Global Text-to-Video AI Market Report 2023: Inclusion of Data-driven Videos on Websites to Boost Conversion Rates Drives Growth
Dublin, March 15, 2023 (GLOBE NEWSWIRE) -- The "Global Text-to-Video AI Market by Component (Software, Services), Deployment Mode, Organization Size, End User (Corporate Professionals, Content Creators), Vertical (Education, Media & Entertainment, Retail & eCommerce) and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global text-to-video AI market is projected to grow from USD 0.1 billion in 2022 to USD 0.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 37.1% during the forecast period.
Higher adoption of AI video generation to increase revenue on OTT, DOOH, and CTV platforms is driving the text-to-video AI market growth.
Cloud segment is expected to account for a larger market share during the forecast period
Cloud-based deployment offers several benefits to organizations, such as scalability, flexibility in capacity, enhanced collaboration, less maintenance cost, and 24/7 data accessibility of devices anytime, anywhere. Infrastructure-intensive users prefer cloud-deployed solutions, as it offers scalability and agility and provides more functions than on-premises solutions at an affordable cost.
Support and Maintenance services segment is estimated to account for a higher CAGR during the forecast period
Support & maintenance are important to service in the applications and AI market. Text-to-video AI solution vendors offer support to enterprises to help them leverage the full capabilities of video-generating solutions. To use these tools effectively, the video and operation teams need to develop an understanding of how to use these tools for visualization and text input. Support services from text-to-video AI software vendors assist their customers in managing text sources to align with the software protocols.
Small- & Medium-Sized Enterprises segment to account for the largest market share during the forecast period
Organizations with an employee strength between 1 and 1,000 are categorized under the SMEs segment. SMEs across the globe are focusing on building a niche for themselves in the global market by offering innovative and advanced solutions. SMEs across the business industry are witnessing an increasing need for text-to-video AI solutions and services to capture customer attention using high-performance video tools. The rapid adoption of digital technology across the business has augmented profits for SMEs and greatly enhanced their business productivity.
Among regions, Asia Pacific recorded the highest CAGR during the forecast period
Asia Pacific consists of countries, such as Japan, Singapore, China, India, and New Zealand and Australia, which are expected to register high growth rates in the text-to-video AI market. The region consists of the world's most populous country such as China, followed by India. Larger population of these countries is one of the factors offering more opportunities for the text-to-video AI market. Next factor in driving force of the market is increasing initiatives of the governments in evolving technologies such as AI, ML and more. Generative AI is still evolving in the region; major players are expected to invest in text-to-video AI in the upcoming years.
Inclusion of Data-Driven Videos on Websites to Boost Conversion Rates
Realistic Ai Avatars to Add Social Components to Videos and Make Them Dynamic
Rise in Demand for Engaging Videos in Businesses
Truthfulness and Accuracy
Availability of Applications in Multiple Languages to Save on Voiceover Budgets
Higher Adoption of Ai Video Generation to Increase Revenue on Ott, Dooh, and Ctv Platforms
High Computing Costs and Lack of Good Datasets
Case Study Analysis
Synthesia Helped International Consultancies Create Financial Educational Webinars in Multiple Languages
Cisco Boosted Engagement on Digital Channels Using Lumen5
Alice Receptionist Offers Ai-Driven Customer Experience Through Expanded Relationship with Hour One
Petroshore Used Elai to Make Content Reach Wider Audience
Youtuber Used Pictory to Create Videos Consistently in Shorter Time
For more information about this report visit https://www.researchandmarkets.com/r/kza80d
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