Computational Creativity Market Size to Touch USD 1.1497

NEW YORK, USA, January 12, 2022 (GLOBE NEWSWIRE) – Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “computer creativity market Information by technology, by ingredients, by Services by Application and Region – Outlook to 2027The market size has reached US$1.1497 billion, with a compound annual growth rate of 25.42% by 2026.

Market Scope:
Computational creativity is the study of creating software used to discover new concepts and ideas in a variety of fields, including literature, art, games, engineering, architecture, music, and others. This technique is used to help people be more creative. It is used in artificial intelligence to make creative decisions in films, analyze scenarios, and other computer creativity applications. Computer creativity software is commonly used in creative writing, video making, and photo and video editing.

The major players dominating the Computer Creativity Market are:

  • IBM (US)
  • Google (US)
  • Microsoft (US)
  • Adobe (US)
  • AWS (US)
  • Autodesk (USA)
  • Jokedic (UK)
  • Humtab (USA)
  • Amper Music (US)
  • Automated Design (UK)
  • Screenwriters (Belgium)
  • B12 (US)
  • network (US)
  • Canva (Australia)
  • Hello Games (UK)
  • EVA (Luxembourg)
  • AI Object (Hong Kong)
  • Firedrop (UK)
  • OBVIOUS (France)
  • Prisma Laboratories (USA)
  • Cyanabs (UK)

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Market Drivers
Deep learning and machine learning algorithms are being used to create more personalized customer experiences, due to the exponential development of technologies in AI applications and cognitive innovation. The growing developments in the IT industry, computer creativity, marketing, web design, music, photography and video are the primary growth drivers of the global market. The increasing automation of creative tasks is creating demand for computer creativity. Increased investment and funding in computational creativity startups, as well as increased use of branding, advertising and marketing initiatives, are driving the expansion of the industry.

Moreover, the increasing demand for integrating automation to improve the design process could contribute to the expansion of the computational creativity market. However, the slow rate of digitization may have a detrimental effect on the adoption of AI and machine learning over the forecast period. However, the increasing use of creative computer-based solutions is expected to open up profitable prospects in the coming years.

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Market segmentation covered by the research:
The global computing innovation industry has been segmented on the basis of technology, components, and application.

Based on technology, the worldwide computational creativity market has been segmented into Natural Language Processing (NLP), Machine Learning, Deep Learning (ML and DL), and Computer Vision.

Based on components, the global computer creativity market has been segmented into solutions and services. The solutions segment is further divided into software tools and platforms. The service segment has been sub-segmented into professional and managed services.

Based on the application, the worldwide computational creativity market has been segmented into marketing and web design, product design, music composition, photography and video, high-end video game development, automated story creation, and others. The other section was divided into simulation training and research and development.

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Regional Analysis
The geographical analysis of the worldwide Computational Creativity market has been conducted for North America (USA, Canada, Mexico), Asia Pacific (India, China, Japan, Rest of Asia Pacific), Europe (UK, Italy, Germany), France, Spain, Rest of Europe) and Rest of the world (Middle East, Africa, America south).

In 2019, North America was the top market, capturing the largest share. The convergence of computational innovation, artificial intelligence, and the Internet of Things has had an impact on a variety of industries in the United States. Moreover, the emergence of several startups offering platforms for developing computational innovation solutions is expected to boost market growth in this region. As a result, different companies have increased their alliances and cooperation in order to improve their computing innovation capabilities.

During the study period, the regional computational creativity market in the Asia-Pacific region is expected to grow at the fastest rate. This can be attributed to the increasing investment of multinational companies in innovation as they strive to create a significant presence in emerging economies, particularly India and China. This region is witnessing major developments in the field of computational creativity.

Impact of COVID-19 on the global computer creativity market
The spread of COVID-19 in various countries around the world has had a negative impact on many industries. The global pandemic crisis has had a major impact on the computational creativity market. Since the onset of the COVID-19 pandemic, this market has benefited. Due to global shutdowns, there has been a huge surge in demand for computational creativity in recent months. Rising sales of technology and telecommunications products are expected to have an impact on the computational innovation market throughout the forecast period. Globally, increasing internet penetration and sales of smartphones are expected to boost market growth. The outbreak of the novel coronavirus is likely to have a long-term impact on consumer lifestyle and behaviour, resulting in increased use of information and communication products and services.

Competitive scene
Several prominent players are having an influence on the growth of the global Computational Innovation Market. To expand their enterprises and satiate the market, they collaborate, launch new items, acquire mergers, etc.

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Industry news
In November 2020, Shutterstock purchased an artificial intelligence-based music platform – Amper Music – to create and personalize original music using more than 1 million individual audio samples recorded by musicians on thousands of unique instruments.

In March 2018, Adobe teamed up with NVIDIA to deliver new artificial intelligence services for digital creativity and experiences. This collaboration has helped improve the performance of Sensei-supported services for Adobe Creative Cloud and Experience Cloud customers and developers.

In November 2018, Google Cloud teamed up with 20th Century Fox to create Merlin, an ML program that can analyze movie ads and predict how likely people are to watch certain movies in theaters. To understand the scenes of the movie, Merlin can distinguish objects and patterns in the trailer.

In November 2018, IBM teamed up with Kronos Incorporated, a US-based multinational workforce management services and software company, to help boost engagement, performance, career development, and hourly worker retention, and simplify the complex task of managing this critical sector of the global workforce.

In March 2017, Microsoft collaborated with Steelcase to develop technology-enabled workplace solutions built on Microsoft Azure IoT technology. This development helped users reinforce critical work behaviors.

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