Text-to-Video AI Market

The global Text to Video AI Market size was valued at $0.1 billion in 2022 and it is projected to reach $0.9 billion by the end of 2027 at a CAGR of 37.1% during the forecast period. This growth can be attributed to the rapid advancements in AI technologies, including deep learning and natural language processing (NLP), which are driving the adoption of text-to-video AI solutions

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Text to Video AI Market Dynamics

Driver: Realistic AI avatars to add social components to videos and make them dynamic

Video has become an important tool for increasing customer engagement and retention. Text-to-video AI solution providers such as Synthesia and Movio provide options to choose among multiple AI avatars. These avatars can speak the provided text in more than 120 languages and accents. These avatars are broad and diverse and cover different ages, ethnicities, races, and styles. The latest features, such as micro gestures, allow users to add various gestures to the avatars and make them wink, nod, frown, or raise an eyebrow. These videos are used for various purposes, such as learning and training videos, product walkthrough videos, corporate communications, and marketing. An AI-powered talking avatar draws customer attention and engages them.

Restraint: Ethical implications

ML approaches such as deepfakes are used to generate synthetic media such as images, videos, and audio. It becomes difficult or almost impossible to differentiate such AI-generated content from real media. Hence, posing serious ethical implications. Such media may be used to spread misinformation, manipulate public opinion, or even harass or defame individuals. A deepfake video pretending to show a political candidate saying or doing something that did not happen could manipulate public opinion and interfere with the democratic process.

Opportunity: Availability of applications in multiple languages to save on voiceover budgets

AI video generators help users create videos by applying minimum effort and cost, making it the best choice for businesses with tight budgets. The generation of text-to-video is a synthetic video generation form that utilizes NLP to convert written input into digital animation. Text-to-video AI software helps to convert plain text into videos in a fraction of a minute. This software helps create videos with high-quality content in multiple languages and saves up to 80% of time and budget without compromising on quality. The software provides AI voices that are digital clones of the voices of real people. So, it helps users convert text into professional voiceovers with consistent audio quality and language.

Challenge: High computing costs and lack of good datasets

Text-to-video AI software requires a vast amount of computing power and has high computation costs making training from scratch nearly unaffordable. They need an even bigger computational lift compared to large AI models. These models use a large amount of data to train, as they need to put the data together for just one short video. Only large enterprises can afford to build these types of systems for the predictable future. It becomes trickier to train those models due to the lack of large-scale data sets of high-quality videos paired with text.

Food & Beverages segment is projected to grow at the fastest rate during the forecast period.

Food & beverages form one of the fastest-growing industries in video content, so this industry can benefit from text-to-video AI. Using text-to-video AI, many companies can use advertise their products as videos are attractive. The videos bring out actual colors, consistency and visuals of the food and dishes. The text-to-video AI helps showcase the list of products available on the menu, which helps customers decide on the order, thus reducing order time per customer. Videos help food and beverage brands connect directly with their customers, thus making a positive image in the market to increase sales and compete.

Software segment is set to account for the largest market share during the forecast period

The text-to-video AI software tools are AI-powered solutions designed to convert raw input texts or even audio into animated character-centric video content. These solutions provide many features with options to select from various AI avatars, multiple languages, different voices, intended music, built-in video templates, transition effects and up-to-date editing options to generate high-quality videos.

North America to account for the largest market share during the forecast period

North America includes developed countries such as US and Canada with well-established infrastructures. It is expected to hold the largest global text-to-video AI market share. There are Copyright Acts in the US and Canada to protect the original work of the creators. No amendments are proposed for the upcoming creative work using technologies such as generative AI, ML and big data. These technology tools carry risks, and there can be action from the government in the form of regulations for the protection of the content generated with these technologies. North America consists of major players such as Meta and Google, which have released products related to AI video generation.

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Top Companies in Text to Video AI Market

The text to video AI market vendors have implemented various organic and inorganic growth strategies, such as new product launches, product upgrades, partnerships and agreements, business expansions, and mergers and acquisitions to strengthen their offerings in the market. The major vendors in the global text-to-video AI market are

• GliaCloud (Taiwan)
• Designs.ai (Singapore)
• Pictory (US)
• Raw Shorts (US)
• Wochit (US)
• Vimeo (US)
• Vedia (US)
• Lumen5 (Canada)
• Synthesia (UK)
• Steve AI (US)
• InVideo (US)
• Meta (US)
• Hour One (Israel)
• Google (US)
• Elai.io (US)

The study includes an in-depth competitive analysis of these key players in the text-to-video AI market with their company profiles, recent developments, and key market strategies.

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Scope of the Report

This research report categorizes the text to video AI market to forecast revenues and analyze trends in each of the following subsegments:

By Component

• Software
• Services
  • Consulting Services
  • Integration Services
  • Support and Maintenance Services

By Deployment Mode

• On-premises
• Cloud

By Organization Size

• Large Enterprises
• Small- & Medium-Sized Enterprises

By End User

• Marketers
• Social Media Managers
• Educators & Course Creators
• Content Creators
• Corporate Professionals
• Other End Users

By Vertical

• Education
• Food & Beverages
• Media & Entertainment
• Fashion & Beauty
• Retail & Ecommerce
• Health & Wellness
• Travel & Hospitality
• Real Estate
• Other Verticals

By Region

• North America
  • US
  • Canada
• Europe
  • UK
  • Germany
  • France
  • Italy
  • Spain
  • Nordic Region
  • Rest of Europe
  •  
• Asia Pacific
  • China
  • India
  • Japan
  • Australia and New Zealand
  • Southeast Asia
  • Rest of Asia Pacific
• Middle East and Africa
• Middle East
  • UAE
  • KSA
  • Rest of Middle East
• Africa
  • South Africa
  • Egypt
  • Nigeria
  • Rest of Africa
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America

Recent Developments in Text to Video AI Market:

• In March 2022, Vimeo acquired the interactive video platform Wirewax. With this acquisition, Wirewax would offer more interactive video functionality to Vimeo, particularly with a drag-and-drop interface and the addition of “shoppable” videos, which Wirewax frequently promoted.
• In March 2022, InVideo acquired the website KIZOA. InVideo bought the website KIZOA, a 13-year-old video editing software platform with 18 million registered accounts to the web service worldwide. InVideo’s purchase of Kizoa increased its market share in the online video editor sector.
• In January 2020, Wochit partnered with Kaltura to offer Wochit video creation capabilities to Kaltura customers.

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