Pune, India, Aug. 09, 2018 (GLOBE NEWSWIRE) -- Market Research Future has recently found that the global ACR market is expected to grow at a CAGR of 27.2% (2017 to 2023). Rising adoption of emerging technologies and several other factors are expected to contribute to the increasing value of the market which is anticipated to reach USD 4507.2 Mn by the end of 2023.
ACR Market Overview
Initially made popular by its use in well-known sound recognition applications, automatic content recognition (ACR) has gained considerable traction in the advertising industry and other applications in the entertainment industry. Market Research Future has recently found that the global ACR market is expected to grow at a healthy CAGR of 27.2% over the period of 2017 to 2023. Rising adoption of emerging technologies and several other factors are expected to contribute to the increasing value of the market which is anticipated to reach USD 4507.2 Mn by the end 2023.
Smart devices are growing exponentially due to increased sales, and the adoption of Smart TVs have led to the demand for ACR. ACR enhances the customer's entertainment experience by offering information regarding the media being broadcast. Moreover, ACR enables interactive features and offers suggestions for other content based on the consumers recognized preferences. Growing demand for ACR technology in the media industry has resulted in an increase in deployments of the technology, particularly for audience measurement, broadcast monitoring, content identification & enhancement. The Automatic Content Recognition market's growth is negatively impacted by security concerns with regards to data and privacy. However, due to the emergence of IoT, big data analytics, and artificial intelligence, the ACR technology is expected to witness advancements that create room for market expansion in the coming years.
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Market Segmentation
MRFR's analysis of the market includes detailed segmentation on the basis of technology, end-user applications, and region. By technology, the market is segmented into passive fingerprinting, speech recognition, and digital watermarks. The speech recognition segment accounts for the largest segment with the highest CAGR during the forecast period. The growing use of speech recognition in virtual assistants, smart home devices, and others is a key contributor to the segments lead position. Moreover, various businesses and institution have implemented speech recognition technology for automates identification purposes; this is driving substantial growth for the segment.
By end-user applications, the market is segmented into broadcasting industry, advertising, media & entertainment, industrial, gaming, consumer electronics, education, and others, The advertising, media & entertainment segment dominates the market and is expected to achieve the most rapid growth among all segments. Growing consumerism, advancing relevant technologies, improved pricing models, premium content, and increasing advertising expenditure drive the growth of the segment. Moreover, the ever-increasing volume of content in this industry leverages ACR technology extensively.
The global division of the market for analysis includes North America, Latin America, Europe, Asia-Pacific, and The Middle East & Africa.
Recognition of the Regions Potential to Slingshot Growth for APAC
The Asia-Pacific (APAC) automatic content recognition market is growing swiftly and is expected to experience the fastest CAGR over the assessment period. The growing development of smart city initiatives in countries such as India and China has boosted the demand for smart products. Several key players are present in the region, and other international market players have recognized the potential for growth available in the region. As a result, investments in technological advances have grown considerably. These investments move the region forward in terms of market growth and increase the emphasis on technological advancement. Moreover, India and China among others have established the region as an industrial hub, and due to the growing integration of ACR technology in smart devices such as Smart TVs, this represents the availability of a wide scope of opportunity in the future.
The majority share of the global Automatic Content Recognition Market belongs to the North American region. The region has the strong presence of several market players who have been key in the development of the technology and adoption of the same. The region is home to truly a significant advertising, media & entertainment industry which has increased the adoption of ACR technology. Moreover, the adoption of cloud computing and the emergence of IoT combined with the opportunities that the integration of these technologies with ACR represents the availability of ample market expansion opportunity. The U.S leads growth for the regional market and recorded a value of USD 248.1 Mn in 2017.
Key Players
Leading market players have been included in MRFRs meticulously detailed report for the purpose of competitive landscape assessment. These players employ several effective market strategies which assist the growth of the market and provide players with strong market positions. Market strategies employed included expansion, mergers & acquisitions, research & development activities and others.
Market players whose competitive strategies have been recorded in MRFR's report include Digimarc Corporation, Arcsoft Inc., ACR Cloud, Audible Magic Corporation, Clarifai Inc, Enswers Inc, Beatgrid Media B.V., Shazam Entertainment and Microsoft Corporation.
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Latest Industry News
- Inscape, an ACR technology provider, has just announced a partnership with VideoAmp, for the integration of Smart TV data viewing data with planning tools which are aimed to enable advertisers and media organizations with the ability to analyze and tailor content according to consumer preferences and habits.
- TV Data company, Alphonso, has launched the second generation of Alphonso Insights which is a SaaS, self-service dashboard for real-time analytics. Alphonso uses ACR technology which is embedded in all their hardware and software products.
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