Market Size of Cognitive Media Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 22.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Cognitive Media Market Analysis
The Cognitive Media Market is expected to register a CAGR of 22% during the forecast period (2021 - 2026). With the increasing differentiated consumer base, the media companies today are uniquely challenged and are dropping the traditional business models. With the proliferation of new distribution channels and the increasing need to create new content, the media companies are using cognitive computing solutions in order to match the content with an increasingly fragmented customer base.
- Moreover, the media industry is witnessing a major transformation primarily owing to a series of revolutionary changes. This has led to an increase in the adoption of cognitive solutions in order to address the lack of visibility of the end-to-end workflow system and the changing customer preference across content consumption. These factors have also motivated media companies to digitize their media supply chain.
- Modern streaming content providers such as Netflix are constantly releasing new content, much more than the customers can keep up with. As a result, one of their biggest challenges is making sure that the users know about the new programs that might interest them. The company is using AI technologies to face these challenges and has helped it to increase its user base. At the end of 2019, the company had a subscriber base of 167.1 million. as compared to a customer base of 139.26 million at the end of 2018.
- The rapidly increasing customer expectations and the evolving competition among the media and internet video providers are currently shaping the media and entertainment industry landscape. In order to combat these competitiveness and increasing challenges in the industry, multiple companies are improving their capabilities by adopting cognitive solutions.
- With the recent outbreak of coronavirus, it has forced nationwide lockdowns in many countries across the globe. This has primarily led to the people increasing their media consumption. The cognitive solutions are expected to witness increased demand from content providers in order to provide more customized content and retain their customers.
