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.
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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.
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 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.
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Hence, unavailability of skilled professional along with security issues while handling large amount of unstructured data hinders growth of the market.
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.
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