The global computational creativity market is anticipated to grow at a significant CAGR during the forecast period (2024-2031). The major factors that are expected to boost the market growth include automation of creative tasks and adoption of computational creativity solutions which would improve the creative process. Moreover, increasing demand for the improvement of creative processes and efficiency of creative professionals is another factor that is expected to drive machine learning (ML) and deep learning technologies, which in turn will boost the market growth during the forecast period. Computational creativity in product designing is playing a crucial role by acting as a creative tool to engineers and product designers. With the support of AI-powered creative solutions, it is possible to generate a wide range of design options for products in less time, which would otherwise take a lot of time for human designers. The generative product design approach is useful to various industries, such as automation, aerospace, architecture, industrial machinery, consumer goods as well as building products to develop innovative designs.
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Furthermore, some other factors that are anticipated to propel the market growth include growing investments in computational creativity technologies, the presence of the maximum number of computational creativity solution providers, and increasing government spending on AI technologies. In order to maintain a strong position in the market, these market players are adopting various strategic moves, such as product launches, partnerships, collaborations, and mergers and acquisitions.
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Recent Development:
- In November 2018, IBM partnered with Kronos Incorporated, a US-based multi-national workforce management software and services company, to help improve the engagement, performance, career development, and retention of hourly workers and simplify the complex task of managing this important segment of the global workforce.
- In August 2018, Adobe (US) collaborated with Nimble Collective, a provider of cloud-based animation platform. With the collaboration, Nimble Collective aims to integrate Adobe Creative Cloud into its Virtual Studio Platform. The integration would support the Virtual Studio Platform users achieve efficient work environment for all the steps of animation production.
Market Coverage
- Segment Covered-
o By Component
o By Deployment
o By Application
- Regions covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
- Competitive Landscape: IBM Corp., Google LLC, and Microsoft Corp., among others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Computational Creativity Market Report by Segment
By Component
- Solution
- Service
By Deployment
- On-Premise
- Cloud
By Application
- Product Designing
- Marketing and Web Designing
- Photography and Videography
- Music Composition
- Automated Story Generation
- High-End Video Gaming Development
- Others
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1. We cover more than 15 major industries, further segmented into more than 90 sectors.
2. More than 120 countries are for analysis.
3. Over 100+ paid data sources mined for investigation.
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