DUBLIN, Dec. 4, 2024 (Globe Newswire) — The “AI Opportunities and Strategies to 2033 in Media and Entertainment Markets” report has been added to ResearchAndMarkets.com’s offering.
This report describes and discusses the AI in Media and Entertainment market and covers the historical period 2018 to 2023 and the forecast period 2023 to 2028 to 2033. This report assesses the market for each region and the major economies within each region.
The global AI in media and entertainment market has grown at a compound annual growth rate (CAGR) of 23.4% since 2018, reaching a value of nearly $13.69 billion in 2023. The market is expected to grow from $13.69 billion in 2023 to $46.25 billion in 2023. In 2028, it will be 27.6%. Thereafter, the market is expected to grow at a CAGR of 24.4% from 2028 to reach $137.93 billion in 2033.
Growth during this historic period was driven by increased demand for cloud computing, the emergence of virtual influencers, and economic growth in emerging markets. Factors that have negatively affected growth during historical periods include copyright and licensing issues.
AI in the media and entertainment market is categorized by solution into hardware/equipment and services. The services market was the largest segment of the AI in media and entertainment market segmented by solution, accounting for 59.7% of the total or $26.12 billion in 2023. Going forward, the hardware/equipment segment is expected to be the fastest growing segment in this sector. The AI in Media and Entertainment market is segmented by solution, with a CAGR of 29.5% from 2023 to 2028.
AI in the media and entertainment market is categorized by technology into machine learning (ML), natural language processing (NLP), and other technologies. The machine learning (ML) market is the largest segment of the AI in media and entertainment market by technology, accounting for 50.5% of the total or $6.92 billion in 2023. Going forward, the Natural Language Processing (NLP) segment will be the fastest growing segment of the AI in Media and Entertainment market segmented by technology, with a CAGR of 30.5% from 2023 to 2028.
AI in the media and entertainment market is categorized by application, including gaming, fake story detection, plagiarism detection, production planning and management, sales and marketing, talent identification, content capture, and automated sports production. The gaming market was the largest segment of the AI in media and entertainment market segmented by application, accounting for 30.5% of the total or $4.17 billion in 2023. The sales and marketing department is expected to become the fastest growing sector in the market in the coming years. The AI in Media and Entertainment market is segmented by application, with a CAGR of 30.3% from 2023 to 2028.
North America was the largest region for the AI in media and entertainment market, accounting for 39.4% of the total or $5.39 billion in 2023. This is followed by Asia Pacific, Western Europe, and the rest of the world. Going forward, the fastest growing regions for AI in the media and entertainment market are expected to be Asia Pacific and South America, with respective CAGRs of 30% and 29.6%. These are followed by Africa and the Middle East, where the market is expected to grow at a CAGR of 27.7% and 27.2%, respectively.
The global AI in media and entertainment market is fragmented, with numerous players operating in the market. The top 10 competitors in the market accounted for up to 7.78% of the total market in 2023. Amazon.Com, Inc (Amazon Web Services Inc) is the largest competitor with a market share of 3.97%, followed by The Walt Disney Company. 1.53%, EVS Broadcast Equipment SA 1.04, Pixellot Ltd. 0.68%, Production Resource Group, LLC 0.16%, International Business Machines Corporation 0.12%, Paramount Pictures 0.11%, Synthesia Ltd 0.09%, Microsoft Corporation 0.04%, NVIDIA Corporation 0.03%.
The biggest opportunity for AI in the media and entertainment market segmented by solution will occur in the services sector, with global annual revenue expected to reach $17.94 billion by 2028. The biggest opportunity for AI in the media and entertainment market segmented by technology is the machine learning (ML) sector, which is expected to capture $16.59 billion in global annual revenue by 2028. The biggest opportunities for AI in the media and entertainment market, broken down by application, are likely to occur in the sales and marketing sector. By 2028, annual global sales are expected to increase by $11.25 billion. AI in media and entertainment market size is expected to grow the most in the US at $9.65 billion.
Strategies based on market trends for AI in the media and entertainment market include the integration of AI and cloud technologies in modern radio broadcasting to personalize content, automate operations, and enhance listener engagement, making it more personalized and efficient. The focus is on things like the use of predictive image analytics to enable content. Focus on cloud computing by delivering creation and distribution, strategic partnerships to power our services, scalable resources and advanced processing power, and AI-enabled editing, speech, and language recognition technologies to increase efficiency and creativity. I’ll guess.
Strategies adopted by players in AI in the media and entertainment market include focus on strengthening business operations through new product development, strategic partnerships, and new product solutions.
To capitalize on this opportunity, analysts recommend AI for media and entertainment companies to focus on AI and cloud integration to power radio broadcasts, and to focus on predictive image analytics to power content creation. Focus on cloud computing to enhance AI capabilities, and AI-enabled editing and language technologies, focus on fastest growing hardware/equipment segment, focus on machine learning segment Expansion in emerging markets, AI Focus on strategic partnerships to enhance capabilities, offer competitively priced products, continually use B2B promotions, and aim for maximum growth with focused and targeted digital marketing campaigns. We will focus on the sales and marketing department and focus on the gaming department for future expansion.
Key attributes:
Report attribute details No. Number of pages 315 Forecast period 2023 – 2033 Estimated market value in 2023 (USD) 13.7 billion USD Predicted market value by 2033 (USD) 137.9 billion USD Average annual growth rate 26.0% Target region Worldwide
Main market trends
Integrating AI and cloud technology to enhance personalization and automation in radio broadcasts Advances in predictive image analytics for speed and efficiency Strategic partnerships and collaborations between leading companies drive AI innovation and market expansion Leveraging cloud computing Accelerate AI innovation in media and entertainment Focus on AI-powered editing Speech and language recognition to increase efficiency and creativity
Competitive environment and company profile
Amazon.Com, Inc (Amazon Web Services Inc)The Walt Disney CompanyEVS Broadcast Equipment SaPixellot LtdProduction Resource Group, LLC
Other leading and innovative companies
International Business Machines CorporationParamount Pictures LtdMicrosoft CorporationNVIDIA CorporationFable StudioOracle CorporationEleven LabAlphabet Inc. (Google LLC)PlaySight InteractiveValossa Labs LtdGrayMeta, IncMatchroom Sport LtdVeritone IncLMG, LLC
Major mergers and acquisitions
Collective Artists Network (CAN) acquires Galleri5DNEG Group acquires Prime Focus Technologies (PFT)Autodesk acquires Wonder DynamicsApple acquires DatakalabWasabi Technologies acquires Curio AIDCurio AIDstny acquires Tactful AI
For more information on this report, please visit https://www.researchandmarkets.com/r/ye65l0.
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AI in the media and entertainment market
