Arts Global Market To Reach Value Of About $552 Billion In 2025
29 Jun, 2021
The arts services market consists of sales of arts services and related goods by entities (organizations, sole traders and partnerships) that operate facilities or provide services for cultural, entertainment and recreational interests such as producing live performances or events and preserving and exhibiting objects of the art-related interests of patrons. Revenues in this market include entry fees to theatres and art galleries and royalties.
Global Arts Market Size And Drivers:
The global arts market is expected to grow from $347.53 billion in 2020 to $405.05 billion in 2021 at a compound annual growth rate (CAGR) of 16.6%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $552.57 billion in 2025 at a CAGR of 8%. Rising demand is the main driver of the market.
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Trends In The Global Arts Market
Art organizers are using augmented reality (AR) technology to create real world experience for customers. Augmented reality is the integration of digital information with the user's environment in real time. Museums and zoos are now using augmented reality as a tool to educate and entertain the audience by creating a visual tour guide and displaying 3D content in a real-world camera view. For instance, Cleveland Museum of Art is using augmented reality technology to let users interact and access the most current and comprehensive information about every piece of artwork in the museum. In Acropolis Museum in Athens, Greece, the team used AR technology to bring a collection of architectural and sculptural remains to life.
Global Arts Market Segments:
The global arts market is further segmented based on type and geography.
By Type: Museums, Historical Sites, Zoos, And Parks, Independent Artists And Performing Art Companies, Sports And Arts Promoters
Sub segments Covered: Museums, Historical Sites, Zoos & Botanical Gardens, Nature Parks and Other Similar Institutions, Visual Arts, Performing Arts, Sports Promoters, Arts Promoters
By Geography: The global arts market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global arts market, accounting for 31% of the market in 2020.rket.
Read More On The Report For The Global Arts Market At:https://www.thebusinessresearchcompany.com/report/arts-global-market-report-2020-30-covid-19-impact-and-recovery
Arts Global Market Report 2021 is one of a series of new reports from The Business Research Company that provides arts market overviews, analyzes and forecasts market size and growth for the global arts market, arts market share, arts market players, arts market segments and geographies, arts market’s leading competitors’ revenues, profiles and market shares. The arts market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.