In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
IN THE NEWSAutomatic content recognition (ACR) recognizes the content played on a media device by an identification technology. By the use of the technology, users can quickly obtain additional information about the content they see without any user-based search efforts. The process of content recognition starts with the selection of a short media clip, which is then compared to a database of reference fingerprints. If the details are matched, the software provides the data acquired during the matching process to the user.
The global ACR market is thriving on the back of increasing integration of ACR technology in smart phones and smart TVs, along with the increasing deployment of ACR technologies by media companies for applications, such as, broadcast monitoring, audience measurement and others. Additionally, to address the struggling brands and advertisers, so as to align their broadcast and digital media strategies with a cohesive, consistent message across a fragmented media landscape, there is a rising demand for real-time moment marketing and thereby deliver the right content to the user along with personalization and relevance in the content, benefitting consumers, broadcasters as well as advertisers. All of these factors are anticipated to contribute significantly towards the growth of the global ACR market.
The market is anticipated to record a CAGR of around 30.12% throughout the forecast period, i.e. 2019-2027. The global ACR market is segmented by vertical into media & entertainment, consumer electronics, e-commerce, education, automotive, IT & telecommunication, healthcare, defense & public safety, avionics and others, out of which, media & entertainment sub-segment is anticipated to hold the largest market share on the back of rise in the streaming of DVRs, Video on Demand and over-the-top media channels across all screens. With the rise in the streaming of these media channels, it has made the viewer’s life significantly better and has allowed them to deliver what, when and where they watch. The resulting action has also affected the advertisers and content owners by making things more difficult for them. Owing to all these factors there is a rising need for identifying all types of media content by the ACR technology which is anticipated to drive the growth of the segment in the global ACR market during the forecast period.CLICK TO DOWNLOAD SAMPLE REPORT
Rise in the pressure to quantify the ROI of significant broadcast media investments in relation to digital media has led to the growing need amongst companies to understand the consumer behavior and thereby provide personalize contents and advertising experiences. Automatic content recognition offers a standard process for coordinating broadcast and digital messaging in real-time. Such a factor increases the success of brand engagement, purchase-lift and online conversions. With the help of ACR, broadcasters can have an accurate and efficient method for measuring the impact of their media campaigns and thereby optimize their marketing strategies to increase viewership. Such a factor is anticipated to contribute significantly towards the growth of the global automatic content recognition market.
There is a significant increase in the number of users of smartphones along with the growth in the consumer electronics segment. According to the statistics by Pew Research Center, smartphone ownership in the U.S. grew from 35% in May 2011 to 81% in February 2019, with an increase in 46 percentage points during the period.
Electronics manufacturing companies are increasingly embedding automatic content recognition technology in smart devices such as TVs and mobile handsets so as to engage with television viewers on their second screens and thereby measure a specific show’s audience viewership in real time. Moreover, increasing consumer demand for more customized content on the back of increasing time spent on leisure activities have also provided a platform for brands to provide customized advertising content based on the users viewing preference. According to a publication of the Bureau of Labor Statistics of the United States Department of Labor, watching TV was the leisure activity that occupied the most time of around 2.8 hours per day, which accounted for just over half of all leisure time on average during the year 2018. All of these factors are anticipated to contribute significantly towards the growth of the global ACR market.
ACR acquires consumer data by recognizing activity from various devices which are inter-connected in a network. Increasing occurrences of data theft and concerns for data privacy along with rising cybercrimes, all of these factors are anticipated to act as a barrier to the growth of the global ACr market.
Our in-depth analysis of the global ACR market includes the following segments:
On the basis of regional analysis, the global ACR market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
Asia Pacific is expected to hold the largest market share on the back of growing technological advancements in the regions across nations, such as, Australia, China, Japan, India and others. Rapid adoption of technology enabled smart devices in the region is also anticipated to promote towards the growth of the market in the region. Additionally, several other factors, such as, increasing population, rising mobile users, mounting popularity of BYOD technology and prosperous IT & telecommunication, all of these factors are anticipated to contribute significantly towards the growth of the global ACR market in the region. According to the statistics by the International Trade Administration of the Department of Commerce, United Stated of America, India is known to have the world’s third largest TV market with 161 million TV households after China and the USA. Additionally, it also anticipated that the greatest growth in the filmed entertainment industry will come from OTT movie-streaming services.
The global ACR market is further classified on the basis of region as follows:
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