(Wireless-NewsWire.Com, August 19, 2020 ) As per report "Computational Creativity Market by Component (Solutions and Services), Technology, Application (Marketing & Web Designing, Product Designing, Music Composition, Photography & Videography, Automated Story Generation), and Region - Global Forecast to 2023", the global computational creativity market size is expected 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 the forecast period.
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.
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ML and deep learning segment to hold the largest market size during the forecast period
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.
Marketing and web designing to hold a larger market size during the forecast period
Marketing and web designing application is gaining traction in computational creativity market owning to its ability to assist users easily and quickly build creative website with a few simple clicks. Computational creativity solutions are also being used for branding, advertising, and building effective marketing campaigns. These factors are expected to drive the adoption of computational creativity solutions for marketing and web designing applications in coming years.
North America to hold the largest market size during the forecast period
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), 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).
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