PUBLISHER: The Business Research Company | PRODUCT CODE: 1435643
PUBLISHER: The Business Research Company | PRODUCT CODE: 1435643
AI applications in the media and entertainment sector involve leveraging technology to develop interactive augmented reality/virtual reality content and themes for various purposes, including content creation, gaming, and events. The overarching objective is to enhance the overall user experience within the industry.
The principal components of AI solutions in the media and entertainment sector encompass hardware, equipment, and associated services. In this context, "hardware/equipment" pertains to tools and small-scale devices utilized in the industry. Hardware refers to the tangible elements or delivery systems within a computer that store and execute instructions from software. The product offerings of AI in media and entertainment solutions encompass simulation FX, animation, modeling, matte painting, and compositing. These applications find use in various areas such as gaming, fake story detection, plagiarism detection, personalization, production planning and management, sales and marketing, talent identification, content capture, and automated sports productions.
The AI in media and entertainment market research report is one of a series of new reports from The Business Research Company that provides AI in media and entertainment market statistics, including AI in media and entertainment industry global market size, regional shares, competitors with a AI in media and entertainment market share, detailed AI in media and entertainment market segments, market trends and opportunities, and any further data you may need to thrive in the AI in media and entertainment industry. This AI in media and entertainment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
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 past growth can be attributed to the initial implementation of AI-based copyright protection measures, the development of content moderation tools, an increase in personalized content delivery, expansion into new regional markets, the surge in streaming activities, and heightened 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 anticipated growth in the upcoming period is expected to be driven by advanced content personalization capabilities, the emergence of AI-generated content creation, expanded applications of augmented reality (AR) and virtual reality (VR), AI-enhanced user interaction experiences, and the implementation of data-driven predictive analytics. Major trends foreseen during this period encompass initiatives focusing on content copyright protection, the development of initial chatbot and interaction systems, AI-enhanced editing tools, advancements in voice and language recognition technologies, and the widespread adoption of predictive analytics solutions.
The surge in OTT platform usage and the expanding online gaming industry are anticipated to propel growth in the AI within the media and entertainment sector. Factors such as enhanced network infrastructure, improved internet connectivity, and the proliferation of multimedia-capable mobile devices have led to a rise in OTT platform subscribers. Similarly, the online gaming industry has experienced substantial growth due to increased accessibility to online games, widespread availability of affordable internet, and significant advancements within the gaming sector. This growing demand for OTT platforms and online gaming has driven the integration of AI to enhance gaming experiences and deliver immersive virtual environments for both players and viewers. For instance, in July 2023, the Entertainment Software Association reported a notable increase in US consumer spending on video games, totaling $59.6 billion in 2021 compared to the previous year's $56.1 billion. Additionally, Netflix Inc., in April 2023, revealed a substantial surge in paying subscribers, reaching 231 million by the first quarter of 2023 from 223 million in the fourth quarter of 2022. Consequently, the rising popularity of OTT platforms and the flourishing trend of online gaming streaming will continue to drive the integration of AI within the media and entertainment market.
The anticipated surge in unstructured data volume is poised to drive significant growth within the AI sector of the media and entertainment industry. Unstructured data, characterized by its lack of predefined organization or data models, presents a challenge for analysis, necessitating specialized tools and methodologies for processing and extraction. In the realm of AI in media and entertainment, this unstructured data, sourced from diverse channels such as social media, reviews, and comments, serves as crucial fodder for understanding audience sentiments, reactions, and preferences. Consequently, this insight enables content customization to better align with audience expectations. For instance, as of August 2022, Komprise, a US-based provider of unstructured data management solutions, observed a substantial increase, with 87% of IT leaders placing greater emphasis on managing unstructured data growth compared to 70% in 2021. Hence, the burgeoning volume of unstructured data stands as a significant driver behind the expansion of AI applications within the media and entertainment sector.
The adoption of cloud-based applications and services represents a prominent trend gaining traction within the AI segment of the media and entertainment market. Key industry players are strategically leveraging these cloud-based solutions to drive advancements and secure a competitive edge. An illustrative example is Tata Consultancy Services (TCS), an India-based IT firm, which, in May 2021, introduced an intelligent subscription solution tailored for media enterprises. TCS' innovation harnesses SAP business technology in a cloud-based framework, integrating artificial intelligence and machine learning functionalities. This intelligent subscription solution aims to elevate customer experiences by personalizing content duration and delivering tailored recommendations based on individual user profiles, preferences, and past subscription patterns. Such initiatives underscore the industry's drive towards leveraging cloud-based technologies to enhance offerings and deliver more personalized experiences to consumers.
Prominent enterprises within the AI in media and entertainment sector are prioritizing the introduction of sophisticated solutions, notably embracing generative AI-powered recommendations, as a strategic approach to attain a competitive advantage. This technology employs advanced machine learning algorithms to curate highly personalized and pertinent content suggestions for users, drawing insights from their preferences, purchase history, and browsing behaviors. A case in point is Google LLC, a US-based technology giant, which in November 2023 unveiled Vertex AI Search. This innovative suite of functionalities harnesses generative AI capabilities to deliver advanced search and recommendation features across diverse industries, including media and entertainment, healthcare, and life sciences. Vertex AI Search empowers organizations by streamlining data ingestion, facilitating customization, and enabling the development of search engines or chatbots capable of engaging customers and furnishing insights drawn from enterprise data repositories. This signifies a strategic move by major players to leverage generative AI-powered solutions, fostering enhanced user experiences and competitive positioning within the market landscape.
In October 2021, Slinger, a US-based company specializing in connected sports, completed the acquisition of PlaySight Interactive Ltd., a fellow US-based firm renowned for its connected camera and artificial intelligence sports technology. The undisclosed financial transaction aimed to leverage the shared business synergies between the two entities. This strategic move aligns with their objective of jointly establishing a preeminent connected sports company, capitalizing on their respective strengths and industry expertise.
Major companies operating in the ai in media & entertainment market report are 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
North America was the largest region in the AI in media & entertainment market share in 2023. 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.
The countries covered in the ai in media & entertainment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The AI in the media and entertainment market consists of revenues earned by providing target marketing, content personalization, film production, TV, games, and gambling services. The market value includes the value of related goods sold by the service provider or included within the service offering. AI in the media and entertainment market also includes sales of media operating devices that are used for broadcasting. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
AI In Media & Entertainment Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ai in media & entertainment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ai in media & entertainment ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The ai in media & entertainment market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.