Computational creativity is the experimentation of finding novel ideas and thoughts in various domains such as art, literature, engineering, and others. The adoption of computer-based creative solutions is a primary driver of the computational creativity market's growth.
New York, USA, Jan. 12, 2022 (GLOBE NEWSWIRE) — Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Computational Creativity Market information by Technology, by Components, by Services by Application and Region – forecast to 2027” market size to reach USD 1.1497 billion, growing at a compound annual growth rate of 25.42% by 2026.
Computational creativity is the study of creating software that is used to discover new concepts and ideas in a variety of fields, including literature, art, gaming, engineering, architecture, and music, among others. This technology is used to help people be more creative. It is used in artificial intelligence to make creative decisions in movies, analyze screenplays, and other computational creativity applications. Computational creativity software is most commonly used for creative writing, video making and photo and video editing.
Dominant Key Players on Computational Creativity Market Covered are:
Amper Music (US)
Automated Creative (UK)
The Grid (US)
Hello Games (UK)
Object AI (Hong Kong)
Prisma Labs (US)
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Market USP Exclusively Encompassed:
Deep learning and machine learning algorithms are being used to generate more personalized experiences for customers, owing to the exponential development of technologies in AI and cognitive innovation applications. Rising advancements in the computational creativity IT industry, marketing and web design, music, and photography and videography are the primary growth drivers for the global market. The increasing automation of creative tasks is creating demand for computer creativity. Growing investments and funding in computational creativity start-ups, as well as increased use of branding, advertising, and marketing initiatives, are driving industry expansion.
Furthermore, the increased demand to integrate automation to improve the design process can be contributed to the expansion of the computational creativity market. However, a slow rate of digitization may have a detrimental impact on the adoption of AI and machine learning during the predicted period. Nonetheless, the growing use of computer-based creative solutions is projected to open up profitable prospects in the coming years.
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Segmentation of Market Covered in the Research:
The global computational creativity industry has been segmented based on technology, components, and application.
Based on technology, the worldwide computational creativity market has been segmented into natural language processing (NLP), machine learning and deep learning (ML and DL), and computer vision.
Based on components, the worldwide computational creativity market has been divided into solutions and services. The solution segment has been further sub-segmented into software tools and platforms. The service segment has been sub-segmented into professional services and managed services.
Based on application, the worldwide computational creativity market has been segmented into marketing and web designing, product designing, music composition, photography and videography, high-end video gaming development, automated story generation, and others. The others segment has been further divided into training simulation and R&D.
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The geographic analysis of the worldwide computational creativity market has been conducted for North America (the US, Canada, and Mexico), Asia Pacific (India, China, Japan, and the rest of Asia Pacific), Europe (the UK, Italy, Germany, France, Spain, and the rest of Europe), and the rest of the world (the Middle East & Africa and South America).
In 2019, North America was the top market, accounting for the largest share. The convergence of computational creativity, AI, and the Internet of Things have had an impact on a variety of industries in the United States. Furthermore, the advent of various start-ups offering platforms for developing computational creativity solutions is expected to boost the market growth in this region. As a result, various companies have increased their alliances and cooperation in order to improve their computational creativity capabilities.
During the study period, the Asia Pacific regional computational creativity market is predicted to grow at the fastest rate. This can be ascribed to multinational corporations' rising investment in creativity as they strive to create a significant presence in emerging economies, particularly India and China. This region is seeing significant advancements in the computational creativity space.
COVID-19 Impact on the Global Computational Creativity Market
The spread of COVID-19 in various countries around the world has had a negative impact on several industries. The global pandemic crisis has had a significant impact on the computational creativity market. Since the onset of the COVID-19 pandemic, this market has benefited. Because of global lockdowns, there has been a considerable surge in demand for computational creativity in recent months. Rising sales of information and technology and telecommunications products are predicted to have an impact on the computational creativity market throughout the forecast period. Globally, increasing Internet penetration and smartphone sales are expected to boost the market growth. The new coronavirus outbreak is likely to have a long-term impact on consumer lifestyle and behavior, which has resulted in increased use of information and communications products and services.
Various prominent players have an impact on the growth of the global computational creativity market. To expand their enterprises and saturate the market, they collaborate, launch new items, acquire mergers, and so on.
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In November 2020, Shutterstock purchased an AI-driven music platform—Amper Music—to create and customize original music using over one million individual audio samples recorded by musicians on thousands of unique instruments.
In March 2018, Adobe collaborated with NVIDIA to deliver new AI services for creativity and digital experiences. This collaboration helped enhance the performance of the Sensei-powered services for Adobe Creative Cloud and Experience Cloud customers and developers.
In November 2018, Google Cloud and 20th Century Fox collaborated to create Merlin, ML software that can analyze movie trailers and forecast how likely people are to watch certain films in theatres. To comprehend movie scenes, Merlin can distinguish objects and patterns in a trailer.
In November 2018, IBM collaborated with Kronos Incorporated, a US-based multinational workforce management software and services company, to help enhance the engagement, performance, career development, and retention of hourly workers and streamline the complex task of managing this important segment of the global workforce.
In March 2017, Microsoft collaborated with Steelcase to develop technology-enabled workplace solutions built on Microsoft Azure IoT technology. This development aided users enhance critical behaviors at work.
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