LONDON–(BUSINESS WIRE)–#IT–According to Technavio Research Report “Audio and Video Editing Software Market by end-user (commercial and personal) and geographical regions (North America, Europe, APAC, South America, and MEA) is witnessed to grow USD 2.43 billion, at a CAGR of 12% from 2019 to 2023”.
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Global Audio and Video Editing Software Market: Shift toward cloud-based delivery model
Globally, cloud adoption has increased among various industries due to advantages such as reliability, enhanced uptime, enriched IT services, increased flexibility of data access, and improved operational speeds. Moreover, cloud services help organizations from various industries grow their businesses. Owing to such benefits of cloud solutions, various audio and video editing software vendors are developing cloud-based audio and video editing software. For instance, Adobe has developed Creative Cloud, which can be used on mobile devices as well as desktop devices. Thus, the shift toward cloud-based delivery model is expected to support the growth of the global audio and video editing software market during the forecast period.
“Apart from the shift toward cloud-based delivery model, the increased use of editing software for personal use is one other factor that is expected to boost market growth. The extensive use of social media apps and platforms has created a significant demand for digital content as many users edit their audio and video files before posting on social media platforms. Thus, the increasing use of such social media apps and the improving content generation over these platforms will fuel the adoption of audio and video editing software during the forecast period,” says a senior analyst at Technavio.
Global audio and video editing software market: Segmentation analysis
This market research report segments the global audio and video editing software market by end-user (commercial and personal) and geographical regions (North America, Europe, APAC, South America, and MEA).
The North American region led the market in 2018, followed by Europe, APAC, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to the increase in content generation and consumption along with aggressive expansion of OTT video streaming providers in the region.
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Global Audio and Video Editing Software Market: Increase in rate of content generation and rise of OTT platforms
A key factor driving the growth of the market is the increase in rate of content generation and rise of OTT platforms. The extensive use of social media platforms has created significant demand for digital content. The users of such social media platforms are creating audio and video files to be shared on these platforms. Digital media consumption is also growing with the increase in the adoption of smartphones and the rising Internet speeds. Furthermore, the number of OTT video streaming platforms are also expected to increase as many consumers prefer watching online content on their smartphones or tablets. In addition to this, the demand for OTT video streaming content is increasing as it offers flexibility in terms of space and time. Therefore, the growing use of audio and video editing software among OTT video streaming vendors will drive the growth of the global audio and video editing software market during the forecast period.
Few Major Players for the Audio and Video Editing Software Market are:
- Adobe Inc.
- Apple Inc.
- Avid Technology Inc.
- CyberLink Corp.
- Steinberg Media Technologies GmbH
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