The digital media production software market was valued at $11.4 billion in 2021, and is estimated to reach $36.3 billion by 2031, growing at a CAGR of 12.6% from 2022 to 2031.
Digital media production is the process of creating, encoding, and distributing digital files such as video, music, pictures, and video games using computer hardware and software. The digital media production software offers graphic design, web design, animation, and other applications. This increases the demand for digital media production software. The global digital media production software market is expected to register significant growth in the near future, driven by increasing demand for online video games, increasing ICT spending, and increasing demand for game design and website designing.
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Increasing use of social media marketing and increasing demand for website design has a positive impact on digital media production software industry. Additionally, increasing use of artificial intelligence and machine learning in digital media production software is driving market growth across the globe. However, factors such as increasing cyber security threats and high implementation costs are restraining the market growth. On the contrary, increasing penetration of digital marketing is expected to provide valuable opportunities for market growth during the forecast period.
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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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.
The digital media production software market forecast has witnessed significant growth in past few years; however, owing to the outbreak of the COVID-19 pandemic, the digital media production software market witnessed a sudden increase in demand. According to a survey published by J. Clement in April 2022, more than 92% of respondents admitted feeling that the global COVID-19 pandemic accelerated development of metaverse and related technologies.
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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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