PUBLISHER: Grand View Research | PRODUCT CODE: 1363300
PUBLISHER: Grand View Research | PRODUCT CODE: 1363300
The global automatic content recognition market size is estimated to reach USD 8.45 billion by 2030, registering an estimated CAGR of 16.6% from 2023 to 2030, according to a new report by Grand View Research, Inc.. The significant growth is attributed to the increase in developments in smart TVs and streaming devices, upsurge in the use of automatic content recognition by media and entertainment companies, and the demand for audience measurement and analytics. Advances in machine learning and artificial intelligence and their significance in analyzing vast amounts of data and recognizing patterns and trends are expected to encourage market growth in upcoming years.
The primary function of automatic content recognition (ACR) technology is to identify and analyze audio, video, or other content in real-time, instigating its usage across various industries, especially media & entertainment. Several market players are keen on providing innovative and efficient ACR technology solutions to gain a competitive edge. For instance, Google LLC provides Vision AI, which comprises an innovative and fully managed development environment, Vertex AI Vision. It helps users create computer vision applications or derive insights from images and videos with pre-trained APIs, AutoML, or custom models.
ACR is used to identify content consumers view in real-time, allowing advertisers to deliver more relevant and targeted advertisements. It plays a substantial role in delivering targeted ads to consumers. The responsible use of ACR technology in advertising can benefit consumers and companies as long as privacy and security are maintained.
ACR technology works across various media platforms, including linear cable television, CTV systems, and video games. The marketing and advertising efforts in different industries, such as consumer electronics, BFSI, retail and e-commerce, etc., can benefit from using ACR technology for targeted advertising. The share of TV and other digital ad spending is further projected to create opportunities for the market. For instance, according to the Dentsu Global Ad Spend Forecasts, 2023, the digital spend is anticipated to reach US$424.3 billion by the end of 2023, accounting for about 58.3% of all advertising spend.