processing to make sense of enormous amounts of unstructured data, of which more than 80% are unstructured, the incorporation of artificial intelligence takes analytics to a new level. They can help companies make use of fundamentals like dialogue skills, image recognition, sentiment analysis, personality insights, and tone analysis to create competitive advantages.
AI/ML in Media and Entertainment Market - Segment Insights & Solutions ...
The AI/ML in Media and Entertainment Market, in this report, has been segmented based on Solutions into hardware/equipment, services.
The segment- Services holds the largest share of the total market share while. The increasing use of computer-generated visuals and visual effects in commercials and films is predicted to favorably impact market growth. In addition, as AI-based technologies continue to grow, more engaging material can be developed with the addition of sophisticated visual effect frameworks. Due to the dearth of skilled people in virtual production and VFX technology, film studios or moviemakers frequently use certified agencies and their services to integrate VFX in their video productions. As a result, the service sector is predicted to grow at the fastest rate.
AI/ML IN MEDIA AND ENTERTAINMENT MARKET, BY SOLUTIONS, 2022 VS 2032 (USD BILLION)
AI/ML in Media and Entertainment Market - Application Insights
The AI/ML in Media and Entertainment Market, in this report, has been segmented on the basis of application into gaming, fake story detection, plagiarism detection, personalization, production planning & management, sales & marketing, talent identification, content capture, and others.
Content capture holds the largest share of the total share. AI provides a platform for automating operations like script analysis, storyboarding, creating shot lists, scheduling, and budget management, which is the main driver of the expansion. Additionally, AI-based software can arrange and synchronize recorded footage automatically. With more development, AI will be able to produce material on its own. Predictive analytics can expedite marketing tasks by using AI. AI-powered marketing software assists in developing promotional strategies, addressing audience objectives, and developing efficient customer solutions. The introduction of cutting-edge technologies, including AI, has significantly improved the computer-generated images used in virtual production technology. It is now practical to design and visualize all complex situations in three dimensions. Additionally, AI helps with pre-production, hastening the production of videos. Large data sets collected from numerous platforms can be used by artificial intelligence to build views about the interest in and acceptance of suggested content.
AI/ML in Media and Entertainment Market - End User Insights
The AI/ML in Media and Entertainment market in this report has been segmented on the basis of End User into film and television, music, gaming, sports, media agencies, and others.
The film and television segment holds the largest share of the total market share.
The media and entertainment sector, particularly the film and television industries, is undergoing a rapid transformation thanks to artificial intelligence (AI) and machine learning (ML). AI is being utilized to automate processes, increase effectiveness, and develop fresh, cutting-edge goods and services. AI's machine learning (ML) division enables computers to learn without explicit programming. AI can create scripts, conversation, and character development. Time and money can be saved, and more realistic and interesting stories can be produced as a result.
AI/ML in Media and Entertainment Market - Regional Insights
Based on Region, the global AI/ML in Media and Entertainment is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. Further, the major countries studied in the market report are the U.S., Canada, Germany, UK, Italy, Spain, China, Japan, India, Australia, UAE, and Brazil.
The North America AI/ML in Media and Entertainment market is a growing region. The emergence was mostly credited to the significant investments made by businesses in R&D for developing AI-based virtual production software solutions. One of the most important trends in the area is the use of AI for voice and speech recognition. For instance, the AI startup Globalme Localization, Inc., with U.S. headquarters, provided the dialect and accent audio collection to Sonos Inc. To incorporate intelligent home assistants with its wireless speakers, Sonos Inc. gathered accents and speech information from three different countries. Through this integration, the company was able to optimize its voice recognition engines, improving the voice experience.
The Asia Pacific AI/ML in the Media and Entertainment market is having highest growth rate. Everyone may now create, publish, and distribute written, audio, and video material because to the growing availability of content creation equipment including high-resolution cameras, content development software, and smartphones. Internet usage has increased dramatically, and as a result, on-demand streaming services like Netflix and YouTube have largely replaced regional traditional media outlets like television and radio.
FIGURE 3: AI/ML IN MEDIA AND ENTERTAINMENT MARKET SIZE BY REGION 2022 VS 2032, (USD BILLION)
Since so many businesses provide stamped metal parts and End Users to the automotive industry, the AI/ML in Media and Entertainment market is a very competitive sector. The market is characterized by the presence of numerous smaller and rising players in addition to existing and significant AI/ML in Media and Entertainment businesses. To increase productivity, lower costs, and improve the quality of stamped metal parts and End Users, these businesses are devoted to creating cutting-edge stamping technologies and procedures. They also place a high priority on adhering to the industry's stricter environmental and safety laws.
Pricing, quality, delivery times, and the capacity to provide customers with customized solutions are just a few of the variables that influence competition in the market for AI/ML in the media and entertainment industry. Additionally, for businesses to continue to be competitive in the market, partnerships and collaborations with other industry participants, such as OEMs and suppliers, are essential. In the AI/ML in the Media and Entertainment market, mergers and acquisitions are also frequent as businesses look to increase their skills and reach. Additionally, businesses are spending a lot of money on R&D to create new materials and technologies that will enhance the functionality, resilience, and security of stamped metal parts and End Users.
(source: Full report of 283 pages @ Market Reseach Future)
