Digital Artwork Market Is Estimated To Witness High Growth Owing To Increasing Adoption of Digital Art
The global digital artwork market is estimated to be valued at US$ 4.09 billion in 2023 and is expected to exhibit a CAGR of 16.8% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
The digital artwork market refers to the creation, distribution, and sale of digital art using various digital technologies such as computers, tablets, and smartphones. Digital artwork offers several advantages over traditional art forms, including easy accessibility, the ability to be easily reproduced and shared, and lower production costs. The increasing adoption of digital art among artists and art enthusiasts, along with the growing demand for unique and innovative artworks, is driving the growth of the digital artwork market.
Market Key Trends:
One key trend driving the digital artwork market is the rising popularity of Non-Fungible Tokens (NFTs). NFTs are unique digital assets that are stored on a blockchain and represent ownership of a digital artwork or other digital content. With the emergence of NFTs, digital artists can now sell their artwork directly to collectors, eliminating the need for intermediaries such as art galleries. NFTs also provide artists with the opportunity to earn royalties whenever their artworks are sold or traded. The growing interest in NFTs among collectors and investors is expected to fuel the growth of the digital artwork market in the coming years.
PEST Analysis:
Political: The political factors that may affect the digital artwork market include government regulations and policies related to intellectual property rights and copyright laws. Any changes in these regulations can impact the legal protections and ownership rights of digital artwork.
Economic: The economic factors influencing the market include the disposable income of consumers, overall economic growth, and the purchasing power of individuals. As the economy grows and disposable incomes increase, consumers are more likely to invest in digital artwork.
Social: The social factors include the preferences and trends in the art industry along with the changing consumer behavior. The growing interest in digital art and the increasing popularity of online art platforms are key social factors that can drive the growth of the market.
Technological: The technological factors in the digital artwork market include advancements in digital platforms, software, and tools that enable the creation, display, and distribution of digital art. Technological innovations can enhance the accessibility and reach of digital artwork, attracting more artists and buyers to the market.
Key Takeaways:
The Global Digital Artwork Market is expected to witness high growth, exhibiting a CAGR of 16.8% over the forecast period (2023-2030), due to the increasing adoption and popularity of digital art among consumers. The market is driven by factors such as the growing interest in digital art, advancements in technology, and the emergence of online art platforms.
Regionally, North America is projected to be the fastest-growing and dominating region in the digital artwork market. The region has a well-established art market and a high number of digital artists and art enthusiasts. Additionally, the presence of major online art platforms and technological advancements contribute to the growth of the market in this region.
Key players operating in the digital artwork market include DeviantArt, Nifty Gateway, SuperRare, Foundation, MakersPlace, KnownOrigin, Async Art, ArtBlocks, OpenSea, Rarible, NTWRK, ArtStation, Artsy, Saatchi Art, Singulart, DigitalArt4Climate, Hic et Nunc, Showtime, Verisart, and Artmajeur. These key players offer digital platforms and services to artists, collectors, and art enthusiasts, enabling them to create, buy, sell, and showcase digital artwork. Their presence in the market signifies the competitive landscape and growth potential of the digital artwork market.