Cognitive Media Market Statistics: 2027
Cognitive media helps the media and entertainment industry to create programs and personalized content for their audience. Audience can provide their customized and purposeful suggestions to enhance experience on tabs, laptops PC, and smartphones. It also helps in decision making by connecting and understanding things. Cognitive media includes all types of conscious and unconscious processes, which include recognizing, perceiving, and conceiving. It uses cognitive technology in media and entertainment industry and performs several tasks such as data mining, visual recognition, and natural language processing.
COVID-19 scenario Analysis:
- COVID-19 pandemic is changing the way customers use media and entertainment, with people confined to their homes. Social lives have moved online, owing to which entertainment consumption has risen notably within the at-home segments of television, online gaming, and over-the-top (OTT).
- Furthermore, owing to availability of different options at low prices, consumer behavior is rapidly evolving. Due to which, the demand for at-home digital media is expected to grow significantly, as habit-formation and ease of access emerge as drivers.
- It is expected that OTT platforms and digital media have already been attracting new consumers and expanding to new locations and demographics. The virus outbreak is expected to magnify the already apparent shift from laptop/digital devices viewing to large screen TVs, owing to which, the media & entertainment industry is turning toward adoption of several technologies and is expected to increase its investments in these technologies, which is expected to provide lucrative opportunities for the cognitive media market.
Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis
Growth in adoption of advanced technologies such as deep learning, machine learning, and others in the media & entertainment industry majorly drives growth of the cognitive media market. Moreover, major shift toward digital transformation to analyze data with the help of social media and social viewing plays a crucial role in influencing customer’s decision. This further generates the need for adoption of cognitive technology in the media & entertainment industry. However, high initial investments along with lack of expertise are some of the major challenges, which restrain growth of the market. Furthermore, factors such as rise in adoption of cloud and growth in need for automation in the media & entertainment industry are some of the lucrative opportunities in this market.
Growth in need for automation in the media & entertainment industry:
Cognitive media helps to reduce manual work, which consumes a lot of time and is expensive at the same time. In addition, it also enhances audience measurement, customer insight, content management, advertise intelligence, customer recommendations, digital storage, and other functions, hence indirectly increases the efficiency and improves accuracy of the workflow. Thus, growth in need for automation in the media & entertainment industry is expected to lead to the adoption of cognitive media among end users.
Lack of expertise in cognitive market:
Lack of expertise in the cognitive media market is expected to hinder growth of the market as machine language, deep learning, and natural language processing are still one of those sectors in which human expertise are far behind than expected. In addition, there is a limited number of professionals currently working on the AI market. Moreover, media and entertainment companies are currently investing in the artificial intelligence (AI) technology mainly to understand their audience preferences and deliver content according to their preference, which further generates high need for technical expertise. Hence, unavailability of skilled professional along with security issues while handling large amount of unstructured data hinders growth of the market.
Key benefits of the report:
- This study presents analytical depiction of the global cognitive media market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the cognitive media market share.
- The current market is quantitatively analyzed to highlight the cognitive media market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed cognitive media market analysis based on competitive intensity and how the competition will take shape in coming years.
Cognitive Media Market Report Highlights
| Aspects | Details |
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 By Deployment Mode |
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 By Enterprise Size |
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 Key Market Players | Soundhound Inc., IBM Corporation, Adobe, Microsoft, Baidu, AWS, Google, Emarsys, Salesforce, nVIDIA |
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