Text to Video Generator using AI
Al video generators use Artificial Intelligence (AI) to create videos by using data from a variety of sources, including text, images, and audio files. The user does not require any equipment, an editing studio, or a premium video editing application to be able to create videos. To make Al videos, the user can choose any Al video generator, enter any text, choose an avatar, and generate the Al video. The benefit of Al video generator is that no video editing is required, and the user does not even need to appear in the video.
The global Al Video Generator Market is expected to grow from USD 411.5 million in 2022 to USD 1082.7 million in 2027, at a CAGR of 17.5%. The growth of online video content consumption on video platforms, growth of short videos, and demand for audio video material in various fields are some of the major factors fuelling the growth of Al Video Generator market.
Drivers: The growth of online video content consumption on video platforms.Online video consumption has been on the rise with the current average viewer spending 100 minutes a day watching digital videos. For businesses, the potential to reach consumers via online videos is high. According to the latest online video consumption statistics, 92.6 percent of global internet users worldwide watch digital videos each week. This refers to any kind of video - from music videos and tutorials to gaming and influencer videos. The most popular videos on the internet are music videos. Just over half of all internet users watch them every week. Comedy, meme, or the commonly termed "viral videos are the second most popular type of videos and are watched by over one-third (36.5 percent) of global internet users. This is followed by tutorials or how- to videos, with 29.8 percent, and video live streams with 29.6 percent.
Drivers: The demand of video content in various fields like ecommerce, education etc.
In an ecommerce business, the online video consumption statistics are important as it helps to understand the buyers' preferences. It helps to adjust the video marketing strategy accordingly to ensure the videos are not only being watched but also reaching the right audience. For instance, the high number of people watching tutorials or how-to videos could mean that it may be worth investing in creating a how-to product video. This is especially if the products are innovative and/or if their value proposition cannot be adequately conveyed through text or static images. Video live streams can also help to foster a sense of community with the buyers, cultivating a relationship with them.
Also, the educational videos and sports clips or highlights videos, consumed by 28.5 percent and 27 percent of internet users, respectively. This is followed by gaming videos, which 26.9 percent of people watch. The product review videos are also watched by 26.7 percent of consumers online every week.
Challenges: High subscription charges to restrict the growth of video generator market
The subscription charges are still a challenge with upcoming influencers and users. Most of the individual content providers are working on their own and do not have financial support to back up their content. The Al video generators are charging premium either on monthly basis or quarterly basis to use all the required features. This will impact the revenue generation of the market.
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Key players in the market
Synthesia (UK), Lumen5(Canada), Rephrase.ai(US), Synths video(US), Muse.ai(US), Raw Shorts (US), are few key players in the Al Video Generator Market.
Recent developments
? In October 2022, Google announced it will soon release their text-to-video generator. The generator is still in its development phase, but by the time it reaches a publicly releasable state, it will be capable of producing 1280×768 videos at 24 frames per second from a basic written prompt.
? In October 2022, Meta, the parent company of Facebook, has unveiled a new product that will allow users to create videos generated by artificial intelligence. Make-a-Video, which is not yet available for public use, will allow users to create videos from a text prompt in the latest addition to the recent push for Al-generated art.