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The global podcasting market size was valued at USD 2.22 billion in 2022 and is projected to grow from USD 2.84 billion in 2023 to USD 17.59 billion by 2030, exhibiting a CAGR of 29.8% during the forecast period.
Podcasting differs from previous online audio and video publishing to the devices of subscribed users by preparing and distributing audio files over the internet. A podcast is also an important marketing strategy. Through podcasts, users can promote their business and broaden their reach or market to the existing audience.
The market’s growth can be attributed to the growing usage of podcasts in educational learning and teaching due to their effortless delivery of audio-learning resources and the flexibility of listening to podcasts while doing other activities simultaneously.
Furthermore, the podcasting market share is driven by the incorporation of advanced technologies in content, such as Autonomous Sensory Meridian Response (ASMR), paid live podcast events, and modern transcription techniques. For instance, AB Spotify offers a streaming media intelligence technology called the Ad Studio, enabling promoters to hyper-contextualize their content to target the right audiences at the right time.
Increased Need to Communicate and Learn through Podcasts Amid Pandemic Fostered Market Expansion
The adoption of podcasts received a favorable response amid the COVID-19 outbreak. Podcasts have increasingly played a role in internal communication, learning, and the development of organizational culture during the restrictions of in-person training facilities. Podcasting fills a gap that many learning and development strategies have missed by including business leaders, subject matter experts, fellow employees, or other external stakeholders in a high-quality, flexible format.
Moreover, people are forced to sit down at home and find entertainment options due to the imposition of strict security measures. Furthermore, the technical assistance teams have been increasing their productivity and effectiveness to meet the different tastes of listeners as a result of the pandemic. The use of podcast software is thus increasing, and this growth is expected to rise exponentially in the coming years.
Increased Focus on Diversity and Expansion of Podcast Audience to Propel Market Growth
This market has observed recent trends, such as an increase in podcast listenership compared to the past. This is due to increased investment in the industry and an increase in the number of podcast listeners globally. With media companies and networks investing in high-quality, professionally produced podcasts to attract listeners and differentiate them from competitors, there's been an increase in original content.
In addition, a growing number of podcasts with diverse opinions and perspectives on this market are increasingly focused on diversity and inclusion. These trends will boost the podcasting market growth in the coming years.
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Increasing Usage of AI-Powered Technology for Enhanced Content Delivery to Boost Market Progress
Artificial intelligence (AI) is revolutionizing the production and delivery of content. The market growth is driven by the development of AI technology for automatic editing, transcription, and other content recommendation services. Podcast developers are applying these AI skills to keep pace with content production and optimization updates. Artificial intelligence (AI)-powered software applications in podcasting content for music streaming and internet streaming services drive the market.
Advancements in content-based technologies, such as ASMR, innovative transcription processes, and live streaming podcast events also drive the market. Many organizations are integrating podcast-specific sections into their blogs and other social networks to develop interactive content, enhance website traffic, or improve search engine optimization chances.
Lack of Skilled Podcast Development Experts and Consumer Awareness Restrains Market Growth
Podcasting requires mastering some technical elements to generate a better output. Also, consumer awareness about podcasts may hamper market growth due to their ever-changing nature. Moreover, this application requires expert knowledge. Thus, market growth can be hindered by problems related to the lack of skilled podcast development experts and consumer awareness.
User-Friendly Interface of Windows Boosted Segment Growth
On the basis of OS compatibility, the market is divided into Windows, Android, Mac, iOS, and Linux/GNU.
The Windows segment dominated the market share in 2022. The segment’s growth is driven by the ease of developing podcast software from large developer companies. These companies are investing significantly in creating these offerings and providing user-friendly interfaces to end-users, making it easier for businesses not to spend on costly equipment.
The Mac segment is anticipated to rise at the highest CAGR during the forecast period. The increasing use from end-users drives the segment’s expansion. The demand for the operating system over the forecast period will be driven by an increase in the uptake of Mac services to record and edit digital music files. Moreover, Mac also provides improved solutions for different consumers due to its design structure.
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No Incremental Costs of On-Premises Deployment Fueled Segment Growth
On the basis of deployment, the market is bifurcated into on-premises and cloud.
In terms of market share, the on-premises segment dominated the market in 2022. This model refers to the implementation of podcasting software in clients' premises through their IT infrastructure. However, it initially requires large investments and maintenance and does not incur any incremental costs during its ownership.
The cloud segment is expected to grow at the highest CAGR during the forecast period. Scale, flexibility, security, and data center management are key factors that help cloud technology be used more effectively by growing podcasts. This platform requires a large amount of data and computing power, which cloud service providers can provide.
Commercial/Business Segment Led the Market Due to Rising Demand for Modern Advertising Methods
On the basis of end-user, the market is divided into individual/professional and commercial/business.
Among these, the commercial/business segment led the market in 2022 and is predicted to grow significantly at the highest CAGR during the forecast period. Businesses have fewer ways of transmitting their values to customers in a realistic method. Traditional advertising is being distrusted and disliked, leading to a very low retention rate. Thus, making podcasts a better source to advertise. According to HubSpot, in 2023, 51 % of marketing agencies plan on supporting more podcasts as part of their marketing strategy.
For individuals and professionals, podcasts offer a unique platform for creative expression, exchange of expertise, or connection with an international audience. Moreover, it is an attractive option for people in the industry to create their podcasts due to the flexibility and accessibility of the software.
The market is analyzed across North America, Europe, Asia Pacific, South America, and Middle East & Africa.
North America Podcasting Market Size, 2022 (USD Billion)
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North America secured a major market share in 2022. The high growth in the region can be attributed to the rapid adoption of new technology and an increasing audience base. Moreover, the size of the audience and engagement is increasing in Canada. Publishers focus on improving their advertising services, while firms implement the Audio podcast on-demand strategy into their platforms. According to Infinite Dial 2023, 64% of people in the U.S. have listened to a podcast at least once.
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Asia Pacific is anticipated to rise significantly at the highest growth rate during the forecast period. The rise in consumer usage of digital devices, such as smartphones and tablets, is the driving factor in this region.
The Middle East & Africa is projected to witness the second-highest growth rate in the market over the forecast timeframe. The increasing adoption of podcasts and the emergence of regional podcasting software catering to global content preferences led to a proliferation of this market in the region.
Leading Companies Focus on Partnerships, Mergers & Acquisitions, and Product Development Strategies to Boost their Reach
Top market participants are engaged in offering improved podcasting software to supply promotion and growth for individuals and businesses. They focus on acquiring local and small firms to increase their business reach. Increased product demand is attributed to increased investments, strategic partnerships, and mergers & acquisitions.
An Infographic Representation of Podcasting Market
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The report provides a detailed analysis of the market and focuses on key aspects such as leading companies, and leading end-users of the product. Besides, the report offers insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the growth of the market in recent years.
CAGR of 29.8% from 2023 to 2030
Value (USD Billion)
By OS Compatibility
According to Fortune Business Insights, the market is projected to reach USD 17.59 billion by 2030.
In 2022, the market value stood at USD 2.22 billion.
The market is projected to grow at a CAGR of 29.8% during the forecast period.
In 2022, the commercial/business segment led the market.
The increasing usage of AI-powered technology for enhanced content delivery to aid market growth.
RiversideFM, Inc., Podbean.com, Spotify AB, Hindenburg Systems, Zencastr, Adobe, Muse Group & contributors (Audacity), Podcastle, Inc., Cockos Incorporated, and Alitu are the top players in the global market.
In 2022, North America held the largest market share.
Asia Pacific is expected to exhibit the highest growth rate during the forecast period.
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