According to a new report by UnivDatos Market Insights, the Deepfake AI Market was valued at approximately USD 550 Million in 2023 and is expected to grow at a substantial CAGR of around 40.5% during the forecast period (2024-2032). This is mainly due to personalization in marketing, sophistication in the AI industry, and affordable ways to produce content. The rising usage of media and communications, e-business, and virtual contact also contribute to market growth. In the industry, deepfake AI is a new platform to create content and develop advertising techniques, and training applications to improve user experience. Moreover, due to ethical and regulatory concerns about misuse and privacy, there are forces for responsible use that define future market conditions.
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For instance, on August 7, 2024, Santander, a leading global bank, announced a new initiative to combat the growing threat of AI deepfake scams. The campaign highlights the increasing risk posed by advanced generative AI technologies and aims to educate the public on recognizing and protecting themselves from these sophisticated fraud tactics.
Segments that transform the industry
Based on the offering, the market is segmented into software and services. The software held a significant share of the market in 2023. The software segment has also a remarkable role in the promotion and adaptation of the deepfake AI market through the availability of simple-to-use tools to create superior fake data in the least time. In addition, many software solutions contain inbuilt tools for the fight against deepfakes that prevent the questionable usage of such technology and increase confidence among customers. Also, more recent changes in software capabilities and effectiveness help to bring the cost of production down, which means more organizations turn to deepfake technologies. In July 2024, CivAI, a nonprofit that builds concrete understanding of AI capabilities and dangers through interactive software, announced the launch of CivAI’s Deepfake Sandbox – a free, public tool that allows anyone to create an image deepfake of themselves and learn more about generative AI in under 30 seconds. Created with publicly available software, CivAI’s Deepfake Sandbox offers everyone the opportunity to experiment with high-quality deepfakes and learn more about the risks generative AI poses for democracy, media, cybercrime, and more
Here are five examples of government regulations, laws, and legal frameworks that influence the Deepfake AI market:
1. The European Union’s NIS2
· Today, 17 October 2024, marks the deadline for European Union member states to transpose the Network and Information Security (NIS) Directive 2 into applicable national law – and begin enforcing the updated cybersecurity rules.
2. The US National Cybersecurity Strategy
· In May 2024, the US government announced that several aspects of the US National Cybersecurity Strategy were advanced or had gone into force this year.
3. Singapore's Operational Technology Cybersecurity Masterplan
· Singapore's Operational Technology Cybersecurity Masterplan 2024, which was released in August 2024, is a new piece of legislation that aims to bolster cybersecurity around the technology that underpins much of a modern economy.
According to the report, the impact of Deepfake AI has been identified to be high for the North American area. Some of how this impact has been felt include:
North America held a dominant share of the deepfake AI market in 2023 owing to the technologically advanced structure and huge investments in artificial intelligence. For example, on October 22, 2024, Accenture made a strategic investment, through Accenture Ventures, in Reality Defender, an RSA Innovation award-winning cybersecurity company specializing in deepfake detection. Together, Accenture and Reality Defender will equip clients in the financial services, media, and high-tech industries with the ability to rapidly identify, detect, respond to, and prevent deepfake fraud.
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The entertainment and media sectors are strongly developed in the region, and they widely adopt deepfake technology for generating interactions for the viewers to become more personal. Also, the market has strong aspirations because famous tech-science companies as well as startups located in this region are investing and constantly developing deepfake solutions. This application of deepfake AI in advertising, education, and virtual reality widens the demand for deepfake AI in every market. Also, the application of ethics into deepfake production as well as increasing awareness and regulatory steps concerning the ethical use of deepfakes define the market contour that promotes safer use and fosters consumer confidence.
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