Automatic Content Recognition Market Drivers Shaping Future Growth, Revenue USD 11.4 billion by 2031 | CAGR 18.2%
Technological advancement in smartphones and smart TVs and worldwide demand for automatic content recognition solutions are the driving factors of the market.
PORTLAND, PORTLAND,OR, UNITED STATE, November 8, 2022 /EINPresswire.com/ — Allied Market Research published a new report, titled, “Automatic Content Recognition Market Drivers Shaping Future Growth, Revenue USD 11.4 billion by 2031 | CAGR 18.2%.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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The global automatic content recognition market is segmented on the basis of offering, platform type, technology, deployment mode, application, enterprise size, industry vertical, content type, and region.Based on offering, the solution segment held the lion’s share in 2021, accounting for nearly two-thirds of the market. However, the service segment is expected to manifest the highest CAGR of 18.9% during the forecast period.On the basis of platform type, the connected TVs segment held the largest share in 2021, contributing to more than half of the market. However, the OTT applications segment is projected to portray the highest CAGR of 21.0% during the forecast period.
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Based on technology, the audio and video fingerprinting segment dominated the market in terms of revenue in 2021, accounting for nearly three-fifths of the market. However, the speech recognition segment is projected to register the highest CAGR of 22.0% from 2022 to 2031.On the basis of deployment mode, the on-premise segment held the largest share in 2021, contributing to nearly three-fifths of the market. However, the cloud segment is anticipated to register the highest CAGR of 19.4% during the forecast period.
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The global automatic content recognition market is analyzed across several regions such as North America, Europe, Asia-Pacific, and LAMEA. The market across North America dominated in terms of revenue in 2021, holding more than two-thirds of the market. However, the market across Asia-Pacific is anticipated to register the highest CAGR of 21.5% during the forecast period.The global automatic content recognition market includes an in-depth analysis of the prime market players such as ACRCloud, ArcSoft, Audible Magic, Apple, Digimarc Corporation, Google, Gracenote, IBM Corporation, KT Corporation, Kudelski Group, Microsoft Corporation, Nuance Communication, Inc., VoiceBase, Vobile, VoiceInteraction, Beatgrid Media B.V., Clarifai.
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Covid-19 Scenario:
• During the Covid-19 pandemic, the automatic content recognition market witnessed stable growth due to increase in demand for internet usage and surge in sale of communication platform.
• The pandemic led to drastic changes in model performance as there was a need for continuous monitoring and validation to mitigate various types of risks.
• Due to rapid urbanization, governments introduced strict regulations such as General Data Protection Regulation (GDPR) and the California Consumer Privacy Act (CCPA) to protect end user data. This fueled the market growth.
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