Digital Content Creation Market to Hit $69.8 Billion by 2030: Grand View Research, Inc.

SAN FRANCISCO, March 28, 2023 /PRNewswire/ -- The global digital content creation market size is anticipated to reach USD 69.8 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 13.5% from 2023 to 2030. The increasing adoption of various technological advancements, such as AI-based applications, increase in the usage of smartphones and the internet, and cloud computing is expected to create growth opportunities for digital content creation tools and services in the global market.

Key Industry Insights & Findings from the report:

• In terms of component, tools dominated the market with a share of 73.7% in 2022. The segment is led by tools owing to their usage in digital marketing which will result in driving the use of digital content creation tools. The services segment is estimated to register a higher CAGR of 14.8% owing to the growth of AI adoption. In 2022, according to the IBM Global Adoption AI Index report, 50% the businesses witnessed benefits from automating their operations through the implementation of AI respectively.
• In terms of content format, video dominated the market with a share of 38.7% in 2022 and registered the highest CAGR of 14.4% in the forecast period. This is owing to the growth in the number of users who feel comfort in watching video content, for instance, according to a survey by google 79% of the respondents in the U.S. said that they found comfort and solace in consuming video content.
• In terms of deployment, the cloud segment dominated the market with a share of 74.7% in 2022 and registered the highest CAGR of over 13.9% in the forecast period. This is owing to the growth of cloud-based digital content creation tools such as Figma, Adobe Creativity Cloud, and several others. In 2021 according to the Design tool survey, 63% of designers preferred to use Figma as their primary tool.
• In terms of enterprise size, the large enterprise segment dominated the market with a share of 61.7% in 2022. In the large enterprise segment, firms are adopting AI at a faster rate. For instance, according to Adobe, four in ten organizations were planning to leverage AI, and in 2020 39% of companies in the large enterprises segment planned to invest in AI. Moreover, small and medium enterprises will register the highest CAGR of over 14.1% owing to the adoption of cloud computing services. According to a cloud computing statistics report published in 2022 by a computer software company, Flexera, the pandemic caused more than 30% of small and medium businesses to use cloud computing.
• In terms of end user, retail and e-commerce dominated the market with a share of 32.4% in 2022 owing to the growth of digital advertising spending in the retail industry, which would drive the creation of digital content. Furthermore, media and entertainment will register the highest CAGR of 14.9%. One of the factors responsible for its dominance is the growth in the OTT video market, according to research by ABI in 2020; the global OTT video market will reach USD 200 billion by 2024.
• The market was dominated by the North American region with a share of 33.8% in 2022, one of the key reasons being the dominance of the music industry in North America, as in North America, according to the Recording Industry Association of America, 83% of the revenue made by the American music industry in 2021 came from streaming services. Moreover, the Asia Pacific region will witness the highest CAGR of over 15.0% in the forecast period, as in July 2022, according to the GSMA report, the 5G subscribers increased by 67% in the developed region of Asia Pacific region respectively.

Read 182-page market research report, "Digital Content Creation Market Size, Share & Trends Analysis Report By Component, By Content Format (Textual, Graphical, Video, Audio), By Deployment, By Enterprise Size, By End-user, By Region, And Segment Forecasts, 2023 - 2030", published by Grand View Research.

Digital Content Creation Market Growth & Trends

In 2022, according to the IBM Global Adoption AI Index report, 35% of the firms reported using AI in their operations which was a four-point growth from 2021. The key factor for adopting AI was the accessibility that made AI simple to implement throughout the firm, moreover, various firms are also shifting to AI to help them enhance task automation and reduce costs.

The COVID-19 pandemic had a positive impact on the digital content creation market. A global increase in COVID-19 cases slowed the economy, and many corporations were shutting down as a result of partial or total lockdowns. The growth in the usage of online platforms was driven by lockdowns as people were finding a different medium to entertain themselves during the pandemic, moreover, this caused an increase in the usage of online shopping and streaming platforms. For instance, according to a report by UNCTAD, the online e-commerce store Mercado Libre in Latin America sold two times more products in the second quarter of 2020 as compared to the same period in 2019. Furthermore, the e-commerce platform Jumia in Africa reported a 50% growth in transactions during the first six months of 2020. Moreover, in 2020, according to a report by BCG, OTT subscriber growth increased by 60% due to the Covid-19 outbreak.  The report stated that Indian customers paid more for the content they viewed during the pandemic.

Digital Content Creation Market Segmentation

Grand View Research has segmented the digital content creation market by component, content format, deployment, enterprise size, end-user, and region:

Digital Content Creation Market - Component Outlook (Revenue, USD Million, 2017 - 2030)

• Tools
• Services

Digital Content Creation Market - Content Format Outlook (Revenue, USD Million, 2017 - 2030)

• Textual
• Graphical
• Video
• Audio

Digital Content Creation Market - Deployment Outlook (Revenue, USD Million, 2017 - 2030)

• On-Premise
• Cloud-Based

Digital Content Creation Market - Enterprise Size Outlook (Revenue, USD Million, 2017 - 2030)

• Large Enterprise
• Small and Medium Enterprise

Digital Content Creation Market - End-User Outlook (Revenue, USD Million, 2017 - 2030)

• Retail & E-commerce
• Automotive
• Healthcare & Pharmaceutical
• Media & Entertainment
• Travel & Tourism
• Others

Digital Content Creation Market - Regional Outlook (Revenue, USD Million, 2017 - 2030)

• North America
• U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Netherlands
• Asia Pacific
• China
• India
• Japan
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Argentina
• Chile
• Middle East & Africa
• United Arab Emirates (UAE)
• Saudi Arabia
• South Africa

List of Key Players in the Digital Content Creation Market

• Microsoft Corporation
• Picsart
• Adobe Systems
• Corel Corporation
• Acrolinx
• Google LLC
• Integra Software Services
• MarketMuse
• Quark Software
• Canva

Check out more related studies published by Grand View Research:

• Content Services Platforms Market - The global content services platforms market size is anticipated to reach USD 190.59 billion by 2030, registering a CAGR of 17.3% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for content services platforms owing to their benefits such as easy-to-use interface, improved content management, improved security in cloud storage, enhanced hybrid cloud management, and application integration is driving the market growth.
• Virtual Production Market - The global virtual production market size is expected to reach USD 6.78 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to register a CAGR of 18.2% from 2023 to 2030. The rising popularity of virtual production in the media and entertainment industry, combined with its capabilities to create high-definition visuals and real-time virtual environments, is the key factor propelling the growth of the market.
• AdTech Market - The global AdTech market size is expected to reach USD 2,422.35 billion by 2030, according to a new report by Grand View Research, Inc. The market is anticipated to expand at a CAGR of 13.7% from 2023 to 2030.Adtech (advertising technology) refers to the technology and software used to manage, deliver, and measure the effectiveness of online advertisements.

Browse through Grand View Research's Digital Media Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James 
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]  
Web: https://www.grandviewresearch.com  
Grand View Compass | Astra ESG Solutions  
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg

SOURCE Grand View Research, Inc