Increasing investments and funding in computational creativity startups are expected to provide opportunities for the computational creativity market growth
The global computational creativity market size is projected to reach nearly USD 2,788 Million by 2028. Besides, it is projected to gather a CAGR of above 26% over the forecast years 2021-2028.
Computational creativity is an exercise in discovering new concepts and ideas in several areas, such as art, literature, engineering, and others. It is the use of computer science to imitate, study, and stimulate human imagination. It is used in artificial intelligence for artistic activities in computers such as drawing, sculpture, and work fiction. The exponential development of technologies in the area of artificial intelligence and cognitive innovation applications makes use of deep learning and machine learning algorithms to design more customized user interactions. It includes innovation to explore thought processes and creative concepts in several areas, such as engineering, architecture, sculpture, music, cuisine, and literature.
The rise in the acceptance of computer-based creative solutions is major drives the growth of the computational creativity market. Besides, the automation of innovative activities promotes the development of the market. However, sluggish acceptance of AI-based technologies across emerging economies hinders computational creativity market growth. Also, expanded investment in computational creativity by start-ups and the implementation of computational creativity in modern applications are projected to create opportunities in the computational creativity market.
The report also outlines the various characteristics of the global computational creativity industry by assessing the market from value chain analysis. Moreover, the computational creativity market report comprises various qualitative parts of the computational creativity industry in market restraints, essential industry drivers, and opportunities. Furthermore, the report provides a complete assessment of the market through company profiling and the competitiveness of the local as well as global vendors.
The computational creativity market has solid competition amongst the already well-known and new market players. Besides, the computational creativity industry players are pursuing potential markets to seize a competitive lead among the other industry players by forming mergers & acquisitions, agreements, acquiring other companies & new startups, establishing collaboration & partnerships, and growing their business existence.
Based on the components segment, the market is bifurcated into services and solutions. The services segment is expected to grow at the fastest CAGR during the forecast period. This is mainly attributed to increased technicalities to implement computational creativity solutions and the growing need to concentrate on both core business activities and streamlining business processes.
Based on the technology, the market is bifurcated into natural language processing (NLP), machine learning, and deep learning (Ml and Dl), computer vision. The machine learning and deep learning (Ml and Dl), segment is estimated to grow at the fastest CAGR during the forecast period. This is mainly attributed to the growing use of computer vision technology in diverse solutions designed to develop artistic photography where computer vision technology is used to automatically identify objects in images.
The Asia-Pacific region is projected to accumulate the highest growth during the forecast years. However, the North American region held the highest market share in 2019 and it is projected to remain dominant during the forecast years 2018-2028. This is mainly due to growing investments in computational creativity technologies, the presence of a maximum number of suppliers of computational creative solutions, and increased government spending on AI technologies are projected to lead to market growth during the forecast period.
The major players of the global computational creativity market are IBM, Google, Microsoft, Adobe, Amazon Web Services, Autodesk, Jukedeck, HUMTAP, Amper Music, and ScriptBook. Moreover, the other prospective players in the computational creativity market are B12, The Grid, Canva, Hello Gamesm IntegraPay, and The Grid. The computational creativity market comprises well-established local as well as global players. Besides, the previously recognized market players are coming up with new and advanced strategic solutions and services to stay competitive in the global market.
Segment Overview of Global Computational Creativity Market
Component Overview, 2018-2028 (USD Million)
Technology Overview, 2018-2028 (USD Million)
- Natural Language Processing (NLP)
- Machine Learning and Deep Learning (ML and DL)
- Computer Vision
Deployment Model Overview, 2018-2028 (USD Million)
Application Overview, 2018-2028 (USD Million)
- Product Designing
- Marketing and Web Designing
- Photography and Videography
- Music Composition
- Automated Story Generation
- High-End Video Gaming Development
Regional Overview, 2018-2028 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia-Pacific
- Middle East and Africa
- South Africa
- Rest of Middle East and Africa
- South America
- Rest of South America