Computational Creativity Market is Expected to Attain a Valuation of USD 0.86 Billion by 2032

Market Research Future has published a Half-Cooked Research Report on the Global Computational Creativity Market.

Market Overview

Global Computational Creativity Market is expected to reach USD 0.86 Billion by 2032, registering a CAGR of 19.12% during the forecast period 2023-2032. In this report, Market Research Future (MRFR) includes the segmentation and dynamics of the global computational creativity market to offer a better glimpse of the coming years.

Global Computational Creativity Market has been segmented based on Technology, Components, and Application.

Based on the technology, the global computational creativity market has been segmented into natural language processing (NLP), machine learning and deep learning (ML and DL), and computer vision. The machine learning and deep learning segment dominated the market in 2023. Furthermore, the segment is anticipated to emerge as the fastest-growing segment over the forecast period owing to the increasing adoption of machine learning & deep learning algorithm for implementing various applications of computational creativity. The growing demand for the improvement of the creative process and efficiency of creative professionals contributes to the rapid growth of the segment in the computational creativity market. The natural language processing segment is a subfield of artificial intelligence that deals with the interaction between computers and humans using natural language.  The computer vision segment is a branch of artificial intelligence that instruct computers to interpret and understand the visual world.

Based on components, the global computational creativity market has been segmented into solutions and services. The service segment dominated the global computational creativity market in 2019. Its higher growth rate can be attributed to the high demand for services, particularly for consulting, support, and maintenance services. The service segment is further sub-segmented into professional services and managed services. The solution segment is also further divided into software tools and platform.

Based on application, the global 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 is further divided into training simulation and R&D. The marketing and web designing segment dominated the market in 2019 due to the ability of computational creativity solutions to assist users to build a creative website easily and quickly with a few simple clicks. Additionally, the growing trends for branding, advertising, and building effective marketing campaigns can be attributed to the use of computational creativity solutions for marketing and web designing applications. The product designing segment is expected to register the highest CAGR during the forecast period. Product designing is the process of imagining, creating, and iterating products that address the consumers' needs.

COMPETITIVE ANALYSIS

The Key Players in the Global Computational Creativity Market are IBM (US), Google (US), Microsoft (US), Adobe (US), AWS (US), Autodesk (US), The Grid (US), Canva (Australia), Jukedeck (UK), Humtap (US), Amper Music (US), Automated Creative  (UK), ScriptBook (Belgium), B12 (US), Hello Games (UK), Aiva (Luxembourg), Object AI (Hong Kong), Firedrop  (UK), OBVIOUS (France), Prisma Labs (US), Cyanapse (UK), Lumen5 (Canada), Skylum (UK), Logojoy (Canada), and Runway (US).

REGIONAL ANALYSIS

The regional analysis for the computational creativity market has been done for North America, Europe, Asia-Pacific, the Middle East & Africa, and South America. In 2019, North America held the largest market share. It is expected to witness strong growth during the study period owing to increasing investments in computational creativity technologies. The market in Asia-Pacific is expected to account for the highest CAGR during the study period, primarily due to the rising use of AI technology for developing creative content.