Computational Creativity Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Computational Creativity Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2018 - 2028
Report Digest
Computational creativity is generally applied to artificial intelligence or other computer technologies which helps emulate, experiment, facilitate, and enhance human creativity. It involves experimentation with an objective of developing thought processes and innovative ideas in various fields such as engineering, architecture, art, music, cuisine, and literature. Further, the computational creativity helps create things once considered impossible for computers including sculptures, paintings, and written works of fiction. The global computational creativity market is likely to benefit from a range of factors including both macroeconomic and microeconomic factors.
Computational creativity has gained rising momentum in the recent years, with increasing need for automation in creative tasks to improve the process and to design more personalized experiences for the consumers. Rising adoption of computational creativity in modern applications along with heavy investments in start-ups that provide computational creativity solutions will possibly create new growth opportunities for key players in the computational creativity market. The computation creativity market players are also focusing on expansion and merger & acquisitions to bolster their position.
Computational Creativity Market – Notable Developments
- In October 2018, IBM Research team collaborated with Symirise, one of the world’s leading producers of fragrances and flavorings, to create an AI system called ‘Philyra’ that can create perfumes based on digital fragrance models. It uses advanced machine learning algorithms developed by IBM Research for product design technology to examine thousands of formulas and raw materials that help identify patterns and novel combinations. Further, with IBM Research AI for Product Composition, a spice manufacturer McCormick is leveraging machine learning to develop different combinations of flavors.
- In May 2018, Jukedeck, a UK-based AI music startup and a key player of computational creativity market, used its musical AI to create entire soundtrack for a new digital video series, ‘ART + TECHNOLOGY’, launched in partnership with Bloomberg Media Group and Hyundai Motor Company.
Some of the most prominent competitors operating in the competitive landscape of global computational creativity market include –
- IBM
- Microsoft
- Amazon Web Services
- Jukedeck, Autodesk
- Adobe
- Cyanapse
- Obvious
- Object AI
- Avia
- Logojoy
- Lumen5
- IntegraPay
- Canva
- B12
- Amper Music
- Automated Creative
- Firedrop
- Prisma Labs
- Runway
- Skylum
- Hello Games
- The Grid
- ScriptBook
- HUMTAP
- WaveAI Inc
Computational Creativity Market Dynamics
Computational creativity market is deemed to be one of the most-acclaimed business spheres of the modern industrial space which is expected to witness a remarkable growth in the coming years. Growing adoption of computational creativity solutions for a number applications in marketing and web designing, music composition, high-end video gaming development and others are likely to contribute to the expansion of computational creativity market. These solutions help users build new creative websites with just a few clicks, without requiring prior knowledge or experience in coding and also employ advanced algorithms to develop most relevant experiences for end users. Such rapid pace of technological advancements, especially in AI field, is projected to augur well with the growth of computational creativity market. The computational creativity market is also likely to be positively influenced by a range of interconnected factors.
However, growing competition among key stakeholders and slow digitalization rate affecting the adoption of machine learning and AI technology may create a hindrance in the market growth of computational creativity.
North America to Generate Substantial Revenue Growth of the Computational Creativity Market
Advances in modern technology along with rising use of AI-based solutions for creative pursuits is anticipated to push the adoption of computational creativity solutions in North America. Key providers in the region are focusing on product innovations and deployment of AI-based solutions along with adoption of numerous growth strategies to improve their presence in the computational creativity market.
Consumer inclination toward smartphone culture coupled with adoption of new technologies, especially the ones that aid an individual’s creative pursuits is likely to boost the growth of computational creativity market in various regions across the globe.
Computational Creativity Market Segmentation
By technology, the market of computational creativity can be segmented into:
- Machine Learning and Deep Learning
- Natural Language Processing
- Computer Vision
By component, the computational creativity market can be segmented into:
- Solutions
- Services
By deployment type, the market of computational creativity can be segmented into:
- Cloud-based
- On-premises
By operating system, the computational creativity market can be segmented into:
- Microsoft Windows
- macOS
- Linux
By application, the market of computational creativity can be segmented into:
- Product Designing
- Marketing and Web Designing
- Photography and Videography
- Music Composition
- Automated Story Generation
- High-End Video Gaming Development
- Others
The study presents a granular assessment and quantitative evaluation of:
- Key growth factors and prominent trends
- Size and share of key segments in overall market
- Key challenges and winning imperatives
- Factors shaping competitive landscape
- Insights into how contours of market will change in coming years
- Technological advances
- New avenues and imminent investment pockets
- Regulatory landscape shaping current and future strategies of companies
The region-wise assessment includes market dynamics in:
- North America
- Asia Pacific
- Europe
- Latin America
- The Middle East and Africa
The study is prepared with the help of an extensive primary and secondary research. Primary research includes but not limited to interactions, interviews, surveys, and events. Opinions of policy makers and industry experts are carefully integrated into the insights to complement primary research. Volumes of secondary data gleaned through renowned paid sources, annual statements, reputed journals, and government documents offer insights into current dynamics and key evolution trajectories the market is likely to assume. The research employs various industry-wide analytics methods and well-established methodologies to ascertain the attractiveness of key segments. Further, it evaluates the lucrativeness of key regions and factors underlying their maturity. The insights notably include a detailed analysis of forces behind vendor differentiation and offers insight into investment-decision making by prominent players.
The report strives to enlighten businesses and industry stakeholders on multiple facets of the growth dynamic of the market, the key of which include answers to:
- Which key factors will shape the competitive landscape?
- Which trends will stimulate research and development activities in different geographies?
- Which are the lucrative growth areas and what is the size of potential they are likely contribute to the overall market?
- Which disruptions in market growth are likely to come with the new business models?
- Which are some of the recent overhauls in policies that may change the course of the market significantly?
- Which are the geographies that will form sizable sources of new streams to new and established players alike?
- How are top players likely to realign their strategy to counter the forces of competition?
- Which key strategies emerging players are likely to focus on to consolidate their position?
- Which changes in end-user preferences might affect the status quo held by the leading players?
- Which are some of the game-changing innovations influencing the projected share and revenue of the market and its segments?
Note: Utmost care has invariably been taken to present data and arrive at statistics at all the TMR Research reports. Meanwhile, some recent developments and new industry trends may take time to be included in the reports.
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