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(Wireless-NewsWire.Com, April 05, 2019 ) The increasing adoption of ML and deep learning algorithm for implementing various applications of computational creativity is contributing to the rapid growth of the segment in the computational creativity market. With the rapid technological advancements in the AI field, computational creativity solutions will utilize ML and deep learning algorithms to design more relevant and personalized experiences for end consumers.
Major factors fuelling the market growth include automation of creative tasks to improve the creative process. Increasing adoption of computational creativity solutions in modern applications and increasing investments and funding in the computational creativity start-ups could provide growth opportunities for vendors in the market.
[158 Pages Report] The global computational creativity market size to grow from USD 204 million in 2018 to USD 685 million by 2023, at a Compound Annual Growth Rate (CAGR) of 27.4% during 2018–2023.
Report define, describe, and forecast the size of the computational creativity market by technology (Natural Language Processing [NLP], Machine Learning and Deep Learning [ML and DL], and Computer Vision), component (solutions and services), application (marketing and web designing, product designing, music composition, photography and videography, high-end video gaming development, automated story generation, and others), and region (North America, Asia Pacific [APAC], Europe, Latin America, and Middle East and Africa [MEA])
North America is the major revenue generating region in the global computational creativity market. The region is witnessing major developments in the computational creativity space. Most of the AI-based solution providers in North America are involved in product innovations and deployment of the AI-based solutions. They are adopting various growth strategies to strengthen their position in the computational creativity market.
Major vendors in the global computational creativity market include IBM (US), Google (US), Microsoft (US), Adobe (US), Amazon Web Services (US), Autodesk (US), Jukedeck (UK), HUMTAP (US), Amper Music (US), ScriptBook (Belgium), B12 (US), The Grid (US), Canva (Australia), Hello Games (UK), IntegraPay (Australia), B12 (US), The Grid (India), Lumen5 (Canada), Skylum (US), Logojoy (Canada), Runway (US), Avia (Luxembourg), Prisma Labs (US), Object AI (Hong Kong), Firedrop (UK), Obvious (France), Automated Creative (UK), and Cyanapse (UK). They have adopted various organic and inorganic growth strategies, such as new product launches, partnerships and collaborations, and mergers and acquisitions, to further expand their presence in the global market.
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