Computational Creativity Global Market Report 2024

The computational creativity market size has grown exponentially in recent years. It will grow from $0.82 billion in 2023 to $1.03 billion in 2024 at a compound annual growth rate (CAGR) of 26.5%. The growth observed during the historical period can be attributed to several factors including the rising complexity of medical coding, the increasing volume of healthcare data, growing demand for accuracy and compliance, the emergence of big data analytics, and the escalating need for expedited billing cycles.

The computational creativity market size is expected to see exponential growth in the next few years. It will grow to $2.57 billion in 2028 at a compound annual growth rate (CAGR) of 25.7%. The projected growth in the upcoming period can be attributed to several factors, including greater integration with electronic health records (EHRs), heightened emphasis on data security, the expanding reach of telemedicine, the upward trajectory of healthcare costs, and the proliferation of patient-centric care initiatives. Key trends anticipated in the forecast period encompass the expansion into global markets, prioritization of user experience and customization, and the implementation of real-time auditing and feedback mechanisms.

The anticipated rise in the adoption of computer-based creative solutions is set to drive growth in the computational creativity market in the foreseeable future. These solutions, leveraging computer power, artificial intelligence, and algorithms, are instrumental in generating, enhancing, or facilitating various creative processes across diverse domains. By harnessing algorithms and data, computer-based creative solutions play a crucial role in computational creativity, expanding the scope of human-machine collaboration in creative expression. For example, in May 2022, The International Business Machines Corporation (IBM) reported that 35% of businesses globally utilized artificial intelligence (AI) in 2022, marking a 4% increase from 2021, underscoring the role of computer-based creative solutions in fueling the growth of the computational creativity market.

Major players in the computational creativity market are increasingly prioritizing the development of innovative inference platforms to gain a competitive advantage. Inference platforms, which execute pre-trained models on new data to make predictions or classifications, are pivotal in this regard. For instance, in March 2023, NVIDIA introduced four inference platforms aimed at optimizing a wide array of rapidly emerging generative AI applications. These platforms, leveraging NVIDIA's latest processors such as Ada, Hopper, and Grace Hopper, along with the L4 Tensor Core GPU and the plate_number_1 GPU, provide developers with the tools to swiftly build specialized AI-powered applications catering to diverse workloads including AI video, image generation, large language model deployment, and recommender inference.

In March 2022, Microsoft completed the acquisition of Nuance Communications for $19.7 billion. This strategic move is expected to bolster Microsoft's industry cloud strategy for healthcare and facilitate the delivery of new cloud and AI capabilities across various sectors including healthcare, financial services, retail, and telecommunications. Nuance Communications, known for its expertise in artificial intelligence (AI) and speech recognition, aligns with Microsoft's vision to advance its offerings in these domains.

Major companies operating in the computational creativity market report are Google Inc., Microsoft Corporation, Sony Corporation, Amazon Web Services, Intel Corporation, IBM Corporation, NVIDIA Corporation, Adobe Inc., Autodesk Inc., Canva Inc., Unity Software Inc., OpenAI, Jukin Media, Prisma Labs, EyeEm, Pelican Imaging Corporation, Amper Music Inc., Refik Anadol Studio, DeepArt.io, ScriptBook, Automated Creative, A Hundred Years, Runway ML, Aiva, Artomatix, PaintsChainer, Lumen5.

North America was the largest region in the computational creativity market in 2023. The regions covered in the computational creativity market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the computational creativity market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The computational creativity market includes revenues earned by entities by providing services such as content creation, professional services, managed services, and decision-making. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

Computational creativity is an interdisciplinary field focused on leveraging computational methods and techniques to imitate, enhance, or replicate human creativity. Its objective is to construct systems capable of generating original and inventive artifacts akin to human creative processes.

The primary categories within computational creativity are solutions and services. A solution denotes a unique and integrated component, such as advanced algorithms or specialized platforms, which contributes to the creation and implementation of innovative computer-based creative solutions. These solutions can be deployed both on-premise and in the cloud and are utilized across various applications including product design, marketing and web development, photography and videography, music composition, automated storytelling, high-end video game development, and other domains.

The computational creativity market research report is one of a series of new reports that provides computational creativity market statistics, including computational creativity industry global market size, regional shares, competitors with an computational creativity market share, detailed computational creativity market segments, market trends and opportunities, and any further data you may need to thrive in the computational creativity industry. This computational creativity market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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