Market trends for artificial intelligence (AI) video generators
“The Business Research Company recently released a comprehensive report on the global Artificial Intelligence (AI) Video Generator market size and trend analysis with forecast for 2024-2033. This latest market research report provides a wealth of valuable insights and data including global market size, regional competitors’ shares and market share In addition, it covers current trends, future opportunities and essential data for success in the industry.
According to The Business Research Company, the AI video generator market size has grown exponentially in recent years. The economy will grow from $0.57 billion in 2023 to $0.69 billion in 2024 at a compound annual growth rate (CAGR) of 22.4%. The growth in the historical period can be attributed to the demand for social media advertising, the demand for high-quality video content, the number of internet users, spending on digital marketing and short videos.
The AI video generator market size is expected to experience exponential growth in the coming years. This will grow to $1.57 billion by 2028 at a compound annual growth rate (CAGR) of 22.7%. The growth over the forecast period can be attributed to the growing number of social media users, the demand for video creation tools, the demand for personalized and interactive content, the rise of virtual and augmented reality, the increasing popularity of virtual events and the growing e-commercial applications. Key trends over the forecast period include real-time video generation, cross-modal video generation, interactive and immersive video experiences, natural language processing (NLP), computer vision and speech recognition, the Internet of Things (IoT), blockchain and the development of AI driven content creation platforms and tools.
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Market factors and trends:
The increasing use of social media is expected to drive the growth of the AI video generator market in the future. Social media refers to online platforms and websites that allow users to create and share content, communicate with others, and participate in virtual communities. Social media use is increasing due to factors such as growing internet access, the proliferation of smartphones, the desire for connectivity, the ease of content creation, and the rise of influencer culture and online communities. AI video generators on social media platforms improve content creation, personalization and user engagement, leading to a more dynamic and immersive social media experience. It automatically creates videos from user-provided content such as images, text and videos. For example, according to Meltwater, a Netherlands-based software company, there were 28.75 million Instagram users and 35 million LinkedIn subscribers as of February 2023. Moreover, in December 2022, according to a report published by Meta Platforms Inc., a US-based social networking company, 2.93 billion users visited one or more social media platforms in September 2022. This number had increased to 2.96 billion by December 2022. Therefore, the increasing use of social media is driving the growth of the AI video generator market.
Major companies operating in the AI video generator market are focusing on developing innovative solutions, such as text-to-video models, to gain a competitive advantage in the market. Text-to-video models enable automated video production based on textual descriptions, allowing users to create compelling visual content without the need for manual video editing or production expertise. For example, in February 2024, OpenAI, a US-based artificial intelligence company, introduced Sora, a new generative AI model that can create detailed videos based on simple written directions. This text-to-video model allows users to create photorealistic videos based on prompts they write, with the ability to generate complex scenes with multiple characters, specific types of movements, and precise subject and background details. It uses a transformer architecture, similar to GPT models, and represents videos and images as collections of smaller data units called patches.
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Key players in the market:
Amazon.com Inc., Google LLC, Microsoft Corporation, Alibaba Group Holding Limited, Facebook Inc., Huawei Technologies Co. Ltd, Sony Corporation, Tencent Holdings Limited, Intel Corporation, International Business Machines Corporation, NVIDIA Corporation, Baidu Inc., Adobe Inc., Activision Blizzard Inc., Autodesk Inc., OpenAI Inc., Vimeo Inc., Kaltura, Synthesia Ltd. , Animoto Inc., HeyGen, InVideo Inc., Lumen5 Technologies Ltd, Magisto, Pictory Corp., Typito, Moovly, Prontopia, FlexClip, DeepBrain AI, Steve.AI
Artificial Intelligence (AI) Video Generators Market 2024 Key Insights:
• The market size of AI video generators is expected to grow exponentially in the coming years. This will grow to $1.57 billion by 2028 at a compound annual growth rate (CAGR) of 22.7%.
• The Growing Use of Social Media Growth in AI Video Generator
• Innovative text-to-video solutions are revolutionizing content creation
• Asia Pacific was the largest region in the AI video generator market in 2023
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