DUBLIN, Feb. 19, 2024 /PRNewswire/ — The “Text-To-Video AI Global Market Report 2024” has been added to ResearchAndMarkets.com’s offering.
Global Expansion of Text-to-Video AI Market Propelled by Technological Innovations and Increased Social Media Integration
The latest comprehensive research on the burgeoning text-to-video AI market highlights an unprecedented growth trajectory, with the industry experiencing a significant increase in market size from $0.24 billion in 2023 to an estimated $0.31 billion in 2024. Advanced AI technologies, elevated social media consumption, and an increased focus on user engagement have catalyzed this robust market expansion.
The text-to-video AI market is forecast to continue its exponential growth, with projections placing its value at approximately $0.89 billion by 2028. The integration of multilingual capabilities, proliferation of online learning, real-time video generation, and improved visual fidelity are pivotal factors contributing to this sustained growth. Emerging trends such as the merge with voice and speech synthesis and the synergy between VR and text-to-video AI platforms herald a new era of immersive multimedia experiences.
Driving Factors Behind the Market Expansion
- An increase in video content utilization across a myriad of domains is significantly driving market growth. With 91% of businesses embracing video marketing, the demand for tools that can convert text to engaging visual narratives is on the rise.
- The continued growth in social media usage provides a fertile ground for the text-to-video AI market. A staggering 4.8 billion social media users worldwide create an enormous potential audience for AI-generated video content.
Potential challenges, such as the ethical use of AI in content creation, are also being scrutinized. Concerns about the generation of misinformation and deepfakes have sparked a conversation on responsible AI practices and the implementation of ethical standards within the industry.
Innovation remains a cornerstone of market leaders in the text-to-video AI sector. State-of-the-art AI systems such as Make-A-Video are transforming the way creators conceive video content, making the process more streamlined and accessible.
Recent Market Developments
Recent business moves like the acquisition of Crello Ltd. by Vistaprint illustrate the dynamic nature of the market, fostering the creation of comprehensive platforms that significantly enhance the availability and sophistication of visual content creation tools.
The text-to-video AI market report extensively covers various regions, with North America leading the charge in market share dominance in 2023. The report analyses Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa, providing invaluable insights into each geographic market pace.
Major industry players shaping the landscape include Google LLC, Alibaba Group Holding Limited, Meta Platforms Inc., IBM, Baidu Inc., and several other prominent entities that are transforming how text-to-video AI services are delivered across diverse sectors.
The comprehensive report takes an in-depth look at the current state of the text-to-video AI industry and forecasts its future, examining key segments, opportunities, and the intricate dynamics governing this fast-paced market.
For businesses, content creators, and technologists, the report sheds light on the transformative potential of text-to-video AI, providing a clear view of the trends and strategies defining the growth of this exciting market. The advanced research offers an unparalleled scope of analysis, ensuring an informed outlook on the industry’s evolution.
Companies Profiled:
- Alibaba Group Holding Limited
- Meta Platforms Inc.
- International Business Machines Corporation (IBM)
- Baidu Inc.
- VistaCreate
- Vimeo Inc.
- Animaker Inc.
- Vedia AI
- Vyond Inc.
- Animoto Inc.
- Powtoon Ltd.
- Movio Ltd.
- Ezoic Inc.
- Creatopy
- Synthesia
- Renderforest
- De-identification Ltd.
- Wideo Inc.
- Wavve
- Videolicious Inc.
- Biteable
- Wochit Inc.
- Raw Shorts
- Clipchamp
- DeepBrain AI
- Moovly
- Designs-ai
For more information about this report visit https://www.researchandmarkets.com/r/tffzu0
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SOURCE Research and Markets
