The Computational Creativity Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s 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 in the historic period can be attributed to increasing complexity of medical coding, growing healthcare data volume, increasing demand for accuracy and compliance, rise of big data analytics, increasing need for faster 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 growth in the forecast period can be attributed to increasing integration with electronic health records (ehrs), increased focus on data security, increasing expansion of telemedicine, rising healthcare costs, increasing patient-centric care initiatives. Major trends in the forecast period include expansion in global markets, user experience and customization, real-time auditing and feedback.
The increase in the adoption of computer-based creative solutions is expected to propel the growth of the computational creativity market going forward. Computer-based creative solutions refer to innovative applications and technologies that harness computer power, artificial intelligence, and algorithms to generate, enhance, or assist in various creative processes across diverse domains. Computer-based creative solutions play an important role in computational creativity by leveraging algorithms and data to generate innovative and artistic outputs, expanding the possibilities of human-machine collaboration in creative expression. For instance, in May 2022, according to The International Business Machines Corporation (IBM), a US-based technology company, 35% of businesses worldwide used artificial intelligence (AI) in 2022, which is an increase of 4% from 2021. Therefore, the increase in the adoption of computer-based creative solutions is driving the growth of the computational creativity market.
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The computational creativity market covered in this report is segmented –
1) By Component: Solution, Service
2) By Deployment Mode: Cloud, On-premise
3) By Application: Product Designing, Marketing And Web Designing, Photography And Videography, Music Composition, Automated Story Generation, High-End Video Gaming Development, Other Applications
Major companies operating in the computational creativity market are increasing their focus on developing innovative inference platforms to gain a competitive edge in the market. Inference platforms refer to the systems or frameworks that execute pre-trained models on new, unseen data to make predictions or classifications. For instance, in March 2023, NVIDIA, a US-based software company, launched four inference platforms. These platforms were designed to optimize a diverse range of rapidly emerging generative AI applications. The main objective of these platforms is to assist developers in building specialized and AI-powered applications quickly. The platforms comprise NVIDIA’s full stack of inference software along with the latest NVIDIA Ada, NVIDIA Hopper, and NVIDIA Grace Hopper processors. Additionally, they include the NVIDIA L4 Tensor Core GPU and the NVIDIA plate_number_1 GPU. Each platform has been optimized to cater to in-demand workloads, including AI video, image generation, large language model deployment, and recommender inference.
The computational creativity market report table of contents includes:
1. Executive Summary
2. Computational Creativity Market Characteristics
3. Computational Creativity Market Trends And Strategies
4. Computational Creativity Market – Macro Economic Scenario
5. Global Computational Creativity Market Size and Growth
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26. South America Computational Creativity Market
27. Brazil Computational Creativity Market
28. Middle East Computational Creativity Market
29. Africa Computational Creativity Market
30. Computational Creativity Market Competitive Landscape And Company Profiles
Top Major Players:
- Google Inc
- Microsoft Corporation
- Sony Corporation
- Amazon Web Services
- Intel Corporation
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