Dubai, UAE, Aug. 09, 2023 (GLOBE NEWSWIRE) -- According to the latest report by Extrapolate, the Global Automatic Content Recognition (ACR) Market is projected to reach USD 5.44 billion by 2028 from USD 1.60 billion in 2020, registering a 30% CAGR through the forecast period. The introduction of innovative technologies and the widespread use of automatic content are the key factors fueling market growth.
The growing popularity of automatic content recognition systems in media firms for a number of applications, such as broadcast monitoring further bolsters market expansion. The prevalent integration of automatic content recognition solutions across sectors such as defense and public safety, consumer electronics, e-commerce, education, IT and communications, healthcare, automotive, and aviation is aiding market advancement.
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Competitive Landscape
Major companies in the global automatic content recognition market have adopted diverse growth strategies, including new product launches, product upgrades, partnerships, geographical expansion, and mergers & acquisitions. These efforts are aimed at enhancing their offerings and market presence.
For instance, in July 2021, ACRCloud expanded its network of music partners by adding "The Orchard", a renowned international distributor. The distributor has implemented ACRCloud's Data Deduplication and Copyright Compliance solutions for music copyright compliance and database management.
Some of the prominent players in the market are:
- Digimarc Corporation
- Microsoft
- Google, Inc.
- Nuance Communications, Inc.
- ACRCloud
- ArcSoft Corporation Limited.
- Apple Inc.
- IBM Corporation
- Audible Magic Corporation.
- Gracenote, Inc.
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Market Segmentation
By End-User
- Automotive
- Information Technology
- Education
- Telecommunications
- Others
High Utilization of IoT Devices in the IT Sector to Boost Revenue Generation
The IT segment is expected to hold a sizable market share over the projected period. This is a result of the growing uptake of wearable technology, the Internet of Things (IoT), and device integration. Automatic telecom services, which act as a single point of interface between various nodes inside a network, support end-to-end IoT solutions and eliminate the need for numerous third-party service providers for system integration.
By Solution
- Audio, Video, and Image Recognition
- Data Management
- Voice & Speech Recognition
Growing Demand for Data Evaluation to Benefit Product Landscape
The video and image recognition segment is growing at the fastest pace due to factors such as escalating demand among businesses to evaluate the data acquired for understanding customer behavior via the application of analytics and finding all forms of media content on the market.
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Rising Application of ACR in the Media & Entertainment Industry to Boost Market Development
The solution sector of the ACR market is expected to be dominated by video, audio, and picture recognition through the forecast period since these are the most popular methods for identifying various types of media content on smart devices. Moreover, the increased adoption of DVRs, streaming video, and over-the-top broadcasting on various devices has enabled viewers to control their viewing preferences.
However, this has posed significant challenges for advertisers and content owners, as it has decreased live audiences and overall viewer engagement in recent years. The widespread usage of automatic content recognition technology in smartphones and smart TVs has led to a surge in the demand for automatic content recognition services globally.
Privacy and Security Concerns to Pose as Restraints
The global automatic content recognition market is hampered by amplifying privacy and security concerns. Many television companies now provide the ability to manually turn off the TV spying feature considering these privacy concerns. For instance, in order to use a Sony Android TV, customers must accept Google's Privacy Policy, which can be seen while configuring the Sony Android TV for the first time.
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Ongoing R&D Projects in North America to Augment Market Expansion
North America is anticipated to hold the lion’s share in the global market revenue through the forecast timeframe. The regional growth is attributed due to accelerated R&D activities as well as increasing adoption of technological advancements. Additionally, the presence of the burgeoning media and entertainment sectors in the region is positively influencing market proliferation.
Widespread Use of ACR-enabled Smart Devices in APAC to Bolster Market Progress
Asia Pacific is speculated to witness substantial growth through the forecast period owing to the wide use of automatic content recognition-enabled smart devices and the rising technology adoption. The region has a strong IT infrastructure, good software and service offerings, and a leading position in new industries like robotics, which would open up attractive growth potential for the industry in this area. Furthermore, the increasing mobile user base, successful IT and telecommunications industries, population boom, and the growing popularity of BYOD technologies are likely to support regional industry expansion.
Table of Content
Chapter 1. Executive Summary
Chapter 2. Research Methodology
2.1. Research approach
2.2. Scope, definition, and assumptions
2.3. Data Component
2.3.1. Secondary Component
2.3.1.1. Preliminary data mining
2.3.2. Primary Component
2.3.2.1. Statistical Model
2.3.2.2. Data Triangulation
2.3.2.3. Research Objective
Chapter 3. Market Outlook
3.1. Introduction
3.2. Key trends
3.3. Market drivers
3.4. Market restraints
3.5. Market opportunities
3.6. Market Challenges
3.7. Porter’s Five Forces Analysis
3.8. Value chain analysis
Chapter 4. COVID-19 Impact On Automatic Content Recognition Market
Chapter 5. Global Automatic Content Recognition Market Overview, By Solution, 2015 - 2028 (USD Million)
Chapter 6. Global Automatic Content Recognition Market Overview, By Services, 2015 - 2028(USD Million)
Chapter 7. Global Automatic Content Recognition Market Overview, By End-User, 2015 - 2028(USD Million)
Chapter 8. Global Automatic Content Recognition Market Overview, By Geography, 2015 - 2028(USD Million)
...
Chapter 14. Competitive Landscape
14.1. Competitive environment, 2021
14.2. Strategic framework
14.2.1. Partnership/agreement
14.2.2. Expansion
14.2.3. Mergers & Acquisitions
14.2.4. New Size development
Chapter 15. Key Vendor Analysis
Chapter 16. Sourcing Strategy and Downstream Buyers
Chapter 17. Marketing Strategy Analysis, Distributors/Traders
Chapter 18. Market Effect Factors Analysis
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