Dublin, Jan. 11, 2024 (GLOBE NEWSWIRE) -- The "Online Art Market Size, Share & Trends Analysis, 2023-2030" report has been added to ResearchAndMarkets.com's offering.
The global online art market size is anticipated to reach USD 17.76 billion by 2030, growing at a CAGR of 9% from 2023 to 2030. The growth of the market can be attributed to the shift from traditional, physical art galleries to online platforms. This shift brought about several changes in the art market, making it more accessible and transparent for a broader audience, thereby driving the market's growth.
The abundance of choice and variety available in the online market is a driving force behind its growth. Online retailers can maintain a much larger inventory than brick-and-mortar stores, offering consumers an extensive range of products, brands, and styles. This diverse selection caters to a wide array of tastes and preferences, ensuring that shoppers can find precisely what they are looking for.
Online marketplaces often facilitate price comparisons, enabling consumers to find the best deals and discounts, further enhancing their shopping experience. Furthermore, the rise of e-commerce has been greatly fueled by advancements in technology. Secure payment options, user-friendly interfaces, and sophisticated algorithms that provide personalized product recommendations all contribute to a seamless online shopping experience, driving the growth of the market.
The global pandemic positively impacted the growth of the market. The COVID-19 pandemic catalyzed a rapid shift towards online art sales since traditional art fairs and gallery exhibitions were disrupted or moved to digital platforms. Furthermore, technological advancements, including virtual viewing rooms and 3D tours, aimed at replicating the gallery experience virtually. This shift not only sustained the art market but also emphasized the growing importance of the online marketplace.
Online Art Market Report Highlights
- Based on type, the paintings segment dominated the market in 2022 with the largest revenue share of more than 33%. The segment's growth can be attributed to the increasing demand for paintings from the overall audience, as it can be easily accessed in the online market
- The domestic customers segment dominated the market in 2022 with the largest revenue share of above 67%. The growth of the segment can be attributed to domestic customers buying paintings for their personal tastes, emotions, investment considerations, and desire to support artists and culture
- The North America region dominated the market in 2022 with the largest revenue share of over 29%. The presence of prominent market players and the rising demand for online marketplaces are anticipated to fuel regional market growth
Key Attributes
| Report Attribute | Details |
| No. of Pages | 130 |
| Forecast Period | 2022-2030 |
| Estimated Market Value (USD) in 2022 | $9.18 Billion |
| Forecasted Market Value (USD) by 2030 | $17.76 Billion |
| Compound Annual Growth Rate | 9.0% |
| Regions Covered | Global |
Key Topics Covered
Chapter 1. Methodology and Scope
Chapter 2. Executive Summary
Chapter 3. Market Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Driver Impact Analysis
3.3.1.1. Rising Internet penetration and adoption of smart devices
3.3.1.2. The global reach and convenience offered to the customers
3.3.2. Market Challenge Impact Analysis
3.3.2.1. The fraud related to the duplicate art and shipping charges
3.3.3. Market Opportunity Impact Analysis
3.3.3.1. Growing disposable income and awareness regarding online art platforms
3.4. Industry Analysis Tools
3.4.1. Porter's Analysis
3.4.2. PESTEL Analysis
Chapter 4. Online Art Market: Type Estimates & Trend Analysis
4.1. Type Movement Analysis & Market Share, 2022 & 2030
4.2. Online Art Market Estimates & Forecast, By Type
4.2.1. Paintings
4.2.2. Drawings
4.2.3. Prints
4.2.4. Photography
4.2.5. Others
Chapter 5. Online Art Market: End-user Estimates & Trend Analysis
5.1. End-user Movement Analysis & Market Share, 2022 & 2030
5.2. Online Art Market Estimates & Forecast, By End-user
5.2.1. Foreign Customers
5.2.2. Domestic Customers
Chapter 6. Online Art Market: Regional Estimates & Trend Analysis
6.1. Online Art Market: Regional Outlook
6.2. North America
6.3. Europe
6.4. Asia Pacific
6.5. Latin America
6.6. Middle East & Africa
Chapter 7. Competitive Landscape
7.1. Company Categorization
7.2. Participant's Overview
7.2.1. Fine Art America
7.2.2. Artspace LLC
7.2.3. Saatchi Art
7.2.4. Artfinder
7.2.5. DeviantArt
7.2.6. Ugallery
7.2.7. Singulart
7.2.8. Artsy
7.2.9. ETSY
7.2.10. The Artling
7.3. Financial Performance
7.4. Product Benchmarking
7.5. Company Market Positioning
7.6. Company Market Share Analysis, 2022
7.7. Company Heat Map Analysis
7.8. Strategy Mapping
7.8.1. Expansion
7.8.2. Collaborations
7.8.3. Mergers & Acquisitions
7.8.4. New Product Launches
7.8.5. Partnerships
7.8.6. Others
For more information about this report visit https://www.researchandmarkets.com/r/9n583j
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