Impact of COVID-19 on the Global Automatic Content Recognition (ACR) Market
Automatic content recognition is an identification technology that is used to recognize the content in media files or files played on a media device. Devices integrated with the automatic content recognition technology allow the user to obtain additional information about the content visible in the media file or media device with the help of any user-based search input. The main factor responsible for the growth of the market is the increasing integration of ACR in devices such as TVs, smartphones, tablets, and wearables. The extensive use of consumer electronic devices during the COVID-19 pandemic owing to the rising number of people staying at home is expected to drive the growth of the market. However, the lockdowns imposed by governments worldwide have restricted manufacturing operations across the globe, which has led to a slowdown in the production of new smart TVs, smartphones, tablets, among other consumer electronic devices, drastically impacting the growth of the automatic content recognition market. A change has been observed in the consumers’ purchasing behavior due to the global economic crisis. People are buying only essential products, which has caused a sharp fall in demand for electronic products, which, in turn, is hindering the growth of the ACR market.
The media enterprises widely adopt automatic content recognition technology for applications such as audience measurement and broadcasting monitoring, which are some of the major factors driving the growth of the market. However, the media & entertainment industry has been severely impacted by the rapid spread of COVID-19 across the globe. The implementation of the lockdown in various countries of the world to contain the spread of the epidemic has placed restrictions on public gatherings at concerts, international events, theatres, music festivals, which is hampering the growth of the market. The industry is expected to face challenges owing to the effects of COVID-19 in the post-pandemic period.
According to MRFR analysis, North America is expected to hold the largest share in the market owing to the rapid technological advancement as well as the developed media & entertainment industry in the region. The start of operational activities of the consumer electronics products, as well as the opening of theatres and resumption of concert worldwide, is expected to drive the growth of the market, post the lockdown period.