Cognitive Media Market

Global Cognitive Media Market Size (2024 to 2029)

The global cognitive media market is predicted to reach USD 2.14 billion in 2024 and USD 7.12 billion by 2029, growing at a CAGR of 27.2% during the forecast period.

Cognitive media involves using advanced computing technologies for the media and entertainment industry. As consumers spend more time watching videos on their tablets, smartphones, and other Internet devices, media and entertainment agencies are ready to invest more time, money, and effort to make the most meaningful viewing experience, enriched and personalized. Therefore, adopting cognitive solutions is now part of the digital transformation strategy focused on the latest technologies, including artificial intelligence (AI) and analysis. Media agencies use these technologies to create, plan, and personalize content, manage advertising inventory management, and improve staff productivity.

MARKET DRIVERS

In the digital age, social media and social listening continue to play an essential role in influencing consumer decisions. The media and entertainment industry ecosystem tends to be very complex due to the complexities involved in content distribution on various platforms. However, video remains the center of this ecosystem and has become a preferred mode of communication, collaboration, and learning. Rising customer expectations, the adoption of connected devices, and growing competition between media and video streaming providers on the Internet are shaping the media and entertainment industry landscape. To report the challenges of the media and entertainment industry, media and entertainment companies are improving their discovery, engagement, and decision-making capabilities.

The consumption of online multimedia content has grown considerably in recent years. There has been a growing demand for mobile devices as the preferred means of consuming online media. Furthermore, the Cisco VNI report shows that 80% of Internet traffic is generated from the video transmission segment. While streaming video content is dominated by Netflix, emerging services from existing providers like Amazon, Hulu, HBO Now, and YouTube are increasing their subscriber base in developing economies. With many players entering the market, companies offer differentiating factors to gain a competitive advantage.

As the media and entertainment industry continually evolves to meet consumer demands and visual experience, cognitive computing creates new opportunities for the media and entertainment industry. Cognitive computing solutions could launch a new era of innovation and growth for media and advertising companies. This will help media and entertainment companies better understand their audience, streamline their marketing activities, and improve customer service.

In addition, the media industry is undergoing a significant transformation, due to a series of revolutionary changes. This has led to increased adoption of cognitive solutions to remedy the need for more visibility of the end-to-end workflow system and the evolution of customer preferences through content consumption. These factors have also prompted media companies to digitize their media supply chain. Deploying cognitive solutions in the cloud should experience significant growth during the prediction period. This is due to the high infrastructure costs associated with traditional solutions. Therefore, most media companies are now adopting cloud-based solutions due to their flexibility and improved security. Additionally, there is a rise in demand for online multimedia content compared to past trends. This increase in usage is primarily due to the growth in user-centric streaming content provided by media providers based on previous users' preferences, helping them create content according to the relevant genre. This helps many content owners solve the problem of distributing content on the web.

MARKET RESTRAINTS

Cognitive media solutions greatly assist users in understanding consumers' history and bringing context-based reasoning to interaction. Cognitive media solutions also help generate information from past data and understand the vast amount of information available. It also helps deliver evidence-based results, reducing human bias and leading to greater precision in new information, results, and actions. Cognitive media solutions help measure audience and understand customers, content management, audience engagement, advertising intelligence, customer recommendations, call center operations, digital storage, library and research, digital media distribution and others. With an increasingly differentiated consumer base, media companies today have a unique challenge and are abandoning traditional business models. With the rising need to develop new content, media companies are implementing several cognitive IT solutions to meet the demands of the existing customer base.

REPORT COVERAGE

REGIONAL ANALYSIS

Depending on the region, the global cognitive media market can be segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America is a pioneer in the cognitive media business that is expanding tremendously due to the presence of key players like Google, Microsoft, IBM, etc.

KEY PARTICIPANTS IN THE GLOBAL COGNITIVE MEDIA MARKET

Major providers in the global cognitive media market include Microsoft (USA), Google (USA), AWS (USA), Adobe (USA), IBM (USA), NVIDIA (USA), Salesforce (USA), Baidu (China), Crimson Hexagon (USA), Veritone (USA), Bytedance (China), Acrolinx (Germany), Zeta Global (USA), Kitewheel (USA), Clarifai (USA), Axle.ai (USA), Albert (USA), Kenshoo (Israel), Spotad (Israel), Valossa (Finland), Emarsys (Austria), Soundhound Inc. (United States), Video Intelligence (Switzerland), MiQ (United Kingdom), Phrasee (United Kingdom), NewsRx (USA) and TrendKite (USA).

RECENT HAPPENINGS IN THE GLOBAL COGNITIVE MEDIA MARKET

• In May 2020, C More in Finland adopted advanced video AI Valossa to serve its customers better and make content attractive to the public at a glance. With the help of Valossa's automatic preview, the company has implemented a fast and automated way to add video promotions to its platform. The short video clips help the business build customer enthusiasm by choosing the content they plan to watch next.
• In June 2020, Veritone One, a subsidiary of Veritone, a leading and influential performance audio advertising agency, announced that Purple had selected the company as the audio recording agency. The company will leverage Veritone's proprietary AI technology to track real-time ad campaigns and advanced performance reports.
• Baidu announced a tactical partnership with Skyworth, a leading Chinese manufacturer of home appliances. This partnership would enable the capabilities of the company's artificial intelligence.
• Google acquired Halli Labs, an India-based start-up specializing in machine learning and deep learning systems. Halli Labs would join the Next Billion Users Google team to make technology and information available worldwide to as many people as possible.
• AWS has opened a cloud-based innovation center for California State Polytechnic University (Cal Poly). The Innovation Center accelerates digital transformation using cloud technology in government and not-for-profit sectors.

DETAILED SEGMENTATION OF THE GLOBAL COGNITIVE MEDIA MARKET INCLUDED IN THIS REPORT

The research report on the global cognitive media market has been segmented and sub segmented based on technology, application, component, deployment mode, organization size, and region.

By Technology

• Deep Learning
• Machine Learning
• Natural Language Processing

By Application

• Network Optimization
• Referral And Personalization
• Content Management
• Predictive Analysis
• Customer Loyalty
• Security Management, Etc.

By Component

• Solutions
• Services

By Deployment Mode

• On-Premises
• Cloud

By Organization Size

• Small Enterprises
• Medium Enterprises
• Large Enterprises

By Region

• North America
  • The United States
  • Canada
  • Rest of North America
• Europe
  • The United Kingdom
  • Spain
  • Germany
  • Italy
  • France
  • Rest of Europe
• The Asia Pacific
  • India
  • Japan
  • China
  • Australia
  • Singapore
  • Malaysia
  • South Korea
  • New Zealand
  • Southeast Asia
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of LATAM
• The Middle East and Africa
  • Saudi Arabia
  • UAE
  • Lebanon
  • Jordan
  • Cyprus