It seems that artificial intelligence (AI) generated content is continuously finding new ways to appeal to audiences. Nowadays, AI models have come up which enable the conversion of text into videos. From what it’s understood, text-to-video AI can take into account written content and transform it into a blend of animations, voiceovers, and images. “I believe AI plays a role in enabling text-to-video conversion by leveraging natural language processing (NLP) and computer vision technologies. Through algorithms, AI can interpret textual inputs, identify visual content, and integrate them into video narratives. This process involves text understanding, scene generation, and video synthesis, enabling the transformation of written content into visual representations,” Phani Tangirala, head of solutions and delivery, digital and technology services India, Expleo, an engineering, technology and consulting service provider, told FE TransformX.
Based on how things stand, text-to-video AI has emerged as an important marketing means, as it can help enhance customer satisfaction and user engagement. From an e-commerce purview, content makers can make use of text-to-video AI to increase traffic on social media platforms. Going by market research, components of text-to-video AI are NLP, which allows the AI to understand the text’s language, and machine learning (ML), which works in cooperation with other applications such as speech synthesis, advanced animation methodologies, and image recognition. In terms of benefits related to text-to-video AI, this kind of AI can enhance the speed of video content creation, along with access to better quality animation, and special effects, and ensure affordability for all kinds of users. Case studies have been able to record the efficiency level of text-to-video AI, as was seen in the case of a marketing firm which developed promotional video content, by incurring a 70% decrease in production period along with a twofold increase in content results barring extra expenses.
“I think text-to-video AI models open up usability and should be considered a leap in storytelling. Traditional video production requires skill, resources, and time, all of which come at a budget that seemingly fails to bring the creator’s idea into a visual representation. Text-to-speech AI models can help bridge that gap and will change the way we see content creation today empowering creators. I have high expectations with the Sora model as it claims to be an AI model that can create realistic and imaginative scenes from text instructions. I expect it to create videos that are realistic and contextual,” Alok Kashyap, founder and CEO, Yatiken Software Solutions, an information technology (IT) staffing, application and web development company, highlighted.
In recent developments, OpenAI launched Sora, which is a text-to-video AI model capable of creating minute-long videos. Reportedly, Sora is capable of developing complex scenes with multiple characters, certain motion kinds, and precise details of the subject and background. Market experts believe that Sora is capable of growing content creation for banks enabling them to deliver personalised and engaging video content at scale, along with its integration of cutting-edge AI techniques to grow the quality of communication and customer engagement. Other text-to-video AI models present in the market include Rubick Product Information Management (PIM) Suite, which is a cloud-based conversion tool, Lumen 5, which makes use of ML algorithms, Designs.ai, which makes use of a video-creating application called Videomaker, Veed.io, which can auto-create subtitles for social media content, Pictory, which comprises of a stock footage library, and Wave.video, which has a depository of images and clips. As far as numbers are concerned, Pragma Market Research, a market research and business consulting firm, valued the worldwide text-to-video AI sector at $100 million in 2023 and expects it to reach $1062.5 million by 2030, at a 37.1% compound annual growth rate (CAGR) for 2024-30.
Moreover, future predictions indicate that text-to-video AI models can inculcate real-time localisation and translation facilities, which can enable banks to provide multilingual services. “These models will likely become accessible to a broader range of users, including content creators, marketers, and educators, among others, as user-friendly interfaces and cloud-based services become more prevalent. Additionally, we can expect these models to integrate with other AI technologies to offer solutions for content creation and communication. Furthermore, advancements in hardware capabilities, particularly in graphics processing units (GPUs) and neural processing units (NPUs), should contribute to efficient video generation. We also anticipate the establishment of security and privacy standards for such models to prevent misuse and avoid disrupting people’s lives,” Sarvagya Mishra, co-founder and director, Superbot, an AI-powered voice agent startup, concluded.