Online Art Market to Hit $23.79 Billion by 2030: Cognitive Market Research

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Apr 10, 2023, 10:09 ET

CHICAGO, April 10, 2023 /PRNewswire/ -- The Global Online Art Market size is valued at USD 14.38 Billion in 2022 and is projected to be USD 23.79 Billion by 2030, growing at a CAGR of 6.5% from 2023 to 2030, as per a recent report published by Cognitive Market Research. The online art market in North America (especially in economies like the U.S.) held the largest market share. The high domestic demand for art in the U.S. is expected to drive the online art market in North America.

Major findings during the study of the Online Art Market:

Online art refers to the trade of works of art, antiques, digital artworks, and collectibles that are frequently related to the arts and culture.
The conventional dominance of the physical gallery and museum system is avoided by online art. Artists working in this sector are sometimes referred to as net artists.
Based on the type segment, the online art market is categorized into paintings, drawings, sculptures, and others. Painting has been one of the most popular art forms for centuries due to its versatility and historical significance. In addition, paintings have traditionally been seen as valuable and highly prized works of art.
On the basis of the end-customer segment, the online art market is categorized into international and domestic customers. The international customer segment has acquired a significant share of the total online art market.
High domestic demand for art in the U.S. is expected to drive the online art market in North America. Increasing access to information and growing online sales and actions drive the growth of the North American online art market.

Read Full Market Analysis Online Art: by Type (Paintings, Drawings, Sculptures, and Others); by End Customer (Foreign customers and Domestic customers); by Region (North America, Europe, Asia Pacific, Latin America and Middle East, and Africa) Global Industry Analysis, COVID-19 Impact, and Industry Forecast, 2018-2030

Online Art Industry Statistics 2022:

Global Online Art Market	2022
Global Online Art Market Revenue (USD Billion)	14.38
Compound Annual Growth Rate (2023-2030)	6.5 %

What are the Growth, Drivers, and Opportunities for the Online Art Industry?

The rising disposable income in developing and developed countries drive the demand for smart devices such as tablets, smartphones etc. The increasing adoption of smart devices and internet penetration has significantly impacted on many industries, including the art market. People can access to different forms of art from various regions drive the online art market. With more people shopping online, the art market has seen an increase in sales through online channels. This has led to the growth of online art marketplaces and platforms, which have become an increasingly important sales channel for artists and galleries.

Online art marketplaces and platforms have made it easier for artists to reach a wider audience beyond their local or regional markets. This has also made it easier for collectors to discover and purchase art from artists worldwide. Due to internet accessibility, it is convenient and easy to access different art and make an online payment. Access to a broader audience can lead to increased sales and revenue, as artists can reach more potential buyers than ever before.

Shipping and handling challenges of different art forms, such as paintings, drawings, and sculptures, can hamper the growth of the online art market. For instance, many artworks are fragile or oversized, making them difficult to ship and handle. This increases the shipping cost due to the need for better packaging. Shipping artwork across international borders can be particularly challenging, as there are often strict regulations and customs requirements that must be followed.

Due to the rising disposable income and exposure to the art sector, there has been a growing awareness and appreciation for online art in emerging regions in recent years. The increasing availability and accessibility of technology has allowed artists from these regions to showcase their work to a global audience. Growing literacy rate of people in developing countries and increased recognition of the value of cultural diversity. It influences the interest in discovering new and unique artwork from different regions of the world, which provides immense opportunities for the online art market.

Check the Full Report, including Global, Regional, and Country Level Analysis:

https://www.cognitivemarketresearch.com/online-art-market-report

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How COVID-19 has Impacted the Online Art Industry?

The COVID-19 pandemic had a significant impact on the overall art market, and the online art sector is one of the most affected due to the lockdown and closing of borders. The online art market has dropped enormously during the COVID-19 pandemic. The lockdown situation focused on the healthcare industry and economic uncertainty and these are the other factors responsible for the drop in the online art market. In addition, the pandemic has accelerated the online shopping trend, which has also impacted the art market. Many art lovers are comfortable buying art online.

Online Art Market Report Scope

Online Art Market – Type Outlook (Revenue, USD Billion, 2018 – 2030)

Paintings
Drawings and sculptures
Others

Online Art Market – End-customer Outlook (Revenue, USD Billion, 2018 – 2030)

Foreign customers
Domestic customers

Online Art Market – Regional Outlook (Revenue, USD Billion, 2018 – 2030)

North America (U.S., Canada, Mexico)
Europe (Germany, France, UK, Italy, Spain, Russia, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Australia, Southeast Asia, Rest of APAC)
Latin America (Brazil, Argentina, Columbia, Rest of Latin America)
Middle East & Africa (GCC, Saudi Arabia, Turkey, Egypt, Rest of MEA)

List of Key Players in the Online Art Market

FineArtAmerica.com
Artspace LLC
Saatchi Art
Artfinder, Artsy
The Artling
Atticart Ltd
KAZoART
Rhythm Art
Eikowa
Archer Art
Others

Recent Developments;

Company Name	Date	Development/News
Swiss Arts Council	November 3, 2022	Arts at CERN and Pro Helvetia launch an open call for Connect India

Related Reports on Online Art Market:

Global Art Market was valued at USD 65.0 Billion in 2021.

The global art market was valued at USD 65.0 Billion in 2021. Art plays an important role in reflecting and shaping culture, and as such, it continues to be highly valued and appreciated. This drives the global art market.

Other Related Reports:

Global E-commerce Market to reach $110.51 Trillion by 2030, growing at an impressive CAGR of 25.2%.
Global Art Supplies Market is expected to grow at a CAGR of 4.5%.
Global Acrylic Paper Market is expected to grow at a CAGR of 3.2%.

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