The growth of the global user generated content platform market is driven by factors such as increase in use of influencer marketing, the rise in demand for authentic content, and uniqueness and cost-effectiveness of user generated content
PORTLAND, Ore., May 8, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “User Generated Content Platform Market by Product Type (Blogs, Websites, Advertising and Promotions, Social Media, Audio and Video, Others), by End User (Individual, Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032″. According to the report, the global user generated content platform industry generated $4.7 billion in 2022, and is anticipated to generate $71.3 billion by 2032, witnessing a CAGR of 31.6% from 2023 to 2032.
Prime determinants of growth
The growth of the global user generated content platform market is driven by factors such as increase in use of influencer marketing, the rise in demand for authentic content, and uniqueness and cost-effectiveness of user generated content. However, the high requirement for supervision is a major factor that hampers the growth of the market. Moreover, development of AI and machine learning presents new opportunities in the coming years.
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Covid-19 Scenario
The outbreak of the Covid-19 pandemic accelerated the demand & growth of the user generated content platform market.With people spending more time at home due to lockdowns and social distancing measures, there was a significant increase in user generated content across various platforms. This led to a surge in engagement on social media platforms like Facebook, Instagram, and Twitter, which has been a positive development for businesses and content creators who rely on these platforms to reach their audiences.
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The audio and video segment to maintain its leadership status throughout the forecast period
Based on product type, the audio and video segment held the highest market share in 2022, accounting for around one-third of the global user generated content platform market, due to the popularity of the video and audio based content on the UGC platforms. However, the social media segment is projected to manifest the highest CAGR of 36.9% from 2023 to 2032, and is estimated to maintain its leadership status throughout the forecast period, due to a rise in the number of social media platforms such as TikTok and Instagram.
The enterprises segment to maintain its leadership status throughout the forecast period
Based on end user, the enterprises segment held the highest market share in 2022, accounting for more than two-thirds of the global user generated content platform market, and is estimated to maintain its leadership status throughout the forecast period, due to the increase in the user generated content for the promotion and marketing of the products and services. However, the individual segment is projected to manifest the highest CAGR of 34.4% from 2023 to 2032, as UGC platforms are becoming the source of revenue generation for the users.
Asia-Pacific to maintain its dominance by 2032
Based on region, North America held the highest market share in terms of revenue in 2022, accounting for nearly two-fifths of the global user generated content platform market, due to the presence of key players and the rise in spending on UGC platforms in the region. However, the Asia-Pacific region is expected to witness the fastest CAGR of 35.6% from 2023 to 2032, and is likely to dominate the market during the forecast period, due to rapid technological advancements, and the popularity of social networking sites in emerging economies, such as China and India.
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Leading Market Players: –
Brandbassador,CrowdRiff,Grin Technologies Inc.,Monotype Imaging Inc.,Pixlee TurnTo,Taggbox.com,TINT,Upfluence,Wyng, Inc.,Yotpo
The report provides a detailed analysis of these key players of the global user generated content platform market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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