The market for AI 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 expansion can be ascribed to rising online content consumption and a growing number of emerging nations having access to the internet.
Growing applications in the sales and marketing sector are also significant drivers 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 other hand, despite the wide range of advantages and growing trends, this business still has a few drawbacks that limit market expansion. These factors include the potential breach of client privacy and the lack of qualified workers in the AI sector. Additionally, the expense of upkeep and the process’ complicity serve as major growth inhibitors.
Important conclusions from the market study
- In 2022, AI in media and entertainment services will generate 59.2% of income.
- Application-specific sales and marketing segment revenue share of 21.7%
- The North American market is projected to grow at a CAGR of 24.2% and generate US$ 65 billion.
- Asia Pacific is anticipated to experience a CAGR of 26.8% from 2022 to 2032.
- From 2022 to 2032, the value of the global AI in the media & entertainment market would increase 10 times.
Among the leading companies in the global AI in Media & Entertainment market are Amazon Web Services, Inc., EMG, Gearhouse South Africa Pty. Ltd., Gravity Media, GrayMeta, International Business Machines Corp., LMG, LLC, Matchroom Sports Ltd., Production Resource Group, L.L.C., Synthesia Ltd., TAIT, Valossa Labs Ltd., Veritone, Inc., Pixellot, PlaySight Interactive Ltd., Among the most recent changes among the players are:
- The next generation of compute-optimized instances, powered by AWS-designed Graviton3 processors, will be available in the Amazon Elastic Compute Cloud (Amazon EC2) C7g instances starting in May 2022, according to an announcement by Amazon Web Services, Inc. (AWS), a subsidiary of Amazon.com, Inc.
- In May 2022, Taboola, a leader in driving recommendations for the open web and assisting users in finding the content they may enjoy, will complete the acquisition of Gravity R&D, a pioneer in customization technology centered on data science.