June 14, 2024

The Growing Digital Artwork Market is Driven by Increasing Demand for Creative Artistic Expressions

The digital artwork market has seen tremendous growth over the past few years driven by the increasing demand for unique and creative artistic expressions. Digital artworks allow artists to explore new mediums and techniques using digital tools and technologies. Digital paintings, graphics, videos and 3D models are some popular forms of digital art that are widely created and distributed. Digitally created artworks offer advantages like high resolution, wide accessibility through digital platforms, ease of editing and version control. Artists are leveraging digital mediums to push creative boundaries and connect with a global audience. The proliferation of social media and online creative communities has further fueled the consumption and patronage of digital artwork.

The global digital artwork market is estimated to be valued at US$ 4.72 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

The growing adoption of Non-Fungible Tokens or NFTs has emerged as a major trend in the digital artwork market. NFTs provide artists a means to sell ownership rights to their otherwise easily reproducible digital creations. This has opened new monetization opportunities for digital artists and inspired many to explore NFT marketplaces. Top NFT platforms are witnessing record trading volumes amid rising interest from collectors. Advanced rendering techniques using VR/AR/MR technologies also offer vast potential for digital artists to immerse audiences in virtual worlds and gamify artistic experiences. Immersive XR art is gaining momentum.

Porter’s Analysis

Threat of new entrants: The digital artwork market has moderate threat of new entrants as it requires large investments for setting up manufacturing units and R&D facilities.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of numerous players in the market offering similar products.

Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to availability of substitutes.

Threat of new substitutes: Threat of new substitutes is low as there are no close substitutes for digital artwork.

Competitive rivalry: The market has high competitive rivalry with major players focusing on new product innovations and expansion.

Key Takeaways

The Global Digital Artwork Market Share is expected to witness high growth over the forecast period due to increasing demand for digital art from various end use industries such as video games, films, printing and broadcast.

North America is expected to hold the largest share in the global digital artwork market over the forecast period owing to heavy investments in R&D activities and presence of major players in the region. Asia Pacific is expected to grow at the fastest pace due to rising art and entertainment industries in the region along with increasing internet penetration.

Key players operating in the digital artwork market are EpiWorks Inc., Global Wafers Japan Co. Ltd., Nichia Corporation, SHOWA DENKO K.K., Siltronic AG, Desert Silicon Inc., Electronics and Materials Corporation Ltd. Intelligent Epitaxy Technology Inc.IQE plc., Jenoptic AG, MOSPEC Semiconductor Corporation, Norstel AB, Ommic S.A., Silicon Valley Microelectronics Inc., SVT Associates Inc. Universal Wafer Inc., Wafer Works Corporation, Xiamen Powerway Advanced Materials Co. Ltd., and Visual Photonics Epitaxy Co. Ltd. Major players are focusing on new product innovations and expansion to gain competitive advantage in the market.

*Note:
1.      Source: Coherent Market Insights, Public sources, Desk research
2.      We have leveraged AI tools to mine information and compile it