The global creative productivity tool market is growing at a potential growth rate Year-over-Year (YoY) and has reached USD 7.3 billion in 2019. The market is further expected to touch USD 15.0 billion by 2026, growing at a CAGR of 11.8% during 2020-2026 (forecast period). The creative productivity tool market is likely to grow in the forecast timeframe due to due to a huge demand for the improvement of the creative process and efficiency. Additionally, the adoption of technological advancements is also supporting the creative productivity tool market growth YoY.
Creative tool products are a method of getting many ideas from a group of people in a short time. It can be used for generating many ideas or solutions for well-defined strategic or operational problems, such as for engineering design processes. Creativity is considered as the application of various computer technologies to study, stimulate, emulate, and enhance human creativity. Computational creativity involves research and experiments intending to explore innovative ideas and thought processes in fields like literature, art, cuisine, architecture, music, and engineering. Artificial intelligence (AI) is often applied by computational creativity to generate things that were considered impossible for computers such as written works of fiction, sculptures, and paintings.
Creative Productivity Tool Market Forecast and Trends
Increasing demand for the improvement of the creative process and efficiency
Machine learning (ML) and deep learning technologies are expected to drive increasing demand for the development of creative processes and creative professionals' productivity. To support creative professionals with various forms of creativity, such as music composition, culinary arts, illustration, videography, fashion design, and website design, AI-based computational creativity uses ML algorithms. Most businesses concentrate on incorporating AI technology into their products and developing their AI, ML, and deep learning capabilities that are incorporated into their cloud services, including creative intelligence, experience intelligence, and content intelligence.
Adoption of the technological advancements
Advanced adoption of the country's technical advances. In terms of the adoption of cloud computing services or AI and Internet of Things (IoT) adoption, the US is the most advanced market due to a few reasons, as many companies consist of technological expertise along with advanced IT infrastructure availability. Also, important players such as Microsoft (Office 365), Google, Adobe, etc. operating in creative productivity tool software are based in this county. In addition to raising the valuation of the US market, there is also a cut-throat rivalry in the country. Also, the steady economic position in the US makes it possible to capitalize heavily on creative solutions and innovations
File Transfer and Storage Risk
Cloud adoption continues to grow as more businesses discover the cost-saving potential and convenience that comes with it. However, misconfigured servers are still a major risk for companies using infrastructure and platform as a service. Default accounts and characterize misconfigured servers’ passwords, unrestricted outbound access, enabled debugging functions, and more. This is hindering the growth of the creative productivity tool market. Ransomware attacks increased by 105% in the first quarter of 2019, according to Beazley’s tally of insurance claims and data analytics.
· According to statistics of Q1 2020, the use of collaboration tools surged by 70%. Due to this pandemic, there has been a surge in the use of business productivity software, as this is becoming an integral part of organizations for functioning and collaborative working. The business productivity software market is estimated to grow by approximately 15% Y-o-Y from 2019-2020 and would be in demand in Q3-Q4 2020 as well as in 2021.
· The healthcare services hit by the Covid-19 outbreak are ready to embrace digitalization and to move toward proactive rather than reactive and treatment-focused models. While technology is constantly evolving, finding new applications and use cases in healthcare, the healthcare sector is still a long way from being able to realize its full potential. Hence, creative tools product would be benefiting by high demand for the healthcare sector.
Impact of COVID-19 in industry
The global economy and humanity have been pushed into a crisis due to the COVID-19 pandemic. Due to the high infection rate and adverse impact on public health systems, various governments have enforced nationwide lockdowns significantly impacting manufacturing supply chains, trade, and related services. Players are currently considering digital solutions that would enable them to serve the community and provide new opportunities to do business. The production, manufacturing, supply chain, and other operations, have slowed down globally aimed to limit the spread of corona virus,
The global impact of the coronavirus disease 2019 (COVID-19) is likely only beginning and would significantly affect the Creative Productivity Tool market in 2020. The outbreak of COVID-19 has brought with it travel bans and quarantines; massive slowing of the supply chain; uncertainty in the stock market; falling business confidence, and growing panic among the population. Despite the growing uncertainty and panic, technology suppliers must continue to focus on their long-term investments, maintain engagement with partners and prospects, and look to specific markets for stability. Emerging technologies like 5G, the Internet of Things, high-performance computing, and intelligent edge would be fundamental to an overall recovery by the technology sector.