Global Artificial Intelligence Market in Media and Advertising: Size, Share, Development, Growth and Demand Forecast to 2023 By P&S Market Research
Over the last few years, artificial intelligence (AI) has shifted from being a branch of computer science to an everyday technology that majority of consumers carry in their pocket daily, such as an Apple smartphone with voice input Siri. The artificial intelligence technologies has been gaining significant interest in the media and advertising industry in the recent years. Although the applications for artificial intelligence in the media and advertising business are still in infancy stage, there is huge potential for the technology to shape the next generation media and advertising sector. Machine learning already has a significant impact on the advertising ecosystem. The best example for this is real time bidding (RTB), which is buying or selling advertising space online in real time. Through artificial intelligence, self-learning algorithms are used for running online campaigns that enable advertisers to critically identify the most potential shoppers. This further helps in deploying personalized advertisements to each shopper and in taking the desired action.
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The demand for artificial intelligence in media and advertising industry has been increasing due to greater demand for rich digital customer experience, worldwide. Media and advertising companies are focusing on optimization of email and website communications by continuous learning from user behaviour and actions. In addition, programmatic advertising is also fueling the growth of the global artificial intelligence market in this industry. Automated process of buying and selling advertisement inventory through artificial intelligence is effectively connecting advertisers to publishers.
The trend toward effective voice based search technologies has also added value to the market growth. Businesses are trying to bring next generation input method in their product and services through artificial intelligence. The widespread adoption of smartphones has let media companies to include artificial intelligence technologies as a crucial part of their product development lifecycle. Artificial intelligence provides a new competitive edge to the media companies through contextual relevancy for connecting right people to the right content at the right time and in the right way. Therefore, the global artificial intelligence market in media and advertising has a huge scope for rapid growth. Through advanced algorithms and detailed reporting, artificial intelligence can give advertisers a more precise picture of campaign performance by establishing both, viewing ability and interaction metrics.
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Globally, North America and Europe witness greater demand for artificial intelligence solutions in the media and advertising sector, due to robust technology and information technology (IT) infrastructure. The market in Asia-Pacific is expected to witness the fastest growth rate during the forecast period, owing to huge growth opportunities in media industry and emergence and rapid adoption of predictive technologies by major media and advertising companies in the regional market.
A major challenge faced by the media and advertising companies in the adoption of artificial intelligence at a vast scale is identification of decision making patterns due to lack of technical expertise. Though, artificial intelligence allows big media and advertising agencies to serve cognitive ads and integrate voice based assistance in their campaigns, there is still scope for small and medium agencies to fully adopt artificial intelligence as their prime functional and operational business element.
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