SAN FRANCISCO, June 28, 2022 /PRNewswire/ — The global AI in media & entertainment market size is expected to reach USD 99.48 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 26.9% from 2022 to 2030. 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 driving the market forward. Artificial intelligence(AI) is helping media companies to leverage these benefits by enhancing content management across various phases in the workflow of content processes, including smart content analysis and categorization, automatic image tagging, scalable personalization and predictions, time-saving content creation assistance, and text intelligence and analysis, and voice-controlled platforms.
Key Industry Insights & Findings from the report:
- In terms of solutions, the services segment accounted for the maximum revenue share in 2021 and will expand further at a steady CAGR from 2022 to 2030.
- This growth is attributed to the lack of trained professionals in virtual production and VFX technology; film studios or moviemakers often hire qualified agencies and their services to implement VFX in their video productions.
- The sales and marketing segment accounted for the largest share of the global market revenue in 2021.
- AI is used for trading or marketing aspects, including design, advertising, and promotions in the entertainment & media fields.
- North America is projected to dominate the market throughout the forecast period as the region offers significant growth opportunities for industry expansion due to substantial investments in AI projects and related R&D activities.
