Digital Media Production Software Market to Reach USD 36.3 Billion by 2031: Size, Trends and Significant Growth.
Digital media production is the process in which digital files are created, enhanced, encoded, and distributed using numerous methods of processing,
PORTLAND, PORTLAND, OR, UNITED STATE, December 1, 2023 /EINPresswire.com/ — According to the report, the global digital media production software industry generated $11.4 billion in 2021, and is anticipated to generate $36.3 billion by 2031, witnessing a CAGR of 12.6% from 2022 to 2031.
Rise in demand for online video games, growth in ICT expenditure, and the rising use of social media marketing drive the growth of the global digital media production software market. However, high initial investments and cyber security threats are responsible for hampering the growth of the digital media production software market. On the contrary, increasing penetration of digital marketing is anticipated to provide growth opportunities during the forecast period.
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COVID-19 scenario:
➢ The outbreak of the Covid-19 pandemic had a positive impact on the global digital media production software market, owing to a sudden increase in demand for digital media during the lockdown.
➢ Increase in work from home culture and social distancing norms helped in promoting demand for digital media production platforms during the pandemic, which further managed to continue even after the reduction in number of COVID-19 cases in late 2021.
Based on application, the digital advertising segment accounted for the largest share in 2021, contributing to nearly half of the global digital media production software market, and is projected to maintain its lead position during the forecast period. This is owing to rise in digital technology for marketing. However, the e-learning segment is expected to portray the largest CAGR of 17.1% from 2022 to 2031, owing to the growing innovation and technological investments by educational institutes.
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Based on type, the digital media creation segment held the highest market share in 2021, accounting for more than half of the global digital media production software market, and is estimated to maintain its leadership status throughout the forecast period, due to growing, adoption of software by various end users for digital media creation. However, the interactive TV segment is projected to manifest the highest CAGR of 15.0% from 2022 to 2031, owing to surge in adoption of interactive TV for digital media viewing and production.
Based on deployment mode, the on-premise segment held the highest market share in 2021, accounting for nearly three-fifths of the global digital media production software market, as it provides added security of data. However, the cloud segment is projected to manifest the highest CAGR of 15.2% during the forecast period and is estimated to maintain its leadership status in 2031, as cloud provides flexibility, scalability, complete visibility and efficiency of all processes.
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Based on region, North America held the highest market share in terms of revenue in 2021, accounting for more than one-third of the global digital media production software market, owing to infrastructure development and technology adoption in countries like U.S. and Canada. However, the Asia-Pacific region is expected to witness the fastest CAGR of 15.9% from 2022 to 2031 and is likely to dominate the market during the forecast period. Increase in spending capabilities, owing to the growing digital and economic transformation of the region.
Leading Market Players:
➢ Acquia, Inc.,
➢ Apple Inc.,
➢ Bynder,
➢ CSG,
➢ DNN Corp,
➢ HubSpot, Inc.,
➢ IBM Corporation,
➢ Oracle,
➢ Brightcove Inc.,
➢ Adobe
The report provides a detailed analysis of these key players of the global digital media production software market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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