Digital Media Production Software Market Reach USD 36.3 Billion by 2031 at 12.6% CAGR Globally
The global digital media production software market size was valued at $11.4 billion in 2021, and is projected to reach $36.3 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.
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Driving Factors
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.
Market Segmentation
The digital media production software market is segmented on the basis of type, deployment mode, application, and region. By type, it is divided into digital content creation, digital content management and interactive TV. By deployment mode, the market is bifurcated into on-premise and cloud. By application, it is divided into digital advertising, online games, e-learning and others. Region-wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Players
The key players profiled in the digital media production software market analysis are Brightcove Inc., Apple Inc., Adobe, Acquia, Inc., Bynder, CSG, DNN Corp, HubSpot, Inc., IBM Corporation and Oracle. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
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North America dominates the digital media production software industry. Growth of the market in this region is attributed to several factors such as increase in digitalization and adoption of digital media by the end users. Moreover, presence of key players is providing ample growth opportunities for the market growth. However, Asia-Pacific is expected to witness highest growth rate during the forecast period, owing to rapid expansion of internet infrastructure across the region.
By type, the digital content creation segment dominated growth of the digital media production software market in 2021, and is expected to maintain its dominance in the upcoming years, owing to rapid expansion of internet infrastructure and rise in number of digital media platforms such as TikTok and Instagram. However, the interactive TV segment is expected to witness highest growth the forecast period, owing to high need of interactive interface between TV and social media applications.
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Key Developments/ Strategies
In June 2022, Adobe announced a partnership with Crooked Media, the progressive independent media company that delivers bold content to entertain, inform and inspire action, to make podcasts more accessible, leveraging Adobe Premiere Pro's Speech to Text technology to caption popular content.
In April 2022, Oracle announced its collaboration with Maplesoft, a leading provider of advanced modeling and calculation solutions for engineering, science, and mathematics, which offers products and services used by more than 8,000 educational institutions, research labs, and companies in over 90 countries. Oracle Cloud Infrastructure and Maplesoft's collaboration creates a digital twin virtual environment for modernized, real-time asset monitoring.
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