AI in Media & Entertainment Market 2024: Surging OTT Popularity And Online Game Streaming Fuels Market Growth
AI In Media & Entertainment Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
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The AI In Media & Entertainment Global Market Report 2024 unveils the robust growth and exciting trends manifesting in the AI in media & entertainment sector, revealing an exponential leap in market size from $13.79 billion in 2023 to a staggering $17.65 billion in 2024 - an impressive CAGR of 28.0%. This is set to escalate further to $44.08 billion by 2028 at a CAGR of 25.7%, driven by advanced techniques in content personalization, AI-driven content creation, an expansion in AR and VR applications, AI-enhanced user interaction, and data-driven predictive analytics.
A Look At The Key Market Drivers Shaping the Global AI in Media & Entertainment Market
The global AI in media & entertainment market has defied gravity, and the growth trajectory shows no signs of slowing down. What is fuelling this rampant growth, one might ask? The answer includes factors such as the surge in popularity of OTT platforms, growth in online game streaming, and the rolling out of AI-based copyright protection and content moderation tools. The rise in content personalization has also played a role in stimulating growth, alongside increased streaming activities and demand for game development.
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Insight Into The Companies Powering The AI In Media & Entertainment Market
A host of industry giants are powering the AI in media & entertainment market, namely 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., and Avid Technology Inc. Additionally, Blackmagic Design Pty. Ltd., Quantum Corporation, Imagine Communications Corp., Deluxe Entertainment Services Group Inc., Gravity Media Ltd., Matchroom Sport Ltd., Brightcove Inc., Veritone Inc., and others are leading the charge by seamlessly integrating AI into the media and entertainment sector.
Gaining An Edge With The Latest Trends In AI In Media & Entertainment
One of the key trends in the AI in media & entertainment market is the advancement in implementing cloud-based applications and services. Market leaders are taking advantage of this technology to reap benefits and gain a competitive edge. Take, for example, Tata Consultancy Services, which launched a cloud-based subscription solution in May 2021 for media companies, to enhance customer experience and bump up revenue.
Breaking Down The Market Segments
The AI in media & entertainment market has multiple segments:
1 By Solution: Hardware/Equipment, Services
2 By Product: Simulation FX, Animation, Modeling, 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
A Regional Insight Into The AI In Media & Entertainment Market
North America held the largest market share in the AI in media & entertainment industry in 2023, while other regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa also held considerable portions of the market.
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