DUBLIN, May 29, 2023 (Globe Newswire) — The Artificial Intelligence (AI) for the Video Production Market – Forecasts 2023-2028 report has been added. of ResearchAndMarkets.com Recruitment.
The AI for video production market is expected to grow at a CAGR of 22.37% from the market size of US$362.5 million in 2021 to reach US$1,489.486 million by 2028.
AI for video production is the integration of artificial technology software into the video production process, including scriptwriting, narration, animation and other video editing processes. Incorporating AI into your animation and motion graphics production can enhance the realism of every detail in animations inspired by real-world actions and situations. In addition to this, AI can also help automate repetitive tasks, speeding up the work involved in the video production process.
By assimilating deep neural computer networks with artificial intelligence software, machine learning models can be used to process natural language and generate video content from text strings. The use of AI in video production will reduce the time and effort companies spend on the various processes involved in video production, while allowing customers to create realistic video experiences. Therefore, the AI for video production market is expected to grow significantly during the forecast period.
market drivers
Increasing adoption of video content as a marketing strategy
With the increasing adoption of video as one of the primary media for executing marketing strategies used by advertising agencies and brands worldwide, AI-powered video to enhance the videos generated for marketing purposes The need for tools has arisen. Social media advertising has grown in importance over the last five years due to increased customer consumption. According to a report published by Sprout Social Company, about 93% of businesses have acquired new customers and expanded their customer base through video ads on social media.
In addition to this, approximately 66% of customers were found to prefer short video content on social media. This is evidenced by the rise of video advertising on the most popular online platforms such as Youtube, Spotify, Instagram, Facebook and LinkedIn. Using video content as a primary marketing tool drives the use of AI technology in video production applications to reach target audiences and improve the persuasive effectiveness of advertising content.
Increased consumption of video content and video streaming services
Rapid technological advancements have increased the number of video streaming services and applications over the last few years, resulting in even greater consumption of video content by customers across various social and video platforms. InVideo Company estimates that in 2022, the average time a person spends watching online videos will be 100 minutes.
The emergence of new OTT media streaming sites and the expansion of video content operations of existing OTT platforms could increase the demand for AI-powered video generation applications. According to Amazon, the number of customers subscribed to Amazon Prime Video has grown from about 150 million in 2019 to 200 million in 2022.
This indicates that the consumption of video and media streaming platforms is currently increasing, resulting in the need for more videos and movies to be produced, and the demand for AI-powered tools to boost the video production business. is even higher. Therefore, the increasing consumption of video content on media streaming platforms and the use of video as a marketing strategy are key factors driving the progress of AI in the video production market.
Video content created by AI needs to be properly supervised to avoid offensive and unethical content generation that could undermine the rapid adoption of AI tools in the video production field. .
Videos produced and edited using AI are regularly regulated to ensure that videos produced using various AI tools and software are not culturally or ethically inappropriate is needed. In certain situations, AI-generated videos are intended to grab the attention of customers belonging to a particular ethnic background or geographic group.
Therefore, in such cases, human supervision is important to ensure that the video contains the appropriate cultural and ethical context to avoid complications and controversies surrounding the video. As the AI used in the video production process is in its infancy, it should be utilized under proper supervision and guidance so as not to create obstacles to the growth of AI in the video production market.
Market development:
In February 2023, the Wochit Company announced Wochit Wizard, a new AI-powered video generation tool. It integrates ChatGPT technology to create sophisticated video content using basic text narratives.
In February 2023, Krikey.ai and Stability AI, two companies that specialize in manufacturing AI-based solutions and applications, partnered to allow users to create animated avatar videos through text descriptions and download them to social media and videos. You can now post to your editing software. , or 3D video games.
In February 2023, Genius Brands will air a new animated children’s series, Kidaverse Fast Facts, by integrating ChatGPT technology for script writing with other AI technologies to generate animation, narration and images. Announced.
North America holds a sizeable share of the AI market for video production and is expected to grow significantly during the forecast period.
North American countries are experiencing significant growth in their IT and technology industries as well as their media and entertainment industries at the same time, owing to rapid advances in AI technology and increasing consumption of high-quality social media content and other video streaming platforms. Moreover, with the proliferation of major AI-based video generation software companies in the United States, such as Pictory, Elai.io, InVideo AI, Synths Video, and Wisecut, North America has more opportunities to generate more video content based on AI. increase.
In addition, the presence of top IT and software companies driving innovation in the AI market, such as Amazon Web Services, Google, IBM, and Microsoft, has driven investments to create high-quality AI solutions across many applications, including video generation. It is done. For example, the newly appointed CEO of YouTube, a subsidiary of Google, announced the release of an AI-sponsored video tool to help content creators improve the environment, quality and content of their videos. Therefore, the market size of AI for video production in North America is projected to expand in the next few years due to the available AI video generation services and growing innovation and investment to generate better AI tools.
Market segmentation:
by process
- script writing
- animation
- video editing
- voice over
by geography
- North America
- united states of america
- Canada
- Mexico
- south america
- Brazil
- Argentina
- others
- Europe
- England
- Germany
- France
- Italy
- Spain
- others
- Middle East and Africa
- Saudi Arabia
- United Arab Emirates
- others
- Asia Pacific
- China
- Japan
- India
- Korea
- Australia
- Singapore
- Indonesia
- others
Key Attributes:
| report attribute | detail |
| number of pages | 134 |
| Forecast period | 2021-2028 |
| 2021 Estimated Market Value (USD) | $362.5 million |
| Projected Market Value (USD) to 2028 | $1,489.49 million |
| compound annual growth rate | 22.3% |
| Target area | global |
Main topics covered:
1.First of all
2. Research method
3. Executive Summary
4. Market dynamics
5. AI for the video production market by process
6. AI for Video Production Market by Region
7. Competitive Landscape and Analysis
8. Company profile
companies mentioned
- AI scriptwriter
- Tool Buzz
- Steve AI
- Elaio
- glear star
- Adobe
- Runway AI
- Sinceresia
- Flex Tip (Pearl Mountain)
- picture.ai
For more information on this report, please visit https://www.researchandmarkets.com/r/sowfvm.
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Artificial intelligence (AI) for the video production market
