The global digital media market size is expected to reach USD 1,902.28 billion by 2030 and is anticipated to grow at a CAGR of 12.8% from 2024 to 2030, according to a new study by Grand View Research, Inc. Increasing internet penetration and rising smartphone usage have fueled the demand for digital content, further driving the market expansion.
The proliferation of high-speed internet and the widespread adoption of smartphones have made digital media more accessible than ever before. In addition, the rise of social media platforms has revolutionized content consumption, providing users with personalized and engaging experiences. Moreover, advancements in artificial intelligence and machine learning are enabling content creators to produce more sophisticated and targeted media, enhancing user engagement and satisfaction. These factors are collectively propelling the market growth.
Digital Media Market Report Highlights
- Based on content type, the video segment dominated the market in 2023, owing to the increasing demand for high-quality video content across various digital platforms.
- Based on platform, the smartphone segment dominated the market in 2023, owing to factors such as accessibility, technological advancements, app ecosystem diversity, social media integration, advertising opportunities, streaming services dominance, global smartphone penetration, and changing consumer behavior towards mobile-centric habits.
- Based on application, the marketing & advertising segment dominated the market in 2023, owing to the increasing adoption of digital technologies and the shift towards online platforms for entertainment, communication, and commerce.
- Based on industry vertical, the entertainment segment dominated the market in 2023. This growth is driven by the digital offerings offered by entertainment platforms through various revenue streams such as subscription models, advertising, pay-per-view services, in-app purchases, and merchandise sales.
- Based on region, North America dominated the market in 2023. The presence of major technology providers, technological advancements, and shifting consumer behavior are driving market growth.
- In March 2024, Hulu on Disney+ launched in the U.S. for Disney Bundle Subscribers. Hulu's extensive library of over 70,000 TV episodes and movies will now be fully integrated into the Disney+ app, providing Bundle subscribers with greater convenience, value, and discoverability by having the breadth and depth of both Hulu and Disney+ content available in one place.
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The rising popularity of streaming services is reshaping entertainment consumption, with platforms such as Netflix, Disney+, and Spotify providing on-demand access to extensive content libraries. In addition, user-generated content is on the rise, with platforms such as YouTube and TikTok enabling individuals to create and share their media. Furthermore, the advent of virtual and augmented reality is creating new opportunities for immersive experiences, revolutionizing user interaction with digital content.
Moreover, digital advertising expenditures have also seen considerable growth as advertisers allocate more of their budgets to online platforms. The ability to target specific demographics, track user behavior, and measure campaign performance has made digital advertising an attractive option for businesses.This precision targeting allows advertisers to reach the most relevant audiences with tailored messages, thereby increasing the effectiveness of their campaigns.
Digital platforms offer detailed analytics and insights, enabling advertisers to continually optimize their strategies in real-time. This increased focus on digital advertising is driving market growth by attracting more investment, fostering innovation in advertising technologies, and enhancing the overall value proposition of digital media channels.This trend is transforming the digital media landscape, driving innovation, and further accelerating market growth.
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We have segmented the global digital media market based on content type, platform, application, industry vertical, and region.
Content Type Outlook (Revenue, USD Billion, 2017 - 2030)
- Video
- Audio
- Text
- Images
- Interactive Media Content
- Others
Platform Outlook (Revenue, USD Billion, 2017 - 2030)
- Smartphone
- Television
- Computer
- Tablets
- Others
Application Outlook (Revenue, USD Billion, 2017 - 2030)
- Marketing & Advertising
- Training & E-Learning
- Social Media
- Streaming
- Others
Industry Vertical Outlook (Revenue, USD Billion, 2017 - 2030)
- Entertainment
- Retail and E-commerce
- Healthcare
- Government
- BFSI
- Telecom
- Automotive
- Hospitality
- Non-profit Organizations
- Publishing
- Others
Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Research Methodology
We employ a comprehensive and iterative research methodology focused on minimizing deviance in order to provide the most accurate estimates and forecasts possible. We utilize a combination of bottom-up and top-down approaches for segmenting and estimating quantitative aspects of the market. Data is continuously filtered to ensure that only validated and authenticated sources are considered. In addition, data is also mined from a host of reports in our repository, as well as a number of reputed paid databases. Our market estimates and forecasts are derived through simulation models. A unique model is created and customized for each study. Gathered information for market dynamics, technology landscape, application development, and pricing trends are fed into the model and analyzed simultaneously.
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S. based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Contact:
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll-Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
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