According to a research report “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 – Global Forecast to 2027″ published by MarketsandMarkets, the global text-to-video AI system market size 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. Rise in demand for engaging videos in businesses is driving the growth of the text-to-video AI market.
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Consulting Services segment is estimated to lead the text-to-video AI market in 2022
Consulting services offer unique services that help businesses to realize how many opportunities come from implementing any AI solution into their business. Consulting services deal with complex inquiries and have numerous clients that demand constant changes in product and service offerings. The demand for consulting services is increasing globally due to the rising pressure on organizations to stay competitive in their respective markets.
Large Enterprises segment is expected to have a higher growth rate during the forecast period
Organizations with more than 1,000 employees are categorized under large enterprises. Large enterprises are witnessing an increased need to deploy text-to-video AI solutions and services to efficiently manage their large number of devices spread across geographies. Large enterprises spend significant amounts on becoming technologically proficient. Large enterprises spend significantly on their devices in the business industry to enhance their business operations to remain competitive in the global market.
Education segment is set to emerge as a larger market during the forecast period
With the emergence and adoption of new technologies such as wireless connectivity, high-speed connectivity technology, cloud, AR, VR and more, learning is no longer limited to the classroom. The new generation of learners today requires the freedom and flexibility to learn however they want. Especially after COVID-19, learning is shifted to videos than texts. The anytime, anywhere, and anyone education culture has revolutionized the education industry.
Asia Pacific is projected to grow at the fastest growth rate during the forecast period
Asia Pacific consists of countries, such as Japan, China, India, Australia, and New Zealand. The countries in Asia Pacific region are projected to register high growth rates in the text-to-video AI market. The region is expected to witness the highest CAGR during the forecast period. Generative AI is still evolving in the region; major players are expected to invest in text-to-video AI in the upcoming years.
The major vendors covered in the text-to-video AI market include GliaCloud (Taiwan), Designs.ai (Singapore), Pictory (US), Raw Shorts (US), Wochit (US), Vimeo (US), Vedia (US), Lumen5 (Canada), Synthesia (UK), Steve AI (US), InVideo (US), Meta (US), Hour One (Israel), Google (US), Elai.io (US), Peech (Israel), Wave.video (US), DeepBrain AI (South Korea), D-ID (Israel), Yepic AI (UK), Movio (US), KLleon (South Korea), Synthesys (UK), VEED (UK), and Ezoic (US).
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