Automation of workflow in the media industry, an increasing demand for improved content creation, utilization of cognitive computing to combat the increasing pressure for detecting illegal content are major growth factors for the cognitive media market. An increasing adoption rate of the AI technology for various applications, such as content management, network optimization, recommendation and personalization, customer retention, predictive analysis, security management, digital publishing and online gaming, would also drive the market.
MarketsandMarkets forecasts the global cognitive media 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.
The cognitive media market by technology has segments of deep learning and machine learning, and Natural Language Processing (NLP). The media companies use the Machine learning and deep learning technology for content management and providing immersive customer experience.
The cognitive media market by application has content management, network optimization, recommendation and personalization, customer retention, predictive analysis, security management, and other segments. The predictive analysis segment is expected to grow at the highest CAGR during the forecast period, as predictive analysis applications help media firms to empower their sales personnel to make better decisions pertaining to consumer expectations.
In the cognitive media market by enterprise size, the Small and Medium-sized Enterprises (SMEs) segment is expected to grow at a higher CAGR during the forecast period. The major growth driver is an increasing demand for the AI-based technology powered solution among media SMEs.
The cognitive media by deployment mode has 2 segments: the cloud and on-premises deployment modes. The cloud deployment mode is projected to hold a larger market size by growing at a faster pace during the forecast period. Due to high infrastructure costs, most of the media companies prefer cloud-based solutions for enhanced security.
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. North America has witnessed increased investments in the cognitive media market. The region will record a considerable growth during the forecast period. In North America, media companies effectively use AI technologies for various applications, such as content management, personalization and recommendation, network optimization, customer retention, predictive analysis, security management, and others (campaign analysis, online gaming, and digital publishing).
