User Generated Content Platform Market Global Analysis & Forecast Report 2028
User Generated Content Platform Industry Overview
The global user generated content platform market size is expected to reach USD 18.65 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 26.6% from 2021 to 2028. User Generated Content (UGC) or User Generated Content Platform can be defined as software-as-a-service (SaaS) that helps organizations curate images, videos, and text from social media and other online resources to repurpose for creating their brand’s authentic story. The use of user-generated content for marketing purposes is on the rise. The authenticity and creativity of this messaging have been harnessed to drive positive business outcomes. As more marketers take advantage of this relatively new form of advertising, close attention is needed to be paid to how this content is commercialized, to not tread into the very different waters of influencer marketing. For instance, Travelex, a U.K.-based foreign exchange company, started a campaign by launching a 12-month photo contest campaign. The company made use of exclusive hashtags such as #Travelxwow in order to urge its audience to participate, capture their best shots, and share on Instagram, Twitter, or directly through their own website. Through this initiative, the company aims to increase social engagement and obtain potential user data.
User Generated Content Platform Market Segmentation
Grand View Research has segmented the global user generated content platform market based on product type, end user, and region:
Based on the Product Type Insights, the market is segmented into Blogs, Websites, Advertising and Promotions, Social Media, Audio and Video (including live streaming), Others.
- The audio and video (including live streaming) segment led the market in 2020 and accounted for over 32.0% share of the global revenue. User-generated video content garners more engagement with consumers in user-generated content marketing. User-generated product videos have exponentially become more popular as compared to official videos released on YouTube. The video content offers enormous potential for shareability as approximately 92% of users are likely to share the watched videos on social media platforms. Besides, it draws the attention of viewers as it provides complete insight into the product and increases the credibility of the brand.
Based on the End-user Insights, the market is segmented into Individual and Enterprises.
- The enterprises segment accounted for the largest revenue share of over 64.0% in 2020. This can be attributed to the explosive use of user-generated content for brand advertising and marketing purposes. This growth is largely due to the rise in social media and messaging platforms where people have started becoming voluntary content creators on their mobile devices.
- Further, the enterprises segment is bifurcated into sub-segments, including government or public sector, retail and e-commerce, IT and telecommunication, and others. The retail and e-commerce sub-segment accounted for the largest revenue share in 2020. E-commerce retailers are completely optimizing UGC as more consumers are becoming regular social media users.
- The individual segment is projected to register the highest growth rate over the forecast period. The exponential increase in the number of smartphone users and the rising popularity of social media platforms have made UGC easily accessible. Every individual has now become the chief content creator.
User Generated Content Platform Regional Outlook
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
Key Companies Profile & Market Share Insights
Vendors in the market are focusing on expanding the customer base to gain a competitive edge in the industry. Therefore, vendors are taking up several strategic initiatives, such as acquisitions & mergers and collaborations and partnerships with other players in the market.
Some of the prominent players operating in the global user generated content platform market include,
- CrowdRiff
- Curalate
- Monotype Imaging Inc.
- Olapic Inc.
- Pancake Laboratories, Inc.
- Pixlee
- Stackla Pty Ltd.
- TINT
- TurnTo
- Yotpo
- Yuema Inc.
Order a free sample PDF of the User Generated Content Platform Market Intelligence Study, published by Grand View Research.