According to Technavio, the global digital video content market is forecast to grow at a CAGR of close to 10% from 2019 to 2023.
The high utilization of social media is one of the major trends being witnessed in the global digital content market, Technavio saus. Social media has become a major data source for many organizations because of their ability to provide instant feedback about the content through blogs and social networking sites. Content developers and advertisers are tapping social computing tools for branding, marketing, broad-based knowledge management initiatives, and recruitments, which is expected to drive collaborations across the global workforce. By registering on social networking sites such as Twitter and Facebook, vendors explore new platforms to market their latest services, products and solutions to gain public feedback. The increased importance of sentiment analysis and the advances in text analytics are encouraging organizations to include social media in their business processes.
According to Technavio analysts, one of the key factors contributing to the growth of the global digital content market is growing online content consumption.
In 2017, the online video market witnessed a more than double increase in the number of video clips watched by the online audience compared with 2015. The average Internet speed is increasing worldwide. In December 2017, with a mean global speed of 20.28 Mbps, the mobile downloads increased more than 30% as compared to 2016, and mobile uploads increased approximately by 40%. Similarly, a global average of 40.11 Mbps makes fixed broadband downloads 97.8% faster than mobile downloads, and that speed increased approximately by 32% during the same period. Developing countries witnessed a drastic increase in Internet speed. Furthermore, network providers worldwide are providing low-priced, monthly or weekly Internet packages. Those schemes benefit consumers and allow them to connect to the Internet at an affordable price. The low-cost data plans offered by network providers have increased the number of Internet users, which has propelled the growth of the global digital content market as consumers can easily access the Internet across various media.
A senior analyst at Technavio said: "The number of smart connected devices worldwide is increasing at a very fast pace, and it is expected to become more than 20 billion by 2020. Owing to the increase in the number of smart connected devices, it becomes easier to watch online content on tablets, laptops, or smartphones. Thus, the demand for digital content will increase as it offers flexibility to end-users in terms of place and time."
The Americas held the largest share of the global digital content market in 2017, accounting for close to 38% share, followed by the APAC and EMEA respectively. However, the APAC region is expected to register the highest incremental growth, followed by the Americas in the next five years.