A Comprehensive Global Media Industry Overview: Major Leaders, Market Size, Growth Trends, Regional Analysis, and Forecast
LONDON, Aug. 28, 2023 /PRNewswire/ -- According to the most recent overview of the media and entertainment industry by the Global Market Model, it foresees a growth trajectory with a compound annual growth rate (CAGR) of 8.4% from 2022 to 2032. This expansion can be chiefly attributed to the significant projected growth rates within the web content, search portals, and social media sector.
Several factors are poised to propel this growth during the forecast period. These encompass the proliferation of internet-connected devices, heightened network speeds, and the burgeoning appetite for high-definition video content.
Based on the recent projections of the global market model, the worldwide media market garnered a valuation of $2205.1 billion in 2022, contributing to 2.2% of the global GDP. Notably, the segment of web content, search portals, and social media industry stood out as the largest component of the media market, constituting 29.1% of the total in 2022. In the same year, the United States claimed the leading position in the media market, accounting for 30.9% of the overall share.
The factors projected to be instrumental in driving this growth encompass:
- Escalating adoption of internet-enabled devices
- Acceleration in network speeds
- Growing demand for high-definition video content
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The projection remains considerably steady compared to the earlier forecast set for the conclusion of 2022. The financial outlay of companies on media services saw a decline owing to budget limitations. Similarly, the expenditure of consumers on these services diminished due to decreased disposable income and the ongoing challenges posed by the cost of living. Notably, these factors were already factored into our previous forecast update. Consequently, our market predictions for this sector exhibited stability throughout this update phase.
The Global Market Model provides insights on the following key industry indicators for the media and entertainment industry statistics for further in-depth analysis-
- Number of enterprises
- Number of employees
Leverage the capabilities of the Global Market Model for vital insights into the entertainment and media industry. We're here to address your specific requirements -https://www.thebusinessresearchcompany.com/global-market-model/demo-request
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