Oct 31, 2024

News provided by Share this article Share toX NEW YORK, Oct. 31, 2024 /PRNewswire/ -- Report on how AI is redefining market landscape - The global AI market in media and entertainment industry size is estimated to grow by USD 30.72 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  26.4% during the forecast period. Usage of multimodal AI in media and entertainment industry is driving market growth, with a trend towards utilization of blockchain . However, reliance on external sources of data to train ai models poses a challenge.Key market players include Agile Sports Technologies Inc., Amazon Web Services Inc., Autodesk Inc., AutomaticTV, EVS Broadcast Equipment S.A., Gravity Media, GrayMeta, Inc, International Business Machines Corp., LMG LLC, Move Ai Ltd, Pixellot, PlaySight Interactive Ltd., Production Resource Group LLC, Spiideo, Sportway AB, Synthesia Ltd., TAIT, valossa labs Oy, and Veritone Inc. Technavio has announced its latest market research report titled Global AI Market In Media And Entertainment Industry 2024-2028 AI-Powered Market Evolution Insights. Our comprehensive market report ready with the latest trends, growth opportunities, and strategic analysis- View your snapshot now Forecast period Key companies profiled Agile Sports Technologies Inc., Amazon Web Services Inc., Autodesk Inc., AutomaticTV, EVS Broadcast Equipment S.A., Gravity Media, GrayMeta, Inc, International Business Machines Corp., LMG LLC, Move Ai Ltd, Pixellot, PlaySight Interactive Ltd., Production Resource Group LLC, Spiideo, Sportway AB, Synthesia Ltd., TAIT, valossa labs Oy, and Veritone Inc Key Market Trends Fueling Growth The integration of blockchain technology in the global AI market of media and entertainment industry is experiencing substantial growth. Driven by the necessity for heightened security and content authenticity, this sector is leveraging blockchain's decentralized and immutable features. Notably, SHIB, an Ethereum-based digital asset family, collaborated in April 2024 to address content security and authenticity concerns using blockchain technology. This partnership aims to secure content from tampering and ensure its veracity. Blockchain technology also presents innovative distribution solutions. Its transparent and traceable transactions streamline the process, ensuring fair compensation for creators and secure content delivery. In an era plagued by digital piracy and unauthorized distribution, this is particularly significant. Moreover, blockchain facilitates new business models and revenue streams, such as content tokenization. This enables creators to issue digital tokens representing ownership or access rights, opening new monetization avenues. The media and entertainment industry's collaboration with the digital asset ecosystem underscores its proactive approach to adopting blockchain technology. This adoption promises enhanced security, streamlined distribution, and innovative business opportunities, contributing to the industry's growth and sustainability in the digital age. Artificial Intelligence (AI) is revolutionizing the Media and Entertainment Industry. In Film and Television, AI is used for script analysis, storyboarding, and budget management. AI-powered image recognition identifies objects and people in high-resolution camera footage for VFX and virtual creation. Social media platforms leverage AI for predictive analytics and talent discovery. In Music, AI assists with plagiarism detection and content creation. AI's dialogue skills and speech recognition enhance voice recognition and game play. Sports broadcasts use AI for real-time virtual analysis and fan engagement. Unstructured data and machine learning enable AI to provide fake story recognition and production planning. AI's natural language processing enhances on-demand streaming services and improves content creation workflows. Overall, AI's impact on the Media and Entertainment Industry is significant, from content creation to fan engagement, and will continue to shape the future of this dynamic industry. Insights on how AI is driving innovation, efficiency, and market growth- Request Sample! Market Challenges The global AI market in media and entertainment industry faces a significant challenge with the reliance on external data sources for training AI models. This issue came to light in November 2023 when a major American media organization filed a lawsuit against leading AI technology companies for unauthorized use of copyrighted content. The lawsuit highlights the growing tension over the exploitation of intellectual property without compensation or acknowledgement. The core challenge lies in the use of vast amounts of published material, such as articles and written works, to develop and refine AI models. These models, which power popular AI platforms, often utilize data scraped from various sources without explicit permission from content creators. This practice raises ethical and legal concerns, leading to an increase in copyright infringement claims. The implications of this reliance on external data sources are far-reaching. It poses