by 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: Digital artwork refers to the creation of art using digital technology, such as computers, software, and digital devices. This market offers various advantages, including easy reproduction and distribution of artwork, cost-effectiveness, and the ability to experiment with different artistic techniques. The growing popularity of digital creations across various industries, such as advertising, media, and entertainment, is driving the demand for digital artwork.
Market Key Trends: One key trend in the digital artwork market is the rising demand for non-fungible tokens (NFTs) in the art industry. NFTs are unique digital tokens that represent ownership or proof of authenticity of a digital artwork. They have gained significant traction in the art world, allowing artists to monetize their digital creations through blockchain technology. The increasing acceptance and adoption of NFTs by artists, collectors, and investors are expected to drive the growth of the digital artwork market during the forecast period.
Porter’s Analysis:
Threat of New Entrants: The digital artwork market poses a moderate threat of new entrants. While barriers to entry are relatively low, the market is already saturated with established platforms and key players. Moreover, the high level of expertise and technical knowledge required to create and showcase digital artwork acts as a deterrent for new entrants.
Bargaining Power of Buyers: The bargaining power of buyers in the digital artwork market is high. Buyers have access to a wide range of platforms and artists, allowing them to compare prices and quality of artwork. This puts pressure on sellers to offer competitive prices and high-quality content to attract buyers.
Bargaining Power of Suppliers: The bargaining power of suppliers in the digital artwork market is relatively low. Artists and creators have numerous platforms available to showcase and sell their work, reducing their dependence on any single platform. Additionally, the increasing number of artists and creators entering the market further dilutes the bargaining power of individual suppliers.
Threat of New Substitutes: The threat of new substitutes in the digital artwork market is low. Digital artwork offers a unique and innovative medium for artists to express their creativity, which is difficult to replicate through traditional art forms. The growing popularity of digital artwork and its unique features make it unlikely to be replaced by traditional art forms.
Competitive Rivalry: The competitive rivalry in the digital artwork market is intense. Numerous platforms and players compete for artists and buyers, leading to frequent price wars and innovation. The presence of established players and the constant emergence of new platforms contributes to intense competition within the market.
Key Takeaways:
The Global Digital Artwork Market is expected to grow at a high rate, exhibiting a CAGR of 16.8% over the forecast period of 2023-2030. This growth can be attributed to the increasing adoption of digital platforms for art consumption, the rising popularity of digital artists, and the growing acceptance of digital artwork as a legitimate form of art.
In terms of regional analysis, North America is expected to be the fastest-growing and dominating region in the digital artwork market. The presence of key players, such as DeviantArt and Nifty Gateway, along with a tech-savvy population and high disposable incomes, are contributing factors to the region’s dominance.
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 players are driving the growth of the market through their innovative platforms, artist collaborations, and strategic partnerships.
In conclusion, the digital artwork market is experiencing significant growth and is expected to continue expanding in the coming years. The presence of key players, increasing adoption of digital platforms, and growing acceptance of digital artwork as a legitimate form of art are driving factors for the market’s success.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
