According to a new market research report “Computational Creativity Market by Component (Solutions and Services), Technology, Application (Marketing & Web Designing, Product Designing, Music Composition, Photography & Videography, Automated Story Generation), and Region - Global Forecast to 2023", published by MarketsandMarkets™, the global Computational Creativity Market size is expected to grow from USD 204 million in 2018 to USD 685 million by 2023, at a Compound Annual Growth Rate (CAGR) of 27.4% during the forecast period.

Major factors fueling the market growth include automation of creative tasks to improve the creative process. Increasing adoption of computational creativity solutions in modern applications and increasing investments and funding in the computational creativity start-ups could provide growth opportunities for vendors in the market.

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Computational creativity is the application of computer technologies to emulate, study, stimulate, and enhance human creativity. Computational creativity applies artificial intelligence (AI) to create things that were imagined impossible for computers, such as paintings, sculptures, and fiction. Automation of creative tasks and enhanced creative process are expected to be major growth factors for the market.

In the computational creativity market by component, the solution segment is expected to grow at a higher CAGR during the forecast period. The demand for computational creativity solutions is increasing globally, due to a growing focus on automating creative tasks, such as composing music, editing photographs and movies, designing graphics, and websites.

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In the computational creativity market by solution, the platform segment is expected to grow at a higher CAGR during the forecast period. The increasing demand for AI-based platforms which perform creative tasks in less time. Major vendors such as IBM and Microsoft offer AI-based platforms for enhanced creative workflows.

The computational creativity market by services segment has 2 subsegments: the professional and managed services. The managed services segment is expected to grow at a higher CAGR during the forecast period. Managed services play a significant role, as they are client-specific and help in streamlining the client’s business processes.

The computational creativity market by application is further segmented into marketing and web designing (branding and advertising), product designing, music composition, photography and videography, high-end video gaming development, automated story generation, and others (training simulation and R&D). The product designing application is expected growth at the highest CAGR during the forecast period. Computational creativity in product designing is playing a crucial role by acting as a creative tool to engineers and product designers. Most of the creative designers across the globe prefer AI-based computational creativity for designing innovative products in less time.

North America is expected to hold the largest market size in the global computational creativity market, while Asia Pacific (APAC) to grow at the highest CAGR during the forecast period. The well-developed digital economy in North America and the expansion of the creative industry are the key factors contributing to the growth of the computational creativity market in the region. The computational creativity market in APAC has gained traction, due to the rising demand for AI-based creative process

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