a risk of substantial financial penalties and reputational damage for companies involved. Moreover, the accuracy and trustworthiness of AI-generated content can be compromised when models are trained on unauthorized or unverified data. In the media and entertainment industry, where authentic and reliable content is crucial, this issue is particularly problematic. To address this challenge, a balanced approach is necessary. Clear guidelines and ethical standards for data usage are essential to mitigate legal risks and ensure the integrity of AI-driven content. Respecting intellectual property rights while fostering innovation is crucial for the global AI market in media and entertainment industry. Artificial Intelligence (AI) is revolutionizing the Media and Entertainment Industry with its ability to provide advanced solutions for various applications. Challenges such as Visual Recognition, Sentiment Analysis, Personality Insights, Tone Analysis, and Sports Analysis are being addressed by AI Algorithms. Hardware/Equipment for AI-Specific solutions are being developed for Live Broadcast, Gaming , and Sports Automatic Productions. AI is also transforming Video Production, Computer-Generated Graphics, and Visual Effects. Sales and Marketing teams use AI for Audience Insights, Voice Data, and Intelligent Home Assistants. OTT Platforms and Online Gaming Experience are enhanced with AI-Generated Live Footage and Hyper-Personalized Content. Pre-Production Assistance, Motion Capture, and Automated Sports Productions are other areas where AI technologies like ML are making a significant impact. Streaming Platforms, Connected Devices, and Real-Time Virtual Worlds are also being transformed by AI. AI is changing the game in Media and Entertainment, from content creation to consumption. Insights into how AI is reshaping industries and driving growth-  Download a Sample Report Segment Overview Technology 3.5 Middle East and Africa 1.1 Machine learning-  The media and entertainment industry is leveraging artificial intelligence (AI) to enhance content creation, distribution, and consumer experience. AI-powered tools improve efficiency in video editing, special effects, and scriptwriting. Streaming platforms use AI algorithms for personalized content recommendations based on user preferences. AI chatbots provide customer support, reducing response time and improving user engagement. AI's ability to analyze data and learn patterns benefits marketing strategies, audience targeting, and content monetization. Overall, AI is a valuable asset in the media and entertainment industry, driving innovation and growth. Download complimentary Sample Report to gain insights into AI's impact on market dynamics, emerging trends, and future opportunities- including forecast (2024-2028) and historic data (2018 - 2022) Research Analysis Artificial Intelligence (AI) and Machine Learning (ML) are revolutionizing the Media and Entertainment industry. In gaming, AI is used for gameplay, creating realistic opponents, and enhancing the user experience. Fake story recognition and plagiarism detection are essential for maintaining the integrity of content in the industry. AI and ML also play a significant role in production planning, optimizing workflows, and reducing costs. Talent discovery and scouting are now more efficient with AI-powered tools. Virtual creation allows for the production of high-definition graphics and real-time virtual worlds, enhancing the viewing experience. AI-generated live footage and sports analysis provide new opportunities for OTT platforms and online gaming experiences. Social media platforms use AI for content recommendation and natural language processing. The future of Media and Entertainment is AI-driven, offering endless possibilities for innovation. Market Research Overview Artificial Intelligence (AI) is revolutionizing the Media and Entertainment Industry with its advanced capabilities. AI technologies such as Machine Learning (ML), Natural Language Processing (NLP), and Deep Learning are being used in various applications. In the gaming industry, AI algorithms are used for gameplay, fake story recognition, plagiarism detection, and talent discovery. AI is also used in virtual creation, high-definition graphics, real-time virtual worlds, and sports analysis. OTT platforms and streaming services are utilizing AI for personalized content recommendations, audience insights, and voice data. AI-generated live footage, hyper-personalized content, and predictive analytics are transforming film and television production. In the music industry, AI is used for script analysis, storyboarding, and budget management. AI-specific hardware and computer-generated visuals are enhancing the online gaming experience. AI is also being used in sales and marketing, automated sports productions, and live streaming. The use of AI in the media and entertainment industry is expanding, from pre-production assistance to post-production, and from content creation to distribution. Table of Contents: About Technavio Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. Contacts