Text-to-Video AI Market: Current Status and Future Outlook

Updated on
September 7, 2023
|
Insight
Published
September 6, 2023

Text-to-Video AI is the process of converting text data into video format using artificial intelligence technology. This technology is expected to replace or provide alternatives to traditional video production and is anticipated to lead the market due to the increasing demand for video content technology in education, healthcare, and business sectors. Major players in Text-to-Video AI like Microsoft, Google, and Facebook are expected to drive market growth exponentially by investing billions of dollars in artificial intelligence technology.

Trends in the Text-to-Video AI Market

Source: MMR

Rising Demand for Compelling Videos in Business

Businesses are increasingly utilizing video to communicate with customers and potential clients. Text-to-Video AI generation technology is being used for product descriptions in advertising, fashion, and healthcare industries. This is expected to boost the Text-to-Video AI market, which is projected to grow significantly worldwide, driven by the increase in video content technology. Text-to-Video generators eliminate the need for expensive equipment for video production, resulting in cost savings for businesses. Video content creation has become a significant part of the service and other industries. Additionally, Text-to-Video AI generation allows for the creation of AI avatars, which is beneficial for users who do not want to reveal their identity. This is being used effectively in the healthcare industry, aiding in the early detection of abnormal activities such as diseases or cell anomalies. These factors are expected to propel the Text-to-Video AI market.

Growth of AI Generative Models for Images, Videos, and 3D

Recent developments, such as Adobe Inc. incorporating AI technology into Photoshop to create tools for graphic design called Adobe Firefly, are expected to drive the growth of AI-generative technology. AI-based video generation is expected to become a global hot market. Text-to-Video AI can create short 10-15 second videos with minimal commands, allowing for multiple imaginings, actions, objects, and scenes within a single video. As key Text-to-Video AI companies invest and develop to increase their market share, Adobe's decision is expected to boost the growth of the Text-to-Video AI market.

Hyper-Personalization and Interest from Tech Giants in AI

Hyper-personalization is an advanced marketing approach using data, analytics, AI, and automation to target markets effectively. Companies like Starbucks have started using hyper-personalization, widely adopted in education, healthcare, and real estate sectors, to target customers. This is presented through short videos generated from text inputs. The growth of the Text-to-Video AI market is supported by the development of AI generative models by key Text-to-Video AI players such as Google Brain, DeepMind, Nvidia, Adobe, Meta, and OpenAI. These major tech Text-to-Video AI companies collaborate with world-renowned universities and their PhD holders, including Stanford, UC Berkeley, and MIT, which is expected to increase the reliability of AI-generated information.

Steady Proliferation of Text-to-Video AI for High-Resolution Video Generation

Steady proliferation involves creating high-quality and stable videos using AI-based editing technology. Stable proliferation enhances specific features of videos, such as color and texture. One of the major Text-to-Video AI companies, Nvidia, recently developed an AI model based on stable proliferation. The team provided training for generating videos at resolutions of 512x1024 pixels in a few minutes, achieving unexpected results in most benchmarks. Such developments and product launches are expected to drive the growth of the Text-to-Video AI market.

Challenges in the AI Video Market

Computational Challenges

Ensuring consistent spatial and temporal maintenance of video frames requires models to learn long-term dependencies, which can be computationally costly, making training AI-generative models difficult for most researchers.

Lack of High-Quality Datasets

Sometimes these datasets can be biased due to a lack of information and education, potentially leading to biased and unfair outcomes.

Ambiguity in Video Captions

Text-to-Video AI generation requires clear text in videos. Monotony in text input can alter results.

Inappropriate Use of AI-generative Technology

Text-to-Video AI generation can be used inappropriately, including illegal purposes. It has been observed that managing the behavior of AI models is challenging, which could present challenges for the Text-to-Video AI market.

Constraints

Data in the Text-to-Video AI market was collected through primary and secondary research methods. Analyzed through SWOT analysis and Porter's five forces model, collected data provides detailed information about the growth focus, opportunities, regional insights, and limitations of the Text-to-Video AI industry. Regulations regarding fake image and video generation and the use of photos and videos are lacking. These factors are expected to inhibit the growth of the Text-to-Video AI market.

Regional Outlook

North America is expected to hold the largest market share in the Text-to-Video AI market from 2023 to 2029. In addition to ChatGpt, various types of AI generation, such as language models, text-to-speech, and DALL-E, have emerged. Text-to-Video AI is one of the popular AI generative technologies worldwide. Recently, in September 2022, Meta introduced Make-A-Video, an AI generation tool that creates videos with just a few lines of input without voice. Meta, Google, and Runway have become major Text-to-Video AI players worldwide. Google introduced Imagen Video, a Text-to-Video AI generative. With key Text-to-Video AI companies introducing such cutting-edge AI generation, it is expected to drive the Text-to-Video AI industry in this region.

The Asia-Pacific region is projected to grow at the highest annual growth rate of 35.2% in the global Text-to-Video AI market. The demand for creative videos is increasing in education, business, and other fields. Key Text-to-Video AI players like DeepBrain AI, Stable Diffusion Videos, Veed.io, and Lumen5 are expected to drive the Text-to-Video AI industry in this region.

Europe hosts 130 AI-generative startups, with the UK leading with 50 AI-generative companies, followed by Germany with 17 companies. As the number of companies working on AI generation technologies like Text-to-Video AI increases, it is expected to boost the growth of the European Text-to-Video AI market.

Competition Landscape

Some of the key players in the Text-to-Video AI market include AI Studios, Lumen5, Synthesia, Steve AI, and InVideo. On April 14, 2022, Vimeo acquired Wirewax, an interactive video platform. Wirewax is expected to enhance Vimeo's interactive video features, especially with its drag-and-drop interface and "shoppable" video additions. As interactive videos become mainstream and with the help of Text-to-Video AI software, they are expected to drive the Text-to-Video AI market. This report provides a detailed analysis of the market based on competition differentiators, market size, and market penetration in key geographical regions by major Text-to-Video AI companies.

Segment Analysis of the AI Video Market

Component-Based

The healthcare and consulting services sector is gaining worldwide popularity in Text-to-Video AI generation technology and is expected to promote Text-to-Video AI software adoption by businesses, both small and large. The growth of this software segment is driven by the rapid and easy demand for Text-to-Video AI software, promoting the Text-to-Video AI market.

Application-Based

The food and beverage industry segment is expected to hold the largest revenue share in the Text-to-Video AI market. The food industry is growing significantly worldwide and is looking for ways to create advertising video content. Text-to-Video AI software provides solutions for all these issues without requiring expensive video production equipment.

AI Studios: Innovative Role in the Market

ai studios' text to video

Furthermore, let's explore AI Studios by Deepbrain, playing an innovative role in the Text-to-Video AI market. AI Studios is Deepbrain's groundbreaking video editing tool that automates the process of converting text into videos and aids in creating personalized video content. This greatly streamlines video production, saving time and costs.

AI Studios simplifies video editing tasks and enables the creation of high-resolution and stable videos. Moreover, it automates the conversion of text into videos, allowing for quick video production. This enables businesses to produce more video content and enhance interactions with customers.

Innovative technologies like AI Studios are poised to have a significant impact on the video production industry. The future is expected to bring more personalized and efficient video production using AI, and Deepbrain's AI Studios will play a crucial role in shaping this future. AI Studios is driving innovative changes in video production and empowering businesses to enhance their competitiveness and customer engagement.

Examples

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