It involves the use of computers, tablets and mobile devices for creating digital visual content. Digital artwork finds wide applications in areas such as graphic designing, web development, game art, animation, visual effects and film industry. The rising interest in digital art for various commercial and entertainment purposes has accelerated the demand for digital artwork tools and services in recent years.
The global Digital Artwork Market is estimated to be valued at US$ 4.09 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing popularity of digital art initiatives among youth and amateur artists has boosted the Global Digital Artwork Market Size significantly over the past few years. Various initiatives such as digital art contests and campaigns have increased awareness about possibilities of digital artistry among general public. This has translated into higher demand for beginner-friendly digital art tools and apps. Moreover, the gradual shift from traditional to digital platforms across content creation industries has opened up new revenue avenues for digital artwork professionals. Major organizations are actively commissioning digital illustrators and graphic designers to meet their growing digital media requirements. Led by sustained interest in digital art and expanding commercialization of creative content, the digital artwork market is expected to witness progressive growth over the coming years.
Segment Analysis
Digital artwork market is segmented into videos, photoshop, 3D artwork and others. Among these, 3D artwork segment dominates the digital artwork market currently accounting for around 30% share owing to increased usage of 3D art in animation and movies. The segment is expected to witness high growth during the forecast period due to wider scope of applications in architecture, product designs and visual effects in movies and games.
Key Takeaways
The global digital artwork market is expected to witness high growth. The global Digital Artwork Market is estimated to be valued at US$ 4.09 Bn in 2024 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030.
Regional analysis indicates North America is currently dominating the market with more than 35% share due to extensive adoption of digital artwork across industries like advertising, entertainment and media in the US and Canada. Asia Pacific region is expected to witness fastest growth during 2023-2030 period on account of increasing digitalization across industries and rising expenditure on digital advertisement in China, India and other emerging Asian countries.
Key players operating in the digital artwork market are EpiWorks Inc., Global Wafers Japan Co. Ltd., Anthropic, Anthropic, MediaCybernetics Inc., Deepdream, Deepmind, and Google LLC. (Google AI). EpiWorks Inc. currently dominates with over 20% market share owing to its expertise in developing 3D digital artwork using proprietary algorithms like EpiStyleGAN and EpiRealistic which enables creation of hyper realistic digital artwork. Other key players like Anthropic and Deepmind are focusing on leveraging generative adversarial networks and unsupervised learning to automate digital artwork generation using AI which is expected to disrupt the market during the forecast period.
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