The market for artificial intelligence in media and entertainment is expected to reach USD 13.6 billion by 2022, with an estimated value of USD 10.4 billion in 2021. By 2032, the market is projected to generate USD 132.16 billion, with a CAGR of 26% over the five-year forecast period from 2022 to 2032. The market’s growth can be ascribed to the rise in online content consumption and the penetration of the internet in various emerging nations.
Growing applications in the sales and marketing sector are also a significant driver boosting the sector. Additionally, the use of AI in Media & Entertainment for sports automatic productions and personification is projected to present considerable prospects for industry growth during the projection period.
On the contrary, owing to the vast array of benefits and increasing trends, this industry brings along a few shortcomings as well which restrains the market growth. These aspects include the risk of customer privacy and a dearth of skilled professionals in the AI industry. Moreover, the cost of maintenance and complicity of the process acts as the prominent growth restraining factors.
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Key Takeaways from the Market Study
- By solution, AI in media & entertainment services to capture 59.2% revenue in 2022
- By application, sales & marketing segment to accumulate a revenue share of 21.7%
- The North American market is expected to secure US$ 65 Billion while expanding at a CAGR of 24.2%
- Asia Pacific to record a CAGR of 26.8% during the forecast period ranging from 2022-2032
- Global AI in media & entertainment market worth to expand 10x from 2022 to 2032
“The global AI in Media & Entertainment market is expected to show a remarkable growth in the forecast period owing to the increasing popularity of OTT platforms and enhanced online gaming experience,” says an FMI analyst.
Competitive Landscape
Key players in the global AI in Media & Entertainment market include
- Amazon Web Services, Inc.,
- EMG,
- Gearhouse South Africa Pty. Ltd.,
- Gravity Media,
- GrayMeta,
- International Business Machines Corp.,
- LMG, LLC,
- Matchroom Sport Ltd.,
- Production Resource Group, L.L.C.,
- Synthesia Ltd.,
- TAIT,
- Valossa Labs Ltd.,
- Veritone, Inc.,
Pixellot, PlaySight Interactive Ltd., AISportsWatch GmbH, Spiideo, Sport way AB, EVS Broadcast Equipment S.A., Hudl, Move.ai, AutomaticTV, among others. Some of the recent developments among the players are:
- In May 2022, Amazon Web Services, Inc. (AWS), an Amazon.com, Inc. company, announced the general availability of Amazon Elastic Compute Cloud (Amazon EC2) C7g instances, the next generation of compute-optimized instances powered by AWS-designed Graviton3 processors.
- In May 2022, Taboola, a global leader in powering recommendations for the open web, helping people discover things they may like, today announced it has entered into a definitive agreement to acquire Gravity R&D, a leading personalization technology company founded in data science.
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Key Segments Covered in the AI in Media & Entertainment Industry Survey
AI in Media & Entertainment Market by Solution:
- AI in Media & Entertainment Hardware/Equipment
- AI in Media & Entertainment AI in Media & Entertainment Services
AI in Media & Entertainment Market by Application:
- AI in Media & Entertainment in Fake Story Detection
- AI in Media & Entertainment in Plagiarism Detection
- AI in Media & Entertainment in Personalization
- AI in Media & Entertainment in Production Planning & Management
- AI in Media & Entertainment in Sales & Marketing
- AI in Media & Entertainment in Talent Identification
- AI in Media & Entertainment in Content Capture
- AI in Media & Entertainment in Sports Automatic Productions
- Video Production
- Broadcasting & Live Streaming
- Analytics
AI in Media & Entertainment Market by Region:
- North America AI in Media & Entertainment Market
- Latin America AI in Media & Entertainment Market
- Europe AI in Media & Entertainment Market
- Asia Pacific AI in Media & Entertainment Market
- Middle East & Africa AI in Media & Entertainment Market
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