Author: Kristen Wilson
The AI video generator market is projected to expand significantly over the next decade. On the heels of the launch of popular AI tools like ChatGPT, the AI video generator market is poised to explode.
According to a recent report from Market.us on Globe Newswire, the market is set to reach a value of USD 2,172 million by 2032, representing a compound annual growth rate (CAGR) of 23.6% from 2023 to 2032.
In this quick blog, we’ll take a closer look at the report’s findings and explore what’s driving the growth of the AI video generator market and some of the challenges that lie ahead.
What is an AI Video Generator?
An AI video generator is software that uses artificial intelligence (AI) algorithms to create video content automatically. These tools are designed to streamline the video production process by automating many time-consuming tasks, such as selecting and editing footage, adding effects, and creating transitions.
AI video generators can be used in various settings, from creating marketing videos for businesses to generating educational content for online courses. They can also be used to create personalized video messages or to automate video content creation for social media platforms.
The growth of the AI video generator market is being driven by many factors, including:
Rising Demand for Video Content:
With the rise of social media platforms like YouTube, Instagram, and TikTok, there has been a massive increase in demand for video content. Brands, businesses, and individuals are all looking for ways to create engaging video content to capture the attention of their audiences. But the challenge most businesses face is staff bandwidth and/or budget to create videos.
(Read more about the rising demand in our blog: Why Your Brand Should Be Using Automated Video Content.)
Automation and Efficiency:
AI video generators offer a way to automate many of the tasks involved in video production, which can save time and reduce costs. This is particularly important for businesses and content creators who need to produce a large volume of video content.
Advances in AI and machine learning algorithms are making it possible for AI video generators to produce more sophisticated and high-quality video content. This opens up new possibilities for video production, such as creating personalized video messages. localizing video content, or generating video content in real time.
While the growth of the AI video generator market is promising, a number of challenges also lie ahead. These include:
One of the biggest challenges facing the AI video generator market is ensuring that the quality of the video content meets the industry’s standards. While AI algorithms are getting better at producing high-quality content, there still needs to be a human to review and edit the content. But thankfully, tools like Pronto are very user-friendly and don’t require any specialized editing skills to edit the AI-generated video content.
With the rise of AI video generators, the ownership of the content produced could become a legal grey area. This is particularly important for businesses and content creators relying on video content for revenue streams. When considering AI video tools, ensure that the tool has proper licensing set up that doesn’t have any IP ownership issues as this is a significant area of concern for most businesses.
The AI video generator market is poised for significant growth over the next decade, driven by rising demand for video content and advances in AI technology. While challenges lie ahead, the potential benefits are clear, offering a way to streamline the video production process and produce high-quality video content at scale.
As with any emerging technology, addressing these challenges and establishing best practices for using AI video generators will be essential. With careful planning and attention to detail, businesses and content creators can leverage the power of AI to create engaging video content that resonates with their audiences in a quick and efficient manner without breaking the bank.
More details on the report can be found here.
To learn more about specific tools that can build these AI generated video content, please read our blog: Automated Video Content 101 or create your own video in less than a minute at www.getpronto.ai.
Pronto is a simple-to-use AI-based tool for creating videos to market your business on social and video platforms. Pronto is making the process seamless and focused for your team, even for employees with no editing skills or experience, at the forefront of AI-based video creation. This is crucial as content marketers from different industries adapt to the voracious appetite for video content happening around them.
Plus, with Pronto, you will have detailed insights into your videos’ performance with data analytics to see what’s working! Whether it’s quick transitions or punchy overlaid text, you can track the efficacy of your efforts in a split second.
Visit GetPronto.ai to build a video in less than a minute or to learn more!