B2B Companies Rely on Digital Content Creation Due to COVID-19 Scare
Digital content creation has become a hot topic in the light of the COVID-19 (Coronavirus) pandemic. The viral outbreak has given many B2B marketers the opportunity to construct online marketing strategies. However, several companies in the digital content creation market have lost billions of dollars due to event cancellations and postponements of trade fairs. In a study conducted by the Center for Exhibition Industry Research, strategists in the digital content creation market pour millions of dollars to conduct exhibitions and industry shows, which is almost five times more than that is invested in online marketing. With growing awareness about the advantages of digital marketing, B2B companies are now turning toward online marketing to redefine their marketing messages, as numerous strategists are spending most of their time in home isolation due to the COVID-19 outbreak.
Since the end results of digital marketing are easily measurable, B2B companies are increasingly relying on online marketing strategies to capitalize on the flooding online traffic to gain greater visibility with individuals.
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Tech Giants Deploy Cloud to Accelerate Innovation in Media & Entertainment Industry
Cloud is being democratized for companies and individuals in the digital content creation market, thus enabling everyone to participate in the digital economy. Cloud has become capable of handling the media & entertainment industry workloads, as creators find it easier to convey stories more collaboratively. Correspondingly, the revenue of both cloud and the media & entertainment industry is anticipated for exponential growth in the digital content creation market, where the market is expected to expand at an explosive CAGR of 17% during the forecast period.
Executive Vice President Judson Althoff of the multinational technology company Microsoft revealed that the company is collaborating with The Walt Disney Studios in order to pilot new ways of using the Microsoft Azure cloud platform to innovate in production processes. Thus, cloud is revolutionizing the media & entertainment industry in the digital content creation market by accelerating innovation in production and postproduction processes i.e. from the scene to the screen. India being one of the leading economies in the media & entertainment industry is grabbing the attention of global tech giants to deploy uninterrupted online streaming in the market for digital content creation.
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How is Digital Embracing In-store Experience?
Many traditional retailers are heading toward bankruptcy and closing off stores, as they are not a part of the digital content creation bandwagon. Since retail buying habits have undergone a change during the previous years, retailers are integrating digital marketing strategies with in-store experiences. This explains why the market share of the retail industry is anticipated to take a leap from ~21% in 2019 to ~26% by 2027 in the market for digital content creation.
Software developers in the digital content creation market are increasing their R&D activities to enhance in-store experiences for customers. For instance, the Amazon Go™ stores have set the benchmark for innovating in their interactive digital platform, which is popular for its ‘grab & go’ format. Thus, leading retailers in the digital content creation market are floating engaging marketing strategies to encourage repeat purchases among customers.
AI and Email Marketing Disrupt Hospitality Industry Resulting in Return Visits
Personalization marketing, voice search, and AI are transforming the digital content creation market in the field of hospitality. As such, the hospitality industry is predicted to dictate the third-highest revenue in the market for digital content creation and is fast-adopting digital technologies. Thus, in order to boost the visibility among their target audience, marketers in the hospitality industry are focusing on email marketing to generate leads. Targeted emails help stakeholders to develop a personal relationship with customers, resulting in return visits.
On the other hand, AI is disrupting innovations in the market for digital content creation by streamlining processes in order to deliver valuable insights that help marketers reach the right target audience. Since most customers use aggregator websites for room booking, hoteliers are using AI to reach out to its customers through either their hotel landing page or third-party websites.
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Digital Content Creation Market: Overview
- The extensive use of social media such as Twitter and LinkedIn, among others, has created enormous demand for digital content. Furthermore, digital content creation tools are witnessing sudden increase in demand due to the advent of virtual reality and artificial intelligence.
- Digital content is a file or information stored or published in a digital format. Digital content can be in several forms, from text and audio and video files, to graphics, animation, and images. Digital content creation software helps in authoring, publishing, and distributing digital content.
- The digital content creation market is driven by increasing emphasis of enterprises on customer engagement and relevant advertisement through the Internet. This, in turn, is boosting the digital content creation market globally. Furthermore, the increasing marketing budget of enterprises is boosting the growth of the digital content creation market. The global digital content creation market is anticipated to grow prominently during the forecast period due to the rapidly growing demand for social media marketing.
- Enterprises are enhancing sales and promoting their brands by implementing digital content creation tools. Furthermore, the education sector is flourishing due to the use of digital content creation tools.
- However, huge availability of free content creation tools is affecting the large-scale use of digital content creation tools. Furthermore, certain governments have imposed laws pertaining to the digital content released in the light of various privacy issues. Thus, the usage of digital content tools in these countries is restricted, which is limiting the growth of the market.
- A key trend boosting market growth is the increasing deployment of SaaS or cloud model. The technology is attracting a huge customer base due to its cost-effectiveness, scalability, flexibility, and massive processing power. Furthermore, changing content creation processes are also changing the way digital content creation tools are being used.
Digital Content Creation Market: Key Segments
- The digital content creation market has been segmented on the basis of component, deployment type, enterprise size, content format, and end-use industry
- Based on component, the market has been segmented into tools and services. Tools are further segmented into content authoring, content transformation, and content publishing. Services are bifurcated into professional services and managed services.
- Based on content format, the market has been segmented into textual, graphical, video, and audio. In terms of enterprise size, the market is segmented into small & medium enterprises, and large enterprises.
- The market, in terms of deployment type has been classified into cloud and on-premise
- In terms of end-use industry, the market has been divided into hospitality, retail, government, healthcare & pharmaceutical, media & entertainment, automotive, travel & tourism, and others
Digital Content Creation Market: Regional Outlook
- From a geographical standpoint, North America is expected to hold major share of the digital content creation market. Growth of this region can be attributed to strong adoption and penetration of digital content creation tools and services, as well as considerable application of digital content creation tools in different end-use segments.
- Asia Pacific is expected to witness lucrative growth due to rising adoption of digital content creation tools in countries such as China, India, and Japan that are focused on developing strong internet infrastructure and digital technology, which is providing huge opportunities to vendors present in the market.
- The market in South America and Middle East & Africa (MEA) is also expected to grow prominently during the forecast period. Growing awareness and adoption of digital content creation across Middle East & Africa and South America is offering new opportunities to key players operating in the global digital content creation market.
- North America and Europe are the major geographies that drive the growth of the global digital content creation market.
- In 2019, key digital content creation vendors included
- Apple Inc.
- Adobe Inc.
- Corel Corporation
- Microsoft Corporation
- Aptara Inc.
- Acrolinx GmbH
- Integra Software Services Pvt. Ltd.
- MarketMuse Inc.
- Quark Software Inc.,
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