Text-to-Video AI Market Poised for Explosive Growth with CAGR of 35.4% by 2024-2032

Published: 2024-09-21 12:47:56 pm

“According to SNS Insider, the Text-to-Video AI Market size was valued at USD 144 million in 2023 and is expected to reach USD 2,199.2 million by 2032, growing at a CAGR of 35.4% over the forecast period 2024-2032.”

Government-backed AI Adoption Programs Accelerating Growth

In recent years, governments worldwide have increasingly recognized the transformative potential of AI technologies, especially in the media and creative sectors. The U.S. government spent $1.2 billion on AI research and development-related initiatives to encourage automation and content production in 2023. Similarly, the European Union funded €1 billion from its Horizon Europe program focusing on encouraging AI-oriented technologies like Text-to-Video systems. Other digitally progressive countries, including China, India, Indonesia, and Brazil, are implementing digital transformation by incorporating AI in the rural and urban development sectors. This government support laterally encourages the adoption of AI-driven tools by industries, including Text-to-Video tools. These technologies help generate excellent videos within seconds using simple text inputs. Traditionally, it used to take several days’ work to develop a video. Besides, it would require a significant amount of spending. In Asia-Pacific, governments introduced subsidies for AI implementation, with countries like South Korea aiming to have AI integrated into 60% of their industries by 2030. This governmental support serves as a key catalyst for the Text-to-Video AI market's meteoric rise, enabling a broad spectrum of industries to embrace the technology.

Source URL : Globenewswire
 

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