Market Trends of Cognitive Media Industry
This section covers the major market trends shaping the Cognitive Media Market according to our research experts:
Cloud Deployment is Expected to Witness Significant Growth
- The cloud deployment of cognitive solutions is anticipated to significant growth during the forecast period. This growth can be primarily attributed to the high infrastructure costs related to the traditional solutions, hence, most of the media companies today are adopting cloud-based solutions owing to their flexibility and for enhanced security.
- The online media content consumption has shown tremendous growth over the past few years. There has been a surging demand for mobile devices as the preferred medium of consuming media online. Also, according to the Cisco VNI report, 80% of internet traffic is being generated from the video-streaming segment.
- Moreover, there is a surging demand for online media content as compared to that of past trends. This spike in the usage is primarily owing to the growth in user-centric streaming content provided by the media vendors, which is based on past user preference, which is helping them to create content according to the relevant genre. This helps a lot of content owners to solve the challenge of delivering content over the web.
- While the video-content streaming is dominated by Netflix, whereas emerging services from existing vendors such as Amazon, Hulu, HBO Now, and YouTube are all growing their subscriber base across the developing economies. With a significant number of players entering the market, the companies are offering differentiating factors in order to take a competitive advantage in the marketplace.
- For instance, in Nov 2019, Amazon Prime Video, along with Critical Role, today announced the service will be the exclusive streaming home for the upcoming animated series Critical Role: The Legend of Vox Machina, based on the adventures and characters of Critical Role, a leading story-driven and world-building digital media brand.
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North America is Expected to Hold Significant Market Share
- The North American region is expected to hold a major share in the market as the media enterprises in the region are using the AI technologies for multiple applications, such as personalization, content management, recommendation, among others. Another noticeable trend in the market is the aggressive mining of user data. This collected data is primarily being used to serve customers by helping them in finding content that would appeal to them.
- The online platform in the region is also expanding at a very fast pace with the inclusion of new innovative technologies that are primarily meant to enhance personalized user experiences. Major players operating in the broadcast and digital media sectors in this region are increasingly adopting new technologies and generating new content in order to increase their revenue in their online platforms that offer hours of media-related content, such as music and films.
- The region is also home to most of the major online media providers such as Netflix, Inc., Amazon, Inc., Hulu LLC among others which has led to an increased market competition, with the major players fighting vigorously in terms of number of subscriptions and the variety of content.
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