Dublin, Dec. 04, 2024 (GLOBE NEWSWIRE) -- The "AI in Media & Entertainment Market Opportunities and Strategies to 2033" report has been added to ResearchAndMarkets.com's offering.
This report describes and explains the AI in media & entertainment market and covers 2018-2023, termed the historic period and 2023-2028, 2033F termed the forecast period. The report evaluates the market across each region and for the major economies within each region.
The global AI in media & entertainment market reached a value of nearly $13.69 billion in 2023, having grown at a compound annual growth rate (CAGR) of 23.4% since 2018. The market is expected to grow from $13.69 billion in 2023 to $46.25 billion in 2028 at a rate of 27.6%. The market is then expected to grow at a CAGR of 24.4% from 2028 and reach $137.93 billion in 2033.
Growth in the historic period resulted from the growing demand for cloud computing, emergence of virtual influencers and economic growth in emerging markets. Factors that negatively affected growth in the historic period include copyright and licensing issues.
The AI in media & entertainment market is segmented by solution into hardware/equipment and services. The services market was the largest segment of the AI in media & entertainment market segmented by solution, accounting for 59.7% or $26.12 billion of the total in 2023. Going forward, the hardware/equipment segment is expected to be the fastest growing segment in the AI in media & entertainment market segmented by solution, at a CAGR of 29.5% during 2023-2028.
The AI in media & entertainment market is segmented by technology into machine learning (ML), natural language processing (NLP) and other technologies. The machine learning (ML) market was the largest segment of the AI in media & entertainment market segmented by technology, accounting for 50.5% or $6.92 billion of the total in 2023. Going forward, the natural language processing (NLP) segment is expected to be the fastest growing segment in the AI in media & entertainment market segmented by technology, at a CAGR of 30.5% during 2023-2028.
The AI in media & entertainment market is segmented by application into gaming, fake story detection, plagiarism detection, production planning & management, sales and marketing, talent identification, content capture and sports automatic productions. The gaming market was the largest segment of the AI in media & entertainment market segmented by application, accounting for 30.5% or $4.17 billion of the total in 2023. Going forward, the sales and marketing segment is expected to be the fastest growing segment in the AI in media & entertainment market segmented by application, at a CAGR of 30.3% during 2023-2028.
North America was the largest region in the AI in media & entertainment market, accounting for 39.4% or $5.39 billion of the total in 2023. It was followed by Asia-Pacific, Western Europe and then the other regions. Going forward, the fastest-growing regions in the AI in media & entertainment market will be Asia-Pacific and South America, where growth will be at CAGRs of 30% and 29.6% respectively. These will be followed by Africa and the Middle East where the markets are expected to grow at CAGRs of 27.7% and 27.2% respectively.
The global AI in media & entertainment market is fragmented, with a large number of players operating in the market. The top ten competitors in the market made up to 7.78% of the total market in 2023. Amazon.Com, Inc (Amazon Web Services Inc) was the largest competitor with a 3.97% share of the market, followed by The Walt Disney Company with 1.53%, EVS Broadcast Equipment S.A. with 1.04, Pixellot Ltd. with 0.68%, Production Resource Group, L.L.C. with 0.16%, International Business Machines Corporation with 0.12%, Paramount Pictures with 0.11%, Synthesia Ltd. with 0.09%, Microsoft Corporation with 0.04% and NVIDIA Corporation with 0.03%.
The top opportunities in the AI in media & entertainment market segmented by solution will arise in the services segment, which will gain $17.94 billion of global annual sales by 2028. The top opportunities in the AI in media & entertainment market segmented by technology will arise in the machine learning (ML) segment, which will gain $ 16.59 billion of global annual sales by 2028. The top opportunities in the AI in media & entertainment market segmented by application will arise in the Sales and Marketing segment, which will gain $11.25 billion of global annual sales by 2028. The AI in media & entertainment market size will gain the most in the USA at $9.65 billion.
Market-trend-based strategies for the AI in media & entertainment market include focus on the integration of AI and cloud technology in modern radio broadcasting to personalize content, automate operations and enhance listener engagement, use of image predictive analytics enabling more personalized and efficient content creation and distribution, strategic partnerships to enhance offerings, focus on cloud computing by providing scalable resources and advanced processing capabilities and AI-enabled editing, voice and language recognition technology to enhance efficiency and creativity.
Player-adopted strategies in the AI in media & entertainment market include focus on strengthening business operations through new product developments, strategic partnerships and new product solutions.
To take advantage of the opportunities, the analyst recommends the AI in media & entertainment companies to focus on AI and cloud integration to enhance radio broadcasting, focus on image predictive analytics for enhanced content creation, focus on cloud computing for enhanced AI capabilities, focus on AI-enabled editing and language technologies, focus on the fastest-growing hardware/equipment segment, focus on machine learning segment, expand in emerging markets, focus on strategic partnerships to enhance ai capabilities, provide competitively priced offerings, continue to use B2B promotions, focus on targeted digital marketing campaigns, focus on sales and marketing segment for maximum growth and focus on gaming segment for future expansion.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 315 |
| Forecast Period | 2023 - 2033 |
| Estimated Market Value (USD) in 2023 | $13.7 Billion |
| Forecasted Market Value (USD) by 2033 | $137.9 Billion |
| Compound Annual Growth Rate | 26.0% |
| Regions Covered | Global |
Major Market Trends
- Integration of AI and Cloud Technology to Enhance Personalization and Automation in Radio Broadcasting
- Advancements in Image Predictive Analytics for Speed and Efficiency
- Strategic Partnerships and Collaborations Among Major Players Drive AI Innovation and Market Expansion
- Leveraging Cloud Computing to Accelerate AI Innovation in Media and Entertainment
- Focus on AI-Enabled Editing, Voice and Language Recognition to Boost Efficiency and Creativity
Competitive Landscape and Company Profiles
- Amazon.Com, Inc (Amazon Web Services Inc)
- The Walt Disney Company
- EVS Broadcast Equipment S.a.
- Pixellot Ltd
- Production Resource Group, L.L.C
Other Major and Innovative Companies
- International Business Machines Corporation
- Paramount Pictures
- Synthesia Ltd
- Microsoft Corporation
- NVIDIA Corporation
- Fable Studio
- Oracle Corporation
- ElevenLabs
- Alphabet Inc. (Google LLC)
- PlaySight Interactive
- Valossa Labs Ltd
- GrayMeta, Inc
- Matchroom Sport Ltd
- Veritone Inc
- LMG, LLC
Key Mergers and Acquisitions
- Collective Artists Network (CAN) Acquired Galleri5
- DNEG Group Acquired Prime Focus Technologies (PFT)
- Autodesk Acquired Wonder Dynamics
- Apple Acquired Datakalab
- Wasabi Technologies Acquired Curio AI
- Dstny Acquired Tactful AI
For more information about this report visit https://www.researchandmarkets.com/r/ye65l0
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