Text-to-Video Market to Experience Robust Growth

Market Research firm The Business Research Co. has reported that the burgeoning text-to-video market highlights an unprecedented growth trajectory, increasing from $240 million in 2023 to an estimated $310 million in 2024 and $890 million by 2028.

Advanced artificial intelligence technologies, elevated social media consumption, and an increased focus on user engagement have catalyzed this robust market expansion, it said. The integration of multilingual capabilities, proliferation of online learning, and improved visual fidelity are also pivotal factors contributing to this sustained growth.

Emerging trends, such as the merging of voice and speech synthesis and the synergy between virtual reality and text-to-video artificial intelligence platforms herald a new era of immersive multimedia experiences, the firm also said in its report.

With 91 percent of businesses embracing video marketing, the demand for tools that can convert text to engaging visual narratives is on the rise, it said further, noting that the continued growth in social media usage provides a fertile ground for the text-to-video AI market. A staggering 4.8 billion social media users worldwide create an enormous potential audience for AI-generated video content.

Potential challenges, such as the ethical use of AI in content creation, are also being scrutinized, according to the company, which also noted that concerns about the generation of misinformation and deepfakes have sparked a conversation on responsible AI practices and the implementation of ethical standards within the industry.

Companies mentioned in the report as top industry participants included Google, Meta, IBM, Baidu, VistaCreate, Vimeo, Animaker, Vedia, Vyond, Animoto, Powtoon, Movio, Ezoic, Creatopy, Synthesia, Renderforest, De-identification, Wideo, Wavve, Videolicious, Biteable, Wochit, Raw Shorts, Clipchamp, DeepBrain AI, Moovly, and Designs-ai.