Online shopping & consumer aversion to intrusive marketing techniques, many advertisers & brands have turned to UGC to engage & connect with their customers.
PORTLAND, PORTLAND, OR, UNITED STATE, November 20, 2023 /EINPresswire.com/ — Allied Market Research published a new report, titled, ” The USD 71.3 Billion User Generated Content Platform Market to Reach By 2032 : Growth Drivers and Future Scenarios.” The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
The global user generated content platform market size was valued at USD 4.7 billion in 2022, and is projected to reach USD 71.3 billion by 2032, growing at a CAGR of 31.6% from 2023 to 2032.
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The growth of 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.
The user generated content platform market is segmented on the basis of product type, and end user. Based on product type, the market is segmented into blogs, websites, advertising and promotions, social media, audio and video, and others. On the basis of end user, it is segmented into individual and enterprises. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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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.
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.
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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.
The key players profiled in the user generated content platform market analysis are CrowdRiff, Monotype Imaging Inc., Brandbassador, Pixlee TurnTo, Taggbox.com, TINT, Yotpo, Grin Technologies Inc., Upfluence and Wyng, Inc.
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● 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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