Pune, Sept. 20, 2024 (GLOBE NEWSWIRE) -- Text-to-Video AI Market Size Analysis:
“According to SNS Insider, the Text-to-Video AI Market size was valued at USD 144 million in 2023 and is expected to reach USD 2,199.2 million by 2032, growing at a CAGR of 35.4% over the forecast period 2024-2032.”
Government-backed AI Adoption Programs Accelerating Growth
In recent years, governments worldwide have increasingly recognized the transformative potential of AI technologies, especially in the media and creative sectors. The U.S. government spent $1.2 billion on AI research and development-related initiatives to encourage automation and content production in 2023. Similarly, the European Union funded €1 billion from its Horizon Europe program focusing on encouraging AI-oriented technologies like Text-to-Video systems. Other digitally progressive countries, including China, India, Indonesia, and Brazil, are implementing digital transformation by incorporating AI in the rural and urban development sectors. This government support laterally encourages the adoption of AI-driven tools by industries, including Text-to-Video tools. These technologies help generate excellent videos within seconds using simple text inputs. Traditionally, it used to take several days’ work to develop a video. Besides, it would require a significant amount of spending. In Asia-Pacific, governments introduced subsidies for AI implementation, with countries like South Korea aiming to have AI integrated into 60% of their industries by 2030. This governmental support serves as a key catalyst for the Text-to-Video AI market's meteoric rise, enabling a broad spectrum of industries to embrace the technology.
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Major Players Analysis Listed in this Report are:
- Runway (Gen-2 AI Video Generator, Gen-1 Video-to-Video)
- Meta (Facebook AI) (Make-A-Video, Meta Transformer Video Models)
- Google Research (Imagen Video, Phenaki)
- Synthesia (AI Video Creator, Custom AI Avatars)
- Pictory (Script-to-Video, AI Video Editor)
- DeepBrain AI (AI Studios, Realistic AI Avatars)
- Lumen5 (Blog-to-Video, Social Media Video Maker)
- GliaCloud (GliaStudio, AI Video News Generator)
- InVideo (AI Text-to-Video Creator, Video Ad Maker)
- Veed.io (Auto Subtitles, AI Video Generator)
- Vidioh (AI Explainer Videos, Social Media Video Maker)
- Hour One (AI Video Presenter, Professional Human Avatars)
- Synthesys (AI Video Maker, Realistic Voiceover for Video)
- Elai.io (AI Video Presentations, Text-to-Video Generator)
- FlexClip (AI Explainer Video, AI Marketing Videos)
- Designs.ai (Video Maker, Logo Animation Creator)
- Animoto (Text-to-Social Media Video, Marketing Video Creator)
- Kapwing (Auto-Video Generator, AI-powered Video Editing)
- Yepic AI Limited
- Vimeo.com, Inc.
Text-to-Video AI Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 144 Million |
| Market Size by 2032 | USD 2499.2 Million |
| CAGR | CAGR of 35.4% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe [Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]). Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East], Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
| Key Growth Drivers | • The growing preference for video content over traditional text-based content across various platforms is driving the adoption of text-to-video AI solutions. • Text-to-video AI tools reduce the time and cost associated with video production by automating the creation of video content from textual input. |
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Segment analysis
- By Component | Software Segment Dominated the Market in 2023
More than 58% of the market in 2023 was accounted for the software segment. It is based on AI-powered solutions, which become more and more popular in many industries. In advertising, entertainment, and education, where the creation of videos is essential and their amount might be immense, the software tools are beneficial and versatile to be employed in this process. As reported by the U.S. Bureau of Labor Statistics, in 2023, 82% of companies with more than 50 employees in the U.S. used an artificial intelligence software program. This rapid adoption is mirrored in Europe and Asia-Pacific, where governments have implemented favourable policies to promote AI innovation. For example, Japans’ Ministry of Economy, Trade, and Industry reported that in 2023 the usage of AI software in media and creative industries increased by 45 percent. Solutions based on machine learning and natural language processing (NLP) enable companies to make videos with a limited amount of manual work. Being used for huge volumes of videos, the software guarantees quality and high speed of production. With the development of new algorithms, these tools will become even more sophisticated and will be a chance for all companies who want to benefit from the capabilities of AI in creating videos.
