Automatic content recognition is a feature available in smart phones and smart televisions which automatically recognizes the content from the media file on the device without the need for manual input. For example: using this feature to recognize the name of a song while it’s playing on any audio player or any other device. This reduces the efforts and chances of inaccuracy involved with manual search.
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Market trends and analysis
The global market of Automatic Content Recognition is expected to grow at a compound annual growth rate of about 7% in the upcoming years. This growth is subject to the market driving factors fueling the growth of market industry of automatic content recognition, which can be classified as-
- Increase in the number of smart phone users and smart televisions thereby resulting in increase in demand for automatic content recognition.
- Elevation in Automatic content recognition applicationin entertainmentand media industry is fueling the market growth too.
- Rising demand for wearable devices in a way contributes towards market growth as well.
- Growing market of consumer market is another aspect to be considered.
- Advancing digital technology is another reason for increase in market growth of automatic content recognition.
The compound annual growth rate of the market industry of automatic content recognition is going to be more than 30% in the next five years, thereby increasing the market size of industry from less than 1 billion in 2016 to more than 3 billion by 2021.
However people are not fully aware about the automatic content recognition which is in a way acting as a hindrance to its market growth. Moreover the limitations of this technology is adding fuel to the fire in restraining the growth of the market.
The major market players, in order to propel their market position andimproving market share, have worked towards mergingwith other prominent players or acquiring the small players or collaborations.
For example –
- Automatic content recognitionCloud entered into partnership with Xiaomi and integrated their music technology with MIUI in February 2016. This will now enable the users to download and stream songs from their music library.
- DigimarcCorporation entered into a partnership withDiadeis, a designing industry. This will enable the users to get easy scanning check out and check inswith the help of digimarc barcode and other valuable mobile engagement as well.
Automatic content recognition can be bifurcated into two segments-
- On the basis of applications :
- Consumer electronics
- Broadcast industry
- Game industry
- Education among others
- On the basis of technology :
- Speech recognition
- Passive fingerprinting
- Digital watermarks
Owing to the developed and advanced media and entertainment industry, North America is expected to witness highest market growth in the global market industry of automatic content recognition.