Shibuya-ku, Tokyo, Japan, Japan, May 22, 2022, 23:53 /Comserve / -- MarketsandMarkets forecasts the global computational creativity market size to grow from USD 204 million in 2018 to USD 685 million by 2023, at a CAGR of 27.4% during 2022–2031.
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MarketsandMarkets forecasts the global computational creativity market size to grow from USD 204 million in 2018 to USD 685 million by 2023, at a CAGR of 27.4% during 2022–2031. Major growth factors for the market include automation of creative tasks and the adoption of computational creativity solutions to improve the creative process. Slow digitalization rate affecting the adoption of AI technology and increasing market competition may restrain the market growth.
The computational creativity market by application has marketing and web designing, product designing, music composition, photography and videography, high-end video gaming development, automated story generation, and others (training simulation and R&D) segments. The marketing and web designing application is expected to grow at highest rate, as users can quickly build creative website with a few simple clicks, without requiring prior coding experience or knowledge. Also, vendors in the computational creativity market are offering AI-powered platforms to help markets build effective marketing campaigns.
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The computer vision technology to grow at the highest rate during the forecast period
Base on the technology, computational creativity market is segmented into NLP, ML and deep learning, and computer vision. The computer vision technology is expected to grow at the highest rate during the forecast period, due to the growing use of computer vision technology in various solutions designed to develop creative photograph where the computer vision technology is used to automatically detect objects in the photographs.
Among regions, Asia Pacific (APAC) is expected to grow at the highest CAGR during the forecast period
In region segment, APAC is expected to grow at the highest rate in the global computational creativity market during the forecast period. An increasing use of AI technology for developing creative content in major APAC countries, such as China, Japan, and India, is expected to be a major growth driver for the market in APAC.
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In-depth interviews were conducted with Chief Executive Officers (CEOs), marketing directors, innovation and technology directors, and executives from various key organizations operating in the computational creativity market.
By Company: Tier I: 15%, Tier II: 45%, and Tier III: 40%
By Designation: C-Level: 33%, Director Level: 38%, and Others: 29%
By Region: North America: 38%, Europe: 25%, APAC: 28%, MEA: 5%, and Latin America: 4%
The report segments the global computational creativity market by component, technology, application, and region. The component segment comprises solutions and services. The computational creativity market by technology has been segmented into NLP, ML and DL, and computer vision. The computataional creativity market by application has been categorized into marketing and web designing, product designing, music composition, photography and videography, high-end video gaming development, automated story generation, and others (training simulation and R&D). The report covers the computational creativity market with respect to 5 major regions, namely North America, Europe, APAC, Middle East and Africa (MEA), and Latin America.
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