Generative AI In Media Global Market
“The Business Research Company recently released a comprehensive report on the Global Generative AI In Media Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.
According to The Business Research Company’s, The generative AI in media market size has grown exponentially in recent years. It will grow from $2 billion in 2023 to $2.6 billion in 2024 at a compound annual growth rate (CAGR) of 30% The growth in the historic period can be attributed to real-time content generation, streamlined workflows, increased computational power, rise of deep learning, industry demand, and open-source communities.
The generative AI in media market size is expected to see exponential growth in the next few years. It will grow to $7.48 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%. The growth in the forecast period can be attributed to data availability and quality, edge computing and on-device AI, user-generated content and Co-creation, content personalization and recommendation, and ethical and responsible AI practices. Major trends in the forecast period include AI-powered content curation, hyper-realistic content generation, cross-platform integration, and AI-generated music and sound design.
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Market Drivers and Trends:
The growing acceptance of visual media is expected to propel the growth of the generative artificial intelligence in media market going forward. Visual media refers to any form of communication that utilizes visual elements to convey information or tell a story. Generative AI in media are used in visual media to allow AI generators to produce more realistic and visually appealing content such as in the field of image and video generation, AI algorithms trained on diverse visual datasets can create lifelike scenes, characters, or animations. For instance, in September 2023, according to HubSpot, a US-based software company, over 50% of marketers used visuals in over 91% of their content, with original graphics being the most used type of visual content by marketers at 36%, followed by stock photos at nearly 34%. Therefore, the growing acceptance of visual media is driving the growth of the generatIve artificial intelligence in media market.
Major companies operating in the generative AI in media market are focused on developing generative AI ad creation tools to enhance advertising content and user engagement. Generative AI ad creation tools are software applications or platforms that utilize generative artificial intelligence (AI) algorithms to automatically generate advertising content for marketing campaigns, such as images, videos, and copy. For instance, in January 2024, Microsoft Corporation, a US-based technology company, launched Retail Media Creative Studio, an advanced generative AI ad creation tool. This tool enables retailers and advertisers to create banner ads with ease, improving banner ads’ participation, performance, and, ultimately, revenue. The AI-powered tools automatically align with each retailer’s style guide, while users can customize ads through further prompts and modify all ad elements. This tool is designed for retail media’s specific needs and challenges, aiming to unlock robust generative AI offerings to transform retail business across personalization, efficiency, and monetization.
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Major Key Players of the Market:
Amazon Inc., Apple Inc., Alphabet Inc., Microsoft Corporation, Comcast Corporation, Meta Inc., Huawei Technologies Co. Ltd., The Walt Disney Company, Tencent Holdings Limited, Sony Corporation, Intel Corporation, International Business Machines Corporation (IBM), Netflix Inc., Nvidia Corporation, Salesforce Inc., Baidu Inc., Adobe Inc., Autodesk Inc., OpenAI, Unity Software Inc., The Foundry Visionmongers Limited, Primer Technologies Inc., Ziva Dynamics Inc., DeepMotion Inc., Moonshot CVE Limited
Generative AI In Media Market 2024 Key Insights:
• The generative AI in media market size is expected to see exponential growth in the next few years. It will grow to $7.48 billion in 2028 at a compound annual growth rate (CAGR) of 30.2%.
• Visual Media Revolution Catalyst For Growth In The Artificial Intelligence Media Entertainment Generator Market
• Generative AI Ad Creation Tools Revolutionizing Retail Media Advertising
• North America was the largest region in the generative AI in media market in 2023
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This release was published on openPR.
