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User Generated Content Platform Market Expected to Reach $71.3 Billion by 2032—Allied Market Research

 
2022
User Generated Content Platform Market

Report Code : A74614

quote The user generated content platform market is expected to continue growing in the coming years, driven by rise in demand for high-speed internet connectivity, and the growing development of live streaming activities. Furthermore, trends like the direct-to-consumer brand phenomenon are further driving the use of user generated content platforms for a variety of marketing purposes. quote

Kanhaiya Kathoke - Research Analyst
ICT and Media at Allied Market Research

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According to a new report published by Allied Market Research, titled, “User Generated Content Platform Market," The user generated content platform market size was valued at $4.7 billion in 2022, and is estimated to reach $71.3 billion by 2032, growing at a CAGR of 31.6% from 2023 to 2032.

A user generated content (UGC) platform is a type of online platform where users can create, share, and engage with content generated by other users. One major trend is user generated content platforms are increasingly integrating with other platforms, such as social media and e-commerce sites, to provide users with a more seamless experience. For example, users can now share user generated content on their social media profiles and purchase products directly from UGC platforms. In addition, many user generated content platforms are providing monetization options for creators, such as ad revenue sharing, sponsored content, and direct tipping from fans. This allows creators to earn income from their content and build sustainable careers on UGC platforms.

Furthermore, with the rise of social media and influencer marketing, there has been a growing demand for authentic content that feels genuine and trustworthy. User generated content platforms allow brands and businesses to tap into this trend by sourcing content directly from their customers and followers. This is driving the growth of the user generated content platform market and creating new opportunities for players and developers.  

Furthermore, major market players have undertaken various strategies to increase the competition and offer enhanced services to their customers. For instance, in May 2021, Upfluence, the leading global influencer marketing and commerce platform trusted by top brands worldwide has partnered with the automation giant Zapier. This new partnership offered Upfluence clients to unlimited insight into organic influencer opportunities through a powerful and unprecedented integration to more than 3,000 of the top business software tools. Through this new integration, Upfluence helped clients to identify who was influential in any Zapier-connected database, including e-commerce platforms such as Shopify, WooCommerce, Magneto, BigCommerce, and Salesforce.

In addition, in February 2020, Yotpo announced a partnership with Bazaarvoice that enabled Yotpo customers to syndicate their product reviews and visual user generated content to the world’s largest network of retail websites, empowering over a billion monthly shoppers to make more confident buying decisions. With this partnership, eCommerce marketers continued to leverage Yotpo’s end-to-end platform to grow their direct-to-consumer (D2C) channel while accelerating third-party sales in parallel by syndicating their customer reviews, ratings, and visual content to the network’s 1,900 global retail sites.

On the basis of end user, enterprises segment dominated the user generated content platform market share in 2022. This is because enterprises are increasingly using UGC platforms to create brand advocacy and increase brand awareness. By leveraging user generated content, enterprises can showcase their products or services in an authentic and relatable way, which can drive engagement and loyalty among their target audience. For instance, every December, Starbucks Coffee Company, an American chain of coffeehouses and roastery reserves, launches a hashtag contest, namely #RedCupContest, asking followers to submit pictures of their coffee cups to win a Starbucks gift card. This campaign has garnered more than 30,000 images of coffee cups and still counting.  

However, the individual segment is expected to attain highest growth rate during the forecast period. This is because consumers are increasingly expecting personalized experiences from UGC platforms, including personalized content recommendations and discovery. UGC platforms are leveraging AI and machine learning to provide more personalized experiences for users. Consumers are also turning to UGC platforms to build communities and connect with others who share their interests. UGC platforms are providing more tools for users to create and engage with communities around specific topics or interests. In addition, collaboration is becoming increasingly important for creators on UGC platforms, as they look for ways to expand their reach and engage with other creators.

Based on region, North America attained the highest growth in 2022. This is because the Asia-Pacific region has a high level of internet penetration, with around 90% of the population having internet access. This has led to a large user base for UGC platforms, and as internet access continues to grow, so too will the potential audience for UGC platforms. Moreover, mobile devices are becoming increasingly popular for accessing the internet, with more than three-quarters of North Americans owning a smartphone. This has led to a surge in mobile usage of UGC platforms, and many platforms are now designed specifically for mobile devices.

However, Asia-Pacific is considered to be the fastest growing region during the forecast period. This is due because the Asia-Pacific region has seen a rapid increase in internet penetration in recent years, with a growing number of users gaining access to the internet. This has created a large potential audience for UGC platforms, as more people are able to create and consume content online. Social media usage is also on the rise in Asia-Pacific, with platforms like Facebook, Instagram, and TikTok being popular among users. This has created a culture of sharing and user generated content, with many users comfortable sharing their thoughts, photos, and videos online. Therefore, these trends are expected to continue to shape the user generated content platform industry in the North American region in the coming years and drive growth in the market.

The COVID-19 pandemic had positively impacted the user generated content platform industry. With people spending more time at home due to lockdowns and social distancing measures, there had 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.

Moreover, the pandemic had created a greater demand for online learning and collaboration tools, which led to the growth of user generated content platforms in these areas. Platforms like Zoom, Microsoft Teams, and Google Meet had seen a significant increase in users as people have had to adapt to remote working and learning. In addition, the pandemic had created a greater demand for online learning and collaboration tools, which led to the growth of user generated content platforms in these areas. Platforms like Zoom, Microsoft Teams, and Google Meet had seen a significant increase in users as people have had to adapt to remote working and learning. Furthermore, the pandemic had accelerated the shift towards e-commerce, which has been a positive development for user generated content platforms that provide services for online shopping and product review. Therefore, these factors helped for the growth of the user generated content platform market during pandemic.

Key findings of the study

  • By product type, the audio and video segment led the user generated content platform market in terms of revenue in 2022.
  • By end user, the individual segment registered the highest growth in user generated content platform market forecast.
  • By region, North America generated the highest revenue in 2022.

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. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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quote User Generated Content Platform Market by Product Type (Blogs, Websites, Advertising and Promotions, Social Media, Audio and Video, Others), by End User (Individual, Enterprises): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

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