Market Analysis
The global automatic content recognition market is predicted to touch USD 4,507.2 million at a 27% CAGR in the forecast period (2020- 2027), states the latest Market Research Future (MRFR) report.
Overview
The automatic content recognition (ACR) market will witness a healthy growth from 2018 to 2023, a research report suggests. Growing at a high CAGR, the market is projected to reach US$4,507.2 million by 2023. Advances in watermark technology and fingerprinting technology is expected to support the market growth along with seamless interlinking of applications. As predicted by analysts, complex deployment will negatively affect the market’s performance from 2018 to 2023. During the forecast period, the market will be supported by the changing social behavior and technological developments. Concerns regarding high costs on the other hand will challenge identification technology sector-based organizations functioning in the global automatic content recognition (ACR) market.
Analysts have split the market into end-user applications and technology segments based on products and services. Identification technology-based companies have been profiled. The lack of investments is set to affect the global market during the forecast period 2018 to 2023. The report also provides the market’s performance forecasts till 2023. Analysts have studied the strategy of identification technology segment-based organizations to help new entrants and established businesses. The identification technology sector itself is supported by the presence of untapped market opportunities as well as a rise in disposable income. During the forecast period 2018 to 2023, the ACR Market is set to witness a health growth across end-user applications and technology segments as well as regional markets.
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Market Segmentation
The identification technology sector has seen growth across end-user applications and technology segments owing to the increasing awareness among consumers and favorable government policies. To study the market, analysts have further segmented end-user applications and technology into audio, real time content analytics, video and image recognition, and voice on the basis of technology. The market is further segmented into the service sub segment, which is split into professional, managed. Additionally, the automatic content recognition (ACR) market on the basis of end users is segmented into IT & telecommunication, healthcare.
The segmental analysis presented in the report provides identification technology field-based organizations insights into key growth factors such as the presence of effective communication as well as challenges such as the lack of R&D investments the market will face from 2018 to 2023. Increasing awareness levels and the growing urbanization are some of the key factors having an influence on identification technology industry-based companies, suggest analysts as per the automatic content recognition (ACR) market report. But the report also identifies the unavailability of professional services and the lack of developed infrastructure as major threats companies in identification technology will face till 2023.
Drivers
Increasing Use by Media and Entertainment Firms to Boost Market
Increasing use of automatic content recognition technology by media and entertainment firms for applications such as broadcast monitoring, weather forecasting, and audience measurement will add market growth over the forecast period.
Opportunities
Increased Integration in Electronics to offer Robust Opportunities
The increased integration of automatic content recognition technology in electronics such as wearables, smartphones, and smart TVs owing to the demand for smart gadgets will offer robust opportunities for the market over the forecast period.
Restraints
High Costs to act as Market Restraint
The concerns regarding high costs and lack of investments in research and development will act as market restraint over the forecast period.
Challenges
Security and Privacy Issues to act as Market Challenge
Security and privacy issues coupled with the increasing need for additional bandwidth and larger server infrastructure to apply automatic content recognition will act as market challenges over the forecast period.
COVID-19 Analysis
The increasing use of consumer electronic devices at the time of the COVID-19 pandemic due to the burgeoning number of people staying at home is driving market growth. But the government imposed lockdowns across the globe have restricted manufacturing operations across the globe that has resulted in a slowdown in the production of new smart TVs, tablets, smartphones among other consumer electronic devices drastically impacted the market growth. A change has been observed in the purchasing power of consumers due to the global economic crisis. People are buying only essential products that have caused a sharp fall in demand for electronic products that is impacting the market growth.
The media enterprises widely adopted automatic content recognition technology for applications like broadcasting monitoring and audience measurement that are driving market growth. The media and entertainment industry has been severely impacted by the rapid spread of COVID-19 across the globe. The implementation of the lockdown in various countries of the world for containing the spread of the epidemic has placed restrictions on public gatherings at music festivals, theatres, international events, and concerts that are impeding market growth. The industry is expected to face challenges owing to the effects of COVID-19 in the post pandemic period.
Key Players
Eminent industry players profiled in the global automatic content recognition market report include Arcsoft, Inc. (US), Digimarc Corporation (US), Microsoft Corporation (US), ACR Cloud (US), Audible Magic Corporation (US), Clarifai Inc. (US), Enswers, Inc. (South Korea), Beatgrid Media B.V. (The Netherlands), Shazam Entertainment Ltd. (US).
Industry Updates
Samba TV has announced global TV viewership dashboard. The dashboard will draw on the ACR technology of Samba TV that is integrated into 24 smart TV brands to offer the viewing information.
Regional Analysis
North America to Lead Automatic Content Recognition Market
North America will lead this market over the forecast period. Rapid technological advances, developed and booming media and entertainment industry, growing investments by companies in R&D activities and development activities, and the growing number of ACR technology-enabled smart devices are adding to the automatic content recognition market growth in the region.
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Automatic Content Recognition Market Research Report: Information by Technology (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics) and Region (North America, Europe, Asia-Pacific, Middle East & Africa, and South America)—Forecast till 2030
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