Market Trends of Automatic Content Recognition Industry
This section covers the major market trends shaping the Automatic Content Recognition Market according to our research experts:
Media & Entertainment Sector is Expected to Grow at a Significant Rate
- With DVRs, Video on Demand, and over-the-top streaming across all screens having made the viewer's life significantly better by allowing them to deliver what, when, and where they watched, things got more difficult for advertisers and content owners. This is because, over the past few years, live audiences have decreased and overall viewer engagement has declined. Automatic content recognition solutions are in high demand around the world because smartphones and smart TVs are getting better at recognizing content on their own.
- During the forecast period, audio, video, and image recognition solutions are expected to be the most popular type of solution in the automatic content recognition market. This is because they are the most in-demand type of solution and help smart devices identify all kinds of media content.
- As the number of smart devices like smartphones, TVs, and wearables grows, there is a pressing need to identify, find, and improve content. This is true for both businesses and end users. This has prompted companies to develop automatic content recognition tools and services, which in many ways have simplified life. Shazam established the trend by releasing music detection software based on digital fingerprinting technology. Later, a lot of businesses adopted the style and released second-screen apps for smartphones and smart TVs that relied on automatic content recognition. The growth of on-demand video services like Netflix, Hotstar, Amazon Prime, and YouTube is driving the demand for automatic content identification solutions and services.
- Advertisers often use a DSP to run campaign reports based on user data so they can target audiences and figure out how well and how many people are seeing their TV ads. The DSP then works with a reliable and well-known data source. This data source has information from many smart TV providers that was first gathered using automated content recognition (ACR) technology.
- In a single online minute, millions of messages, emails, and SMS are exchanged, looked through, and uploaded, and hundreds of thousands of hours of content are seen. A US-based software startup called Domo claims that one million hours of content were streamed online by users all over the world in a single minute in 2022. Among the billions of online users worldwide, media and communications are two major forces behind online activity. Digital video streaming is growing all the time, whether it's done through paid subscription services or free video platforms. This is because digital infrastructure is getting better and data plans are getting cheaper.
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Asia-Pacific Region is Registered as the Fastest Growing Market
- In the next few years, APAC is expected to grow faster than the rest of the world. This is because technology is improving in economically developing countries like Australia, India, China, and Japan. As a result, these countries are quickly adopting smart devices that use technology, which is expected to help the global market.
- The Asia-Pacific region is expected to have a lot of growth opportunities across the board. This is because the region's population is growing, the number of mobile users is rising, BYOD technology is becoming more popular, and IT and telecommunications are doing well.
- Businesses in this area could grow and make money by taking advantage of the strong IT infrastructure, good software and services, and leading roles in cutting-edge industries like robotics in this area.
- For instance, India is the most popular offshore location for IT companies worldwide. Emerging technologies are now opening up a whole new range of options for leading IT firms in India, which have already demonstrated their ability to provide both onshore and offshore services to clients worldwide. By 2025, it is anticipated that the Indian IT and business services sector will increase to USD 19.93 billion. In India, spending on IT is anticipated to reach USD 144 billion in 2023. According to the IBEF, widespread cloud use can create 14 million new jobs by 2026 and boost India's GDP by USD 380 billion.
- Also, more people will use the internet and more people will want high-speed internet, which will help the studied market in the time period predicted. For instance, Internet World Stats estimates that in 2022, Asia will have a 67.4 percent internet penetration rate, more than double the region's internet penetration rate in 2011. In 2022, the average percentage of people using the internet was just under 71%.
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