Digital Content Creation Tools and Services Gather Attention Among Businesses in Retail and Hospitality Industries to Advance Digital Marketing Strategies
The digital content creation market has evolved rapidly over the past decade pivoting on growing appraisal of the growing role of digital marketing strategies in business expansion. Concurrently, the tools and services that enable businesses to grow their digital presence have proliferated in numbers and expanded in scope.
Small Businesses Embrace Digital Content Creation Tools to Strengthen their Online Presence
The demand for digital contents among small and medium enterprises (SMEs) has risen worldwide. Creators have been using innovative user interfaces and designs to attract small businesses. The trend of rise in digital content among them will likely offer incremental opportunities to players in the digital content creation market.
The past few decades have witnessed steadily rising digitalization of the economy, expanding the prospects of the digital content creation market. However, businesses in some industries were relatively slow to adopt digital-first approaches in marketing for formulating their growth strategies. This has been in large part due to their preference of being laggard or a late adopter of innovative digital tool.
Stridently, in recent months, the COVID-19 pandemic upended how businesses across industries selected their consumer value propositions and targeted them to capture profitable avenues. The pandemic-induced decline in consumer spending made them see digital marketing strategies in new light, notably social media promotion. This has spurred investments in the digital economy, and eventually unlocked vast revenue prospects for players in the digital content creation market. Indeed, social media marketing has emerged as the new paradigm in the digital economy, and is offering vast revenue streams for digital content creators.
The past few years have witnessed surge in digital ad spending, particularly after the onset of COVID-19 pandemic in several economies around the world. This is a key trend bolstering opportunities for service providers and technology companies in the digital content creation market. The global market valuation is projected to advance at CAGR of 17% during 2019 – 2027.
The media and entertainment industry is at the forefront of utilization of digital content creation tools to collaborate and find new approaches in storytelling to audiences. They are increasingly spending on the deployment of SaaS in a bid to speed up production and postproduction processes. The trend is likely to open up lucrative avenues in the digital content creation market in the near future. The burgeoning demand for digital contents by OTT service providers spurred the revenue generation, for instance.
Hospitality industry is another lucrative sector for players in the digital content creation market. Players have been increasingly grated toward harnessing email marketing to attract potential customers or to cement trust among the existing ones.
Retailers Leveraging Digital Content Strategy to Enhance In-store Experience, Share of Retail Industry to Climb from 21% in 2019 to 26% by 2027
The retail industry is another key industry likely to offer substantial revenues to players in the digital content creation market. In 2020, several brick-and-mortar stores have shifted to digital-first approach to stay afloat during the restricted economic activities during COVID-19 outbreaks in various economies. Digital content creation service providers have climbed on the bandwagon and are offering a range of products to meet the needs of such customers. This has cemented the prospects of the digital content creation market.
Other businesses in retail industry who already had a digital presence were quick to accelerate their digital marketing efforts.
North America Market Takes the Lead, Asia Pacific Market Replete with Potential Revenues
Globally, North America held the major market share of digital content creation market. The growth has been increasingly propelled by vast penetration of digital content creation tools and services in the region.
Asia Pacific is emerging as the hotbed of opportunities, with growth sprearheaded by widespread demand and production of digital content in China, Japan, and India. Strides being made in digital economies in the region and advancements in the internet technologies are boosting the prospects, note the study on the digital content creation market.
Global Digital Content Creation Market: Segmentation
Digital Content Creation Market, by Component
o Content Authoring
o Content Transformation
o Content Publishing
o Professional Services
o Managed Services
Digital Content Creation Market, by Content Format
Digital Content Creation Market, by Deployment Type
Digital Content Creation Market, by Enterprise Size
• Small & Medium Enterprises
• Large Enterprises
Digital Content Creation Market, by End-use Industry
• Healthcare & Pharmaceutical
• Media & Entertainment
• Travel & Tourism
• Others (Manufacturing, Utilities)
Digital Content Creation Market, by Region
• North America
• Asia Pacific
• Middle East & Africa
• South America
With the penetration of internet, every business across the globe is fast migrating to the digital space. Moreover, the growing adoption of automation, penetration of 4G and 5G network services, and easy availability of connected devices, will revolutionize the technology space. Explore Transparency Market Research’s award-winning coverage of the global IT & Telecom Industry: