The global digital content market size is expected to grow by USD 519.83 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Digital Content Market 2020-2024 (Graphic: Business Wire)
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The use of smart connected devices has enabled people to access online content across various devices. This has led to higher demand for digital content as it offers the flexibility of place and time. Innovations in devices have further led to higher demand for digital content platforms. This has increased data traffic, and the variety of content consumed online. Today digital content includes content that is produced for commercial purposes and tailored to users’ preferences. Such content is developed based on data collected from smart devices. These factors will drive the demand for digital content, and the market is expected to grow substantially during the forecast period.
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As per Technavio, the high utilization of social media will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Digital Content Market: Increasing Utilization of Social Media
The high utilization of social media is one of the major trends being witnessed in the global digital content market. Social media has become a major source of data for many organizations because of their ability to provide instant feedback through blogs and social networking sites. Content developers and advertisers are tapping social computing tools for branding, marketing, broad-based knowledge management initiatives, and recruitment, which will drive cost-efficient collaborations across the global workforce. By registering on social networking sites such as Twitter and Facebook, vendors explore new platforms to market their latest services, products, and solutions to gain public feedback and opinions. The increased importance of sentiment analysis and the advances in text analytics are also encouraging organizations to include social media in their business processes.
"Factors such as the growing popularity of 360-degree content, and the proliferation of mobile apps will have a significant impact on the growth of the digital content market value during the forecast period," says a senior analyst at Technavio.
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Digital Content Market: Segmentation Analysis
This market research report segments the digital content market by geography (APAC, North America, Europe, South America, and MEA), device (mobile and non-mobile), and type (digital video content, digital game content, digital text content, and digital audio content).
The APAC region led the digital content market share in 2019, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the rising disposable income, and the growing consumption of online content.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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