The AI in Media & Entertainment Market, a dynamic and innovative sector, exhibited remarkable growth in 2021, with a market size of US$ 10.4 Billion. As we move forward into the digital age, the AI in Media & Entertainment sector is poised for exponential expansion.
Forecasts indicate a striking compound annual growth rate (CAGR) of 26% from 2022 to 2032, eventually reaching a staggering US$ 132.16 Billion. In 2022 alone, the market is expected to reach US$ 13.1 Billion, signifying a year-on-year (Y-o-Y) growth of 26% compared to 2021.
On the contrary, owing to the vast array of benefits and increasing trends, this industry brings along a few shortcomings as well which restrains the market growth. These aspects include the risk of customer privacy and a dearth of skilled professionals in the AI industry. Moreover, the cost of maintenance and complicity of the process acts as the prominent growth restraining factors.
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Key Takeaways from the Market Study
- By solution, AI in media & entertainment services to capture 59.2% revenue in 2022
- By application, sales & marketing segment to accumulate a revenue share of 21.7%
- The North American market is expected to secure US$ 65 Billion while expanding at a CAGR of 24.2%
- Asia Pacific to record a CAGR of 26.8% during the forecast period ranging from 2022-2032
- Global AI in media & entertainment market worth to expand 10x from 2022 to 2032
“The global AI in Media & Entertainment market is expected to show a remarkable growth in the forecast period owing to the increasing popularity of OTT platforms and enhanced online gaming experience,” says an FMI analyst.
Competitive Landscape
Key players in the global AI in Media & Entertainment market include
- Amazon Web Services, Inc.,
- EMG,
- Gearhouse South Africa Pty. Ltd.,
- Gravity Media,
- GrayMeta,
- International Business Machines Corp.,
- LMG, LLC,
- Matchroom Sport Ltd.,
- Production Resource Group, L.L.C.,
- Synthesia Ltd.,
- TAIT,
- Valossa Labs Ltd.,
- Veritone, Inc.,
Pixellot, PlaySight Interactive Ltd., AISportsWatch GmbH, Spiideo, Sport way AB, EVS Broadcast Equipment S.A., Hudl, Move.ai, AutomaticTV, among others. Some of the recent developments among the players are:
- In May 2022, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, announced the general availability of Amazon Elastic Compute Cloud (Amazon EC2) C7g instances, the next generation of compute-optimized instances powered by AWS-designed Graviton3 processors.
- In May 2022, Taboola, a global leader in powering recommendations for the open web, helping people discover things they may like, today announced it has entered into a definitive agreement to acquire Gravity R&D, a leading personalization technology company founded in data science.
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Key Segments Covered in the AI in Media & Entertainment Industry Survey
AI in Media & Entertainment Market by Solution:
- AI in Media & Entertainment Hardware/Equipment
- AI in Media & Entertainment AI in Media & Entertainment Services
AI in Media & Entertainment Market by Application:
- AI in Media & Entertainment in Fake Story Detection
- AI in Media & Entertainment in Plagiarism Detection
- AI in Media & Entertainment in Personalization
- AI in Media & Entertainment in Production Planning & Management
- AI in Media & Entertainment in Sales & Marketing
- AI in Media & Entertainment in Talent Identification
- AI in Media & Entertainment in Content Capture
- AI in Media & Entertainment in Sports Automatic Productions
- Video Production
- Broadcasting & Live Streaming
- Analytics
AI in Media & Entertainment Market by Region:
- North America AI in Media & Entertainment Market
- Latin America AI in Media & Entertainment Market
- Europe AI in Media & Entertainment Market
- Asia Pacific AI in Media & Entertainment Market
- Middle East & Africa AI in Media & Entertainment Market
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Author:
Sudip Saha is the managing director and co-founder at Future Market Insights, an award-winning market research and consulting firm. Sudip is committed to shaping the market research industry with credible solutions and constantly makes a buzz in the media with his thought leadership. His vast experience in market research and project management a consumer electronics will likely remain the leading end-use sector cross verticals in APAC, EMEA, and the Americas reflects his growth-oriented approach to clients.
He is a strong believer and proponent of innovation-based solutions, emphasizing customized solutions to meet one client’s requirements at a time. His foresightedness and visionary approach recently got him recognized as the ‘Global Icon in Business Consulting’ at the ET Inspiring Leaders Awards 2022.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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