AI In Media & Entertainment Industry Overview
The global AI in media & entertainment market size was valued at USD 10.87 billion in 2021 and is estimated to grow at a compound annual growth rate (CAGR) of 26.9% from 2022 to 2030.
Artificial intelligence (AI) uses in gameplay, fake story recognition, plagiarized detection, production planning and management, personalization, sales and marketing, talent finding, and other fields is propelling the rise of the global AI in the media and entertainment sector. The increasing popularity of virtual creation in the media and entertainment business, and its ability to create high-definition graphics and real-time virtual worlds, are the key factor driving the market.
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Also, favorable government initiatives are expected to impact industry growth positively. AI systems are used to recognize objects and behaviors in sporting events. It can also use drone footage to provide broadcasts that include engaging material and in-depth sports analysis. For example, in a football match, AI-generated live footage may capture the adrenaline-fueled action and the players’ and fans’ responses after each score. Visuals used in the live broadcast of a match should contribute to the construction of an engaging story. Companies use AI to create more tailored services for users by endorsing personalized content following their tastes when users browse a video site and robustness for users with varying Internet speeds and bandwidths.
For instance, a prominent platform, Netflix has implemented AI technology aiming to create a superior personalized experience for its subscribed consumers. This AI-empowered system will automatically accomplish several machine learning pipelines that offer shows/movies/program recommendations. The media and entertainment business is witnessing unparalleled disruption. From rapid adoption of connected devices and sensitive expectations from customers to ongoing competition from internet video streaming providers and social media, several powerful forces are shapeshifting the media and entertainment industry landscape.
The integration of AI takes analytics to the next level by applying machine learning algorithms and natural language processing to make sense of vast quantities of data, over 80 percent of which is unstructured. They can help companies leverage building blocks, such as dialog capabilities, visual recognition, sentiment analysis, personality insights, and tone analysis, to help drive competitive benefits. The North America region is projected to dominate the market and offers significant opportunities for industry expansion as substantial investments are being made in AI projects and related R&D activities.
An unreal engine is a VFX software implemented for designing, pre-visualizing, and visual editing effects in a real-time situation. In addition, increasing efforts made by film-making companies, for example, 20th century Fox used IBM’s AI system, Watson, to create a trailer for the horror movie “Morgan”.
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Market Share Insights
- June 2020: The developed version of Unreal Engine 4.25, a play station software by Epic Games, Inc., was upgraded and the advanced version was launched.
Key Companies profiled:
Some prominent players in the global AI in media & entertainment market include
- LKC Technologies, Inc.
- Diagnosys LLC
- Electro-Diagnostic Imaging, Inc.
- Diopsys, Inc.
- Metrovision
- Roland-consul
- CSO Italia
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