The Business Research Company’s Arts Global Market Report 2021: COVID-19 Impact and Recovery to 2030
LONDON, GREATER LONDON, UK, January 17, 2021 /EINPresswire.com/ — New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports
Art organizers are using augmented reality (AR) technology to create real world experiences for customers as one of the arts market trends. Augmented reality is the integration of digital information with the user’s environment in real time. Museums and zoos are now using AR 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.
Asia Pacific was the largest region in the global arts market, accounting for 31% of the market in 2020. Western Europe was a close second, also accounting for about 31% of the global market. Africa has the smallest arts market share.
The global arts market size 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 arts market forecast is that it is expected to reach $552.57 billion in 2025 at a CAGR of 8%.
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