According to a new market research report "Cognitive Media Market by Technology (Deep Learning & Machine Learning, NLP), Application (Content Management, Network Optimization, Predictive Analysis), Component (Solutions, Services), Deployment, Enterprise Size, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global market size to grow from USD 551.4 million in 2018 to USD 1,839.1 million by 2023, at a Compound Annual Growth Rate (CAGR) of 27.2% during the forecast period.
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Major growth factors for the market include an increasing adoption of the cognitive computing technology for various applications in the media industry, an increasing number of AI startups, a growing demand to automate workflows, and improved content creation.
Content management application to hold the largest market size during the forecast period
Media enterprises use the content management application for analysing past and current consumer behaviour and identify their preferences to deliver personalized experience to the customers. The cognitive computing technology also enables publishers or media agencies to automate their workflows and gain insights in the content creation. It also helps media companies in improving the customer retention.
Small and Medium-sized Enterprises (SMEs) segment to grow at a higher CAGR during the forecast period
The Cognitive Media Market by enterprise size has 2 segments: SMEs and large enterprises. The SMEs segment is expected to grow at a higher CAGR during the forecast period. An increasing demand for improved content for advertising and automated workflows in the media companies will drive the adoption of the AI technology among SMEs.
North America to hold the largest market size and Asia Pacific (APAC) to grow at the highest CAGR during the forecast period
North America is expected to hold the largest market size in the global Cognitive Media Market, while APAC to grow at the highest CAGR during the forecast period. As there have been increased investments in the North American Cognitive Media Market, the region will record considerable growth during the forecast period. APAC will provide lucrative market opportunities for the market players. The automation of content delivery process to improve efficiency and minimize cost could drive the adoption of cognitive media solutions.
The Cognitive Media Market report provides the competitive landscape and company profiles of the key vendors by their product offerings and business strategies. The major vendors in the global cognitive media include Microsoft (US), Google (US), AWS (US), Adobe (US), IBM (US), nVIDIA (US), Salesforce (US), Baidu (China), Crimson Hexagon (US), Veritone (US), Bytedance (China), Acrolinx (Germany), Zeta Global (US), Kitewheel (US), Clarifai (US), Axle.ai (US), Albert (US), Kenshoo (Israel), Spotad (Israel), Valossa (Finland), Emarsys (Austria), Soundhound Inc. (US), Video Intelligence (Switzerland), MiQ (UK), Phrasee (UK), NewsRx (US), and TrendKite (US).
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