The AI in media & entertainment market size has witnessed exponential growth in recent years, surging from $13.79 billion in 2023 to $17.65 billion in 2024 at a compound annual growth rate (CAGR) of 28.0%. The remarkable expansion in the historic period can be attributed to the initial implementation of AI-based copyright protection, the adoption of content moderation tools, a surge in content personalization, regional expansion strategies, and the increased prevalence of streaming activities. Additionally, a heightened demand for game development further fueled this growth. Looking ahead to 2028, the market is anticipated to continue its upward trajectory, reaching $44.08 billion at a CAGR of 25.7%. Factors contributing to this forecasted growth include advanced content personalization, the rise of AI-generated content creation, expanded applications of AR and VR, enhanced user interaction facilitated by AI, and the prevalence of data-driven predictive analytics. Notable trends in this period encompass content copyright protection, initial chatbot and interaction systems, AI-enhanced editing, as well as voice and language recognition alongside predictive analytics.
Major Driver In The AI In Media and Entertainment Market
The spike in popularity of OTT platforms and growth in online game streaming are expected to propel AI in media and entertainment market. The presence of subscribers on over-the-top (OTT) platforms is growing due to improved networks, more robust internet connectivity, and multimedia service-capable mobiles. Recently, the market has also shown growth in the online gaming industry due to an array of factors such as increased penetration of affordable internet, access to online games, and large-scale development in the gaming industry. This increasing demand for OTT platforms and online gaming has boosted the utilization of AI in gaming and OTT to deliver a realistic gaming and virtual experience for players and viewers on a virtual platform. For instance, in July 2023, according to the Entertainment Software Association, a US-based video game trade association, US consumers spent $59.6 billion on video games in 2021, an increase of $56.1 billion from the previous year. Furthermore, in April 2023, according to a press release shared by Netflix Inc., a US-based streaming media company, Netflix had 223 million paying subscribers in the fourth quarter of 2022, and by the first three months of 2023, that number had risen to 231 million. Therefore, the spike in popularity of OTT platforms and growing online gaming streaming will drive AI in the media and entertainment market.
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AI In Media and Entertainment Market Competitive Landscape
Amazon.com Inc., Alphabet Inc., Microsoft Corporation, Intel Corporation, International Business Machines Corp., Oracle Corporation, NVIDIA Corporation, Ericsson AB, Dolby Laboratories Inc., Production Resource Group L.L.C., Avid Technology Inc., Blackmagic Design Pty. Ltd., Quantum Corporation, Imagine Communications Corp., Deluxe Entertainment Services Group Inc., Gravity Media Ltd., Matchroom Sport Ltd., Brightcove Inc., Veritone Inc., EVS Broadcast Equipment S.A., Gearhouse South Africa PTY. Limited, Pixellot Ltd., Synthesia Ltd., LMG LLC, Valossa Labs Ltd., Spiideo, PlaySight Interactive Ltd., Move AI, Sportway AB, GrayMeta Inc., AISportsWatch GmbH, AutomaticTV, Ross Video Ltd., Sony Corporation, Technicolor SA, Telestream LLC, Vizrt Group AS
Key AI In Media and Entertainment Market Trend
The advancement in implementing cloud-based applications and services is a key trend in the AI in media and entertainment market. Major players in the industry are adopting cloud-based solutions to enhance their offerings and gain a competitive edge. For instance, in May 2021, Tata Consultancy Services (TCS), an India-based IT company, launched an intelligent cloud-based subscription solution for media companies to improve customer experience and increase revenue. TCS' solution uses SAP business technology, leveraging cloud, AI, and machine learning to personalize content and provide recommendations based on user profiles, preferences, and previous subscriptions.
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AI In Media and Entertainment Market Segmentation
The AI in media & entertainment market covered in this report is segmented –
1) By Solution: Hardware/Equipment, Services
2) By Product: Simulation FX, Animation, Modelling, Matte Painting, Compositing
3) By Application: Gaming, Fake Story Detection, Plagiarism Detection, Personalization, Production Planning & Management, Sales and Marketing, Talent Identification, Content Capture, Sports Automatic Productions
By Geography:The regions covered in the ai in media & entertainment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the AI in media & entertainment market share in 2023.
The AI In Media and Entertainment Global Market Report 2024 furnishes information about the global ai in media and entertainment market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
