The SNS Insider report highlights the Text-To-Video AI market‘s impressive trajectory, with a valuation of USD 0.14 billion in 2023 and a projected to reach a staggering USD 1.74 billion by 2031 and grow at a CAGR of 37.4% during the forecast period 2024-2031.
Effortless Video Creation Drives Market Growth
Several factors are propelling this market expansion. Text-to-video AI software streamlines the process by turning plain text into engaging videos in minutes. This translates to significant time and resource savings, eliminating the need for expensive equipment and skilled professionals. Additionally, these software solutions offer multilingual support and a vast library of templates, allowing users to create professional-looking videos in various styles and languages.
Software Segment Leads the Charge
The software segment is expected to dominate the market due to its extensive functionalities. These AI-powered tools go beyond simple text-to-animation. They offer a rich feature set, empowering users to create high-quality videos. Imagine having access to diverse AI avatars, multilingual voiceovers, and a library of music and effects. Most software even includes video templates and transition effects for a polished structure, with the option for further customization through editing tools.
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Major The Key Players of Text-to-Video AI Market
Vimeo.com, Inc., Meta Platforms, Inc., De-Identification Ltd., Google LLC, Synthesia Limited, Veed Limited, Movio, Yepic AI Limited, Animatron, Inc., Ezoic, Inc. and other players
Impact of Global Events
The Text-to-Video AI market has not been immune to the disruptions caused by global events. The Russia-Ukraine conflict has impacted companies in the sector through supply chain disruptions and rising prices. Several businesses, such as the Canadian start-up Lyrebird, have experienced revenue declines and workforce reductions. The conflict has highlighted the need for informative and instructional videos, leading to a greater focus on developing such content with Text-to-Video AI tools.
While the economic slowdown may pose a temporary challenge, the long-term growth prospects for the Text-to-Video AI market remain positive. The increasing demand for video content and the cost-effectiveness of AI-powered solutions are powerful drivers that will continue to propel the market forward.
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Key Market Segments
By Component
- Software
- Service
By Deployment
- On-Premise
- Cloud
By Organization Size
- Large Enterprise
- Small and Medium Size Enterprise
By End-User
- Content Creators
- Corporate Professionals
- Course Creator
- Educators
- Social Media Manager
- Others
Regional Developments
North America is a key player in the Text-to-Video AI market, owing to the presence of several major technology hubs and leading AI companies. The United States is expected to be the dominant nation in this region due to its robust tech infrastructure, high adoption of AI technologies, and a diverse range of potential applications for Text-to-Video AI solutions across various industries.
The Asia Pacific region is another significant growth engine for the Text-to-Video AI market. Government support for AI initiatives and significant investments in research and development from countries like China, Japan, and South Korea are fostering rapid technological advancement in the region. China, specifically, is expected to emerge as a leader in the Asia Pacific market due to its burgeoning tech ecosystem and the focus of businesses and sectors on leveraging AI for various purposes, including content creation.
Future Growth
As AI technology continues to evolve, Text-to-Video software will become even more sophisticated. Users can expect more realistic characters, enhanced voiceovers, and a wider range of customization options. This will further streamline the video creation process and allow for the creation of even more engaging and impactful content. Text-to-Video AI solutions are expected to integrate seamlessly with existing marketing and creative tools. This will make it easier for businesses to incorporate video content into their marketing workflows and streamline content creation across different platforms.
The applications for Text-to-Video AI are expected to expand beyond traditional marketing and advertising. These tools can be used for educational purposes, creating training videos, product demonstrations, and social media content. The versatility of Text-to-Video AI will continue to unlock new opportunities for businesses and individuals alike.
Recent Developments
- In March 2022: Vimeo acquired Wirewax, an interactive video platform. This acquisition allows Vimeo to offer more interactive video functionalities, including features like “shoppable” videos.
- In March 2022: InVideo acquired KIZOA, a well-established video editing platform. This acquisition expands InVideo’s market share in the online video editor space.
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Key Takeaways
- Text-to-Video AI offers a cost-effective and user-friendly way to create high-quality video content. This empowers businesses to leverage the power of video to achieve their marketing and communication goals.
- The Text-to-Video AI market is rapidly evolving. This report equips you with the knowledge to stay informed about the latest trends and advancements in the industry.
- By understanding the market landscape and potential applications of Text-to-Video AI, businesses can identify new opportunities to engage their audience and achieve their goals.
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