by The digital artwork market has seen significant growth over the recent years driven by the emergence of digital art and rise of digital exhibitions across the globe. Digital artwork refers to any type of visual artwork created using digital tools and media. It includes digital illustrations, digital paintings, digital prints, and other types of computer-generated art. Digital art has opened up new opportunities for artists to create and share their work across screens. They provide more flexibility for artists to experiment and customize their artwork with layers and other digital tools.
The global digital artwork market is estimated to be valued at US$ 4.09 Billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market Key Trends:
Growing Popularity of NFTs and Blockchain Technology
The growing popularity of non-fungible tokens (NFTs) and blockchain technology has emerged as a major trend driving growth of the digital artwork market. NFTs provide a way for artists to authentically prove the ownership and authenticity of digital artworks. Many renowned artists are now selling their digital creations as NFTs and are able to earn ongoing royalties each time the artwork is resold. The ease of ownership certification and reselling has boosted the credibility of digital artworks. As the NFT market continues to grow exponentially, it is set to transform the digital art industry in the coming years.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low in the Global Digital Artwork Market Size as it requires high initial investments in developing advanced technologies for creating and designing digital artworks.
Bargaining power of buyers: The bargaining power of buyers is high in the digital artwork market as buyers have a variety of options to choose from due to the presence of several established players.
Bargaining power of suppliers: The bargaining power of suppliers is moderate as there are many raw material suppliers but suppliers do not influence pricing in the market.
Threat of new substitutes: The threat of new substitutes is low as there are limited substitutes for digital artwork.
Competitive rivalry: The competitive rivalry is high among the key players to gain maximum revenue share in the digital artwork market.
Key Takeaways
The global digital artwork market is expected to witness high growth over the forecast period. The global digital artwork market is estimated to be valued at US$ 4.09 Billion in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2024 to 2031.
Regional analysis: North America is expected to dominate the global digital artwork market during the forecast period. The growth in the region can be attributed to the increasing adoption of advanced technologies for creating digital artwork and presence of major market players.
Key players: Key players operating in the digital artwork market are EpiWorks Inc., Global Wafers Japan Co. Lt. EpiWorks focuses on providing customized semiconductor solutions for advanced applications. Global Wafers Japan Co. manufactures and sells epitaxial silicon wafers and other materials.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
