SAN FRANCISCO, June 28, 2022 /PRNewswire/ — The Global AI in the media and entertainment market the size should reach $99.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 26.9% from 2022 to 2030. The growing popularity of virtual creation in the media and entertainment industry, and its ability to create high-definition graphics and real-time virtual worlds drives the market forward. Artificial intelligence (AI) helps media companies leverage these benefits by improving content management across different phases of the content process workflow, including intelligent content analysis and categorization, automatic image tagging, scalable personalization and predictions, time-saving content creation assistance, and text intelligence and analytics, and voice-enabled platforms.
Key industry insights and findings from the report:
- In terms of solutions, the service segment accounted for the maximum revenue share in 2021 and will continue to grow at a stable CAGR from 2022 to 2030.
- This growth is attributed to the lack of professionals trained in virtual production and VFX technology; Movie studios or filmmakers often hire qualified agencies and their services to implement visual effects in their video productions.
- The sales and marketing segment accounted for the largest share of global market revenue in 2021.
- AI is used for business or marketing aspects, including design, advertising and promotions in entertainment and media.
- North America is expected to dominate the market throughout the forecast period as the region offers significant growth opportunities for the expansion of the industry owing to substantial investments in AI projects and related R&D activities.
Read the 100-page market research report for more industry insights“AI in Media and Entertainment Market Size, Share and Trends Analysis Report by Solution (Hardware/Equipment, Services), Application (Games, Personalization) and Segment Forecast, 2022- 2030“, published by Grand View Research.
AI in Media and Entertainment Market Growth and Trends
AI technology providers are working with broadcast companies to integrate AI to optimize programming schedules. For example, the BBC has launched numerous efforts to apply AI/Machine Learning (ML) to optimize and automate content management. These activities were implemented in a live TV show and discussed in more detail in later segments. These projects specifically target workflow improvements aimed at saving time and money in creation and distribution. The growing use of AI-based virtual production infrastructure in film studios and TV shows is expected to increase the demand for motion capture workstations, virtual cameras, simulation cameras and video cameras. other virtual production hardware in the years to come.
The growing popularity of realistic virtual elements and three-dimensional designs for movies and video games is expected to drive the demand for computer graphics cards. Artificial intelligence in the media and entertainment industry is implemented for commerce or marketing, including design, advertisements, and movie promotion. Smart AI frameworks can create extensive marketing and advertising solutions. Using AI, predictive analytics can perform marketing procedures faster. AI-powered marketing software helps create promotional approaches, achieve audience goals, and deliver effective customer solutions. For example, “Alibaba Luban”, an AI-based graphic design software, produces visual designs a hundred times faster than humans, which means it will create 8,000 banners in just one second.
AI in Media and Entertainment Market Segmentation
Grand View Research has segmented the global AI in media and entertainment market based on solution, application, and region:
AI in Media and Entertainment Market – Solution Outlook (Revenue, USD Million, 2017 – 2030)
AI in Media and Entertainment Market – Application Outlook (Revenue, USD Million, 2017 – 2030)
- Detection of fake stories
- Plagiarism detection
- Production planning and management
- Sales and Marketing
- Talent identification
- Content Capture
- Sports automatic productions
- Video production
- Broadcasting and live streaming
AI in Media and Entertainment Market – Regional Outlook (Revenue, USD Million, 2017 – 2030)
- North America
- The Netherlands
- Asia Pacific
- Australia & New Zealand
- South America
- Middle East & Africa
List of Artificial Intelligence (AI) Key Players in Media and Entertainment Market
- Amazon Web Services, Inc.
- Gearhouse South Africa Pty. ltd.
- Media Gravity
- International Business Machines Corp.
- LMG, LLC
- Matchroom Sports Ltd.
- Production Resource Group, LLC
- Synthesia Ltd.
- Valosse Labs Ltd.
- Veritone, Inc.
- PlaySight Interactive Ltd.
- AISSportsWatch GmbH
- Sportway AB
- EVS Broadcast Equipment SA
- Auto TV
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- Speech and Speech Recognition Market – The global speech and voice recognition market size is expected to reach $53.66 billion by 2030, registering a CAGR of 15.3% over the forecast period, according to a new report from Grand View Research, Inc. The market is expected to witness an upsurge in the adoption of voice-activated systems, Voice-enabled devices and voice-enabled virtual assistant systems due to the increase in applications in the banking and automotive industries. The growing need to combat fraudulent activity and enhance security in banking is driving the adoption of voice biometrics for user authentication. The automotive sector is expected to gain momentum thanks to technological advances and the emergence of innovative concepts, such as autonomous and connected cars.
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About Grand View Research
Grand View Research, a US-based market research and consulting firm, provides syndicated and custom research reports and consulting services. Checked in California and whose head office is at San Francisco, the company has more than 425 analysts and consultants, adding more than 1,200 market research reports to its extensive database each year. These reports offer in-depth analysis of 46 industries in 25 major countries around the world. Using an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and assess upcoming opportunities.
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