Cognitive Media Market - Overview
Cognitive media involves usage of cognitive computing technologies for the media and entertainment industry. As consumers continue to spend more time watching videos on their tablets, smartphones, and other internet and mobile connected devices, media and entertainment agencies continue to invest more time, money, and effort in making the viewing experience more meaningful, enriched, and personalized. Thus, the adoption of cognitive solutions has become a part of the digital transformation strategy with focus on latest technologies including Artificial Intelligence (AI) and analytics. Media agencies are using these technologies in order to create, program, personalize content, manage advertising inventory management, and enhance staff productivity. As the media and entertainment industry continuously evolves to meet the demands of consumers and their viewing experience, cognitive computing is creating new opportunities for the media and entertainment industry. Cognitive computing solutions have an opportunity to unleash a new era of innovation and growth for media and advertising companies. This will help media and entertainment companies understand their audiences better, streamline their marketing activities, and improve customer service.
Cognitive Media Market – Drivers and Restraints
In this digital era, social media and social viewing continues to play a strong role in influencing consumer decisions. The media and entertainment industry ecosystem tends to be highly complex due to the complexities involved in the distribution of content across various platforms. However, video continues to be at the center of this ecosystem and has become a preferred mode of communication, collaboration, and learning. Ever increasing customer expectations, adoption of connected devices, and growing competition among media and internet video streaming providers are shaping the media and entertainment industry landscape. In order to combat challenges in the media and entertainment industry, media and entertainment companies are improving capabilities to discover, engage, and decide. Cognitive media solutions help in creating better engagement by providing enhanced assistance to human users, makes conversation in natural human language, and understands consumers past history and brings context and evidence based reasoning to interaction. Also cognitive media solutions help in generating insights from past data and understands the vast data of information available. It also helps in providing evidence based results, thereby reducing human bias, leading to enhanced accuracy on new information, results, and actions. Thus, cognitive media solutions help in audience measurement and customer insight, content management, audience engagement, advertising intelligence, customer recommendations, call center operations, digital storage, library and search, distribution of digital media, and more.
Cognitive Media Market – Segmentation
The cognitive media market can be segmented on the basis of technology, application, component, deployment mode, enterprise size, and region. Based on technology, the cognitive media market can be bifurcated into deep learning and machine learning, and natural language processing. The application segment can be bifurcated into network optimization, recommendation and personalization, content management, predictive analysis, customer retention, security management, and others. In terms of component, the cognitive media market can be segmented into solutions and services. The deployment segment can be divided into on-premise and cloud. In terms of enterprise size, the cognitive media market can be bifurcated into small and medium enterprises, and large enterprises. Based on region, the cognitive media market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Cognitive Media Market – Key Players
Key players operating in the cognitive media market includes IBM Corporation, Google LLC, Amazon Web Services, Inc., Microsoft Corporation, Salesforce.com, Inc., Adobe Inc., Baidu, Inc., Nvidia Corporation, Veritone, Inc., Crimson Hexagon, Sage Group plc, Microsoft Corporation, Oracle Corporation, Penta Technologies, Inc., and Maxwell Systems, Inc. These companies invest considerably in research & development to incorporate new technologies in their solutions and develop new products. Additionally, these players engage in strategic partnerships with other players to expand their presence and gain market share in different regions across the globe.
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