Pune, India., Oct. 16, 2023 (GLOBE NEWSWIRE) -- According to a new report on “AI Video Generator Market Forecast to 2030 – COVID-19 Impact and Global Analysis – Component (Solution, Services); Organization Size (Large Enterprise, SMEs); Application (Marketing, Education, Social Media, Others), and Geography” the market in terms of revenue was estimated to be worth $0.43 billion in 2022 and is poised to reach $1.76 billion by 2030, growing at a CAGR of 19% from 2022 to 2030.
The growth of AI video generator market is driven by the increased demand for video content, benefits of ai video generators, the growing popularity of the use of social media platforms, and the growing demand for cost-effective video generation platforms. However, high cost of AI video generators is expected to hinder the market growth.
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Global AI Video Generator Market Scope:
| Report Coverage | Details |
| Market Size Value in | USD 0.43 Billion in 2022 |
| Market Size Value by | USD 1.76 Billion by 2030 |
| Growth rate | CAGR of 19% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| Segments covered | Component, Organization Size, Application, and Geography. |
| Regional scope | North America, Europe, Asia Pacific, Middle East & Africa, South & Central America. |
| Country scope | Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Russian Federation, Saudi Arabia, South Africa, South Korea, United Arab Emirates, United Kingdom, United States |
| Report coverage | Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends |
Rising Investment for AI Video Generator Provides Lucrative Opportunities for the Global AI Video Generator Market:
AI video generator is a technology to produce high-quality video content with the help of texts, blogs, and large datasets. The demand for AI video generators is rising as they can create videos in a more cost-effective way than third-party or conventional video creators. With the help of user data, personalized video can be generated with the AI video generator. The constant advancements in AI and machine learning algorithms have led to the creation of high-quality, realistic, and high-resolution videos. These video generators help marketers and video creators to save time as AI video generators can perform tasks such as video editing, captioning, and animation automatically. It also helps them to save costs on the third-party sources hired, especially for video production to strategies for business growth. It can act as an added competitive advantage to lure more customer by marketing their product or business with high-quality, high-definition, and attractive video content. Therefore, several companies are making investments in AI video generator technology, which fuels the AI video generator market.
Some of the investments that foster the Global AI Video Generator Market are mentioned below:
- In June 2023: Accel invested in Synthesia – the leading AI video platform for the enterprise. The enterprise has invested around US$ 280 billion on custom (and often unengaging) learning & development content.
- In June 2023: Runway AI Inc., an AI-based software company that can create a short video from just a few typed words, received US$ 141 million funding from Alphabet Inc.’s Google, Nvidia Corp., Salesforce Inc., and other investors. With this investment, the company plans to conduct additional research into video and image-generation AI models.
- In May 2018: Wibbitz raised US$ 20 million in Series C funding for the future of AI video creation technology due to the growing demand for digital video content. The company powers over 400 premium brands like TMZ, TMZ, Forbes, and New York Daily News, among others.
The advent and adoption of AI technology across several industries is growing, and companies have created AI-enabled tools that allow users to generate videos from various sources such as text, PowerPoint, or spreadsheets via software. Users are widely accepting these tools due to their time-consuming features and less human effort, which is fostering the AI video generator market growth. Previously, the generation of video content involved hiring actors, studios, equipment, and full production crews. Even after all this investment, the team has to wait for a time-consuming editing process before they can view the final video. If that video is not created as expected, the team has to rework on the video, which is again time and cost-consuming. Therefore, the use this technology solves this issue as it enables the teams to write a script, choose an avatar, and immediately create a custom video. For example, the use of Synthesia’s AI video generator platform can lower the video production time by 95% and make it a cost-effective solution that also increases engagement with videos. Currently, it has generated 12 million videos across corporate training, marketing, and customer service, and its user growth has expanded by 456% year-over-year. In addition, around 50,000 businesses have created videos on Synthesia’s platform, which also includes some of the largest organizations, such as Amazon, Johnson & Johnson, Accenture, and many more. Over 35% of the Fortune 100 are currently using Synthesia.
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Global AI Video Generator Market: Segmental Overview
Based on component, the AI video generator market is segmented into solution and services. Based on organization size, the AI video generator market is categorized into large enterprise and SMEs. Based on application, the AI video generator market is segmented into marketing, education, social media, and others.
Global AI Video Generator Market: Competitive Landscape
Pictory, Synthesia Limited., HeyGen, Deepbrain AI, Lumen5, Raw shorts, VEED, Elai.io, Colossyan Inc., and FlexClip are a few of the key companies operating in the AI video generator market. The market leaders are focused on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
Recent Developments:
- July 2023: Picsart introduced the newest text to video AI generator tool to create engaging videos. This tool can help content creators and marketers to create videos of different genres and styles. AI video generators can be useful for influencers, brands, and marketers to engage in new and innovative ways to reach their target audience on social media.
- September 2022: Meta announced the launch of Make-A-Video, an AI system to convert text prompts into high-quality video clips. This new AI system by Meta has provided lucrative new opportunities for creators and artists to generate interactive videos. With just a few words or lines of text, Make-A-Video creates videos with vivid colors, characters, and landscapes. This system can also generate videos from images or take existing videos and generate new ones that are similar.
- February 2023: Wochit, a leader in SaaS video creation, launched Wochit Wizard, a new video creation tool. This solution leverages AI capabilities made available by ChatGPT and let users to create professional-looking videos from a text description. This tool takes inputs, prompts and puts together a script, footage, scenes, music, graphics, and effects, and provides output with a video that can downloaded.
- April 2023: Runway unveiled an AI video generator, its first mobile app that allows users to access Runway’s video-to-video generative AI model, Gen-1. This application is currently available for only iOS devices. Runway’s application allows users to select inputs from various sources to make videos look like claymation, charcoal sketches, watercolor art, paper origami and more.
- October 2022: Google launched Imagen Video, a new AI generator that creates high-definition video from text prompts. It can create 1280×768 videos at 24 frames per second from a written prompt.
- July 2023: WOXO’s AI Video Generator was launched. This video generator helps to create a faceless YouTube channel. These are channels that produce video content without showcasing the content creator’s face. They can include narrated videos, animations, tutorials, and so much more. These faceless YouTube channels are lucrative for many creators, making them an appealing venture in the digital space.
- June 2023: Wondershare, a software development company, unveiled Virbo, an advanced AI-powered text-to-video creation tool. This tool was launched at the Dublin Tech Summit 2023, where it gained considerable attention and received an enthusiastic reaction from the event attendees. This tool helps users to create highly realistic and personalized AI Avatar video content containing diverse nationalities and languages.
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