Anticipated Growth in Text to Video AI Market to $0.9 Billion by 2027
The global Text to video AI Market is projected to grow from USD 0.1 billion in 2022 to USD 0.9 billion by 2027 at a Compound Annual Growth Rate (CAGR) of 37.1% during the forecast period. Rise in demand for engaging videos in businesses is driving the growth of the text-to-video AI market.
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Emerging Trends in Text to Video AI Market:
Enhanced Natural Language Understanding (NLU) and Text Interpretation: Advances in natural language understanding (NLU) are enabling AI to interpret and convert complex textual prompts into more contextually accurate videos. This trend helps generate videos that better reflect the intended message, tone, and subtleties of the input text, catering to various industry-specific needs.
Multimodal AI Integration: Multimodal AI is increasingly used to combine text, audio, image, and video generation, allowing more dynamic and immersive video creation. This approach enables AI to include voiceovers, facial expressions, gestures, and dynamic visuals that match the narrative, creating a more engaging viewer experience.
Realistic Digital Avatars and Virtual Actors: The creation of realistic digital avatars and virtual actors is advancing, allowing AI to generate human-like characters with lifelike facial expressions, lip-sync, and body movements. These digital actors can deliver scripts from text input, making AI-produced videos highly personalized and interactive.
Customization for Branding and Storytelling: Customizable video templates and brand-specific elements are becoming more popular, allowing businesses to tailor AI-generated videos to reflect brand identity. This trend is helping companies streamline their video content creation for marketing, training, and customer support while maintaining a consistent brand aesthetic.
Affordability and Accessibility for SMEs: Lower costs and increased accessibility are making text-to-video AI tools available to small and medium enterprises (SMEs). With streamlined video creation processes, even smaller organizations can now leverage video content for marketing, customer education, and social media without the need for a large production team.
The scope of this report covers the Text-to-video AI Market by component, deployment mode, organization size, end user, vertical and region.
By component, the software segment is estimated to account for the largest market share. 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.
By deployment mode, the cloud segment is estimated to account for the highest CAGR during the forecast period. Cloud-based deployment offers several benefits to organizations, such as scalability, flexibility in capacity, enhanced collaboration, less maintenance cost, and 24/7 data accessibility of devices anytime, anywhere. Infrastructure-intensive users prefer cloud-deployed solutions, as it offers scalability and agility and provides more functions than on-premises solutions at an affordable cost.
North America is projected to account for the largest market share among other regions in the Text-to-video AI Market, and the trend is projected to continue until 2027. The US and Canada are the leading countries in the region. These countries have sustainable and well-established economic growth, empowering them to increasingly invest in R&D activities, thereby contributing to developing the Text-to-video AI Market.
Market Players
The major vendors covered in the Text-to-video AI Market include 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), Peech (Israel), Wave.video (US), DeepBrain AI (South Korea), D-ID (Israel), Yepic AI (UK), Movio (US), KLleon (South Korea), Synthesys (UK), VEED (UK), and Ezoic (US).
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