- By Organization Size | Large Enterprises Lead the Market in 2023
Large enterprises are the main contributors to the Text-to-Video AI market. The reason is that these organizations have more resources and need tools to produce large amounts of content. In 2023, large enterprises accounted for around 63% of the market. According to government data from the Department for Digital, Culture, Media, and Sport in the UK, large corporations have invested $5 billion in AI tools in 2023, with a significant focus on content automation tools, namely Text-to-Video AI. These organizations need to generate media and marketing materials at scale, and video generation is one of the most popular AI tools for this purpose. Further illustrating this trend, the U.S. Census Bureau added that in the past year, large businesses with 1,000 or greater employees increased their rate of AI adoption by 40%. More and more SMEs are buying these kinds of tools as well, particularly in e-commerce and similar industries. However, SMEs often face financial constraints in implementing such advanced AI solutions, positioning large enterprises as the leading users of Text-to-Video AI tools.
Text-to-Video AI Market Segmentation:
By Component
- Software
- Services
- Consulting Services
- Integration Services
- Support and Maintenance Services
By Organization Size
- Large Enterprises
- Small- & Medium-Sized Enterprises
By Deployment Mode
- On-premises
- Cloud
By End User
- Marketers
- Social Media Managers
- Content Creators
- Corporate Professionals
- Educators & Course Creators
- Others
By Vertical
- Education
- Food & Beverages
- Media & Entertainment
- Fashion & Beauty
- Retail & Ecommerce
- Health & Wellness
- Travel & Hospitality
- Real Estate
- Others
Regional Insights | North America Dominates the Text-to-Video AI Market
North America led the market, and accounted around 35% share in 2023, with the U.S. having the largest share. In 2023. This dominance is due to significant government support and a technology-oriented corporate market. The U.S. government’s National AI Initiative Act has bolstered AI development by increasing R&D funding by 30% in 2023, as per the U.S. National Science Foundation (NSF). Moreover, the Canadian AI Strategy adopted in Canada has been designed to position the country as the leader of AI technologies by investing CAD 443 million over the next five years. Government support is causing both start-ups and large technology companies to invest heavily in AI text-to-video software. The region's advanced digital infrastructure and high adoption rates across various industries, from entertainment to marketing, provide the perfect ecosystem for the growth of Text-to-Video AI solutions.
Latest News in the Text-to-Video AI Market
- In July 2024, OpenAI released a major update to its Text-to-Video AI software, improving its ability to create high-quality, human-like video content from text inputs. The update promises a 25% increase in video generation speed.
- In March 2024, In a strategic move to bolster its AI capabilities, Google completed the acquisition of Synthesia, a pioneer in Text-to-Video AI, for $550 million. The acquisition will expand Google’s AI-driven video solutions portfolio.
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Key Takeaways
- Government support is a significant growth driver for the Text-to-Video AI market.
- The software segment dominates, accounting for 58% of the market share.
- Large enterprises lead the market, driven by extensive content needs and financial resources.
- North America remains the dominant region, supported by strong AI-focused government policies.
Table of Contents – Major Key Points
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
6. Competitive Landscape
7. Text-to-Video AI Market Segmentation, By Component
8. Text-to-Video AI Market Segmentation, By Organization Size
9. Text-to-Video AI Market Segmentation, By Deployment Mode
10. Text-to-Video AI Market Segmentation, By End User
11. Text-to-Video AI Market Segmentation, By Vertical
12. Regional Analysis
13. Company Profiles
14. Use Cases and Best Practices
15. Conclusion
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