Cognitive media helps the media and entertainment industry to create programs and personalized content for their audience. Audience can provide their customized and purposeful suggestions to enhance experience on tabs, laptops PC, and smartphones. It also helps in decision making by connecting and understanding things. Cognitive media includes all types of conscious and unconscious processes, which include recognizing, perceiving, and conceiving. It uses cognitive technology in media and entertainment industry and performs several tasks such as data mining, visual recognition, and natural language processing.
Growth in adoption of advanced technologies such as deep learning, machine learning, and others in the media & entertainment industry majorly drives growth of the cognitive media market. Moreover, major shift toward digital transformation to analyze data with the help of social media and social viewing plays a crucial role in influencing customer’s decision. This further generates the need for adoption of cognitive technology in the media & entertainment industry. However, high initial investments along with lack of expertise are some of the major challenges, which restrain growth of the market. Furthermore, factors such as rise in adoption of cloud and growth in need for automation in the media & entertainment industry are some of the lucrative opportunities in this market.
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Cognitive media helps to reduce manual work, which consumes a lot of time and is expensive at the same time. In addition, it also enhances audience measurement, customer insight, content management, advertise intelligence, customer recommendations, digital storage, and other functions, hence indirectly increases the efficiency and improves accuracy of the workflow. Thus, growth in need for automation in the media & entertainment industry is expected to lead to the adoption of cognitive media among end users.
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Lack of expertise in the cognitive media market is expected to hinder growth of the market as machine language, deep learning, and natural language processing are still one of those sectors in which human expertise are far behind than expected. In addition, there is a limited number of professionals currently working on the AI market. Moreover, media and entertainment companies are currently investing in the artificial intelligence (AI) technology mainly to understand their audience preferences and deliver content according to their preference, which further generates high need for technical expertise. Hence, unavailability of skilled professional along with security issues while handling large amount of unstructured data hinders growth of the market.
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Key market players such as Microsoft Corp. Google LLC. Amazon Web Services Inc. Salesforce. Com. Baidu Inc., Sage Group Plc. Adobe Inc. IBM Corp. Maxwell Systems. Oracle Corp.
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