Digital Media Production Software Market

Digital Media Production Software Market Research, 2031

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.

COVID-19 has positively impacted the digital media production software market due to rise in digital marketing strategies and rise in users and applications of digital media platforms such as Instagram and Tik- Tok.

Digital media production is the process in which digital files are created, enhanced, encoded, and distributed using numerous methods of processing via computer hardware and software applications. These files represent assorted media types, including audio, video, graphic, and written content as seen on the Internet. These media types are most often specifically coded to function in a pre-determined environment or platform. Digital media production exists as the primary discipline for the creation of digital music, streaming video, and other content made available to a mass audience.  

Key factors that drive the growth of the global digital media production software market include rise in demand for online video games. Growth in ICT expenditure also boosted the growth of the digital media production software industry. In addition, the rising use of social media marketing propelling the growth of the 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 for global digital media production software industry during the forecast period.

The digital media production software market is segmented into Type, Deployment Mode and Application.

Segment Review

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.

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.

North America dominates the digital media production software industry in 2021. 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.

COVID-19 impact analysis

The digital media production software market 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.

Moreover, increase in work from home culture and social distancing norms that were initiated in the COVID-19 lockdowns helped in promoting demand for digital media production platforms during the period, which further managed to continue even after the number of COVID-19 cases declined in late 2021. This provoked many companies to capitalize on this opportunity to expand their products and services. For instance, in November 2020, Sony Music Entertainment and Lil Nas X performed in a two-day virtual concert on the Roblox platform. This concert attracted more than 30 million users to the platform. Therefore, the COVID-19 pandemic had a positive impact on the digital media production software market share.

Top Impacting Factors

Increased Demand for Online Video Games

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. Furthermore, according to the Department of Trade and Industry (DTI), it has observed an increased demand in the entertainment industry as consumers turn towards online movies and entertainment amid the coronavirus pandemic. Hence, shifting towards digital consumption for entertainment during the pandemic, such as online games, online movies, and online entertainment applications provides the major growth factors for the digital media production software market.   

Rise in Use of Social Media Marketing

Increase in popularity of social media platforms has led many marketing agencies to divert their attention toward capitalizing on that untapped potential. Social media marketing has become essential in any SEO campaign. The emergence of different social media channels has offered marketers better opportunities to increases their businesses and increase brand visibility. Furthermore, the ranking of websites on search engines can make a huge impact on the success of a business leading to better customer acquisition and inevitably better conversion rate for the website. Therefore, the increase in use of social media marketing boosts the growth of the digital media production software market forecast.

Increase in Penetration of Digital Marketing

The marketing of products, brands, and services using digital channels or platforms is called digital marketing. Digital marketing is done to promote sales, increase brand awareness and awareness, and improve customer satisfaction. Digital media production software helps to maintain strong customer relationships through different digital channels and to provide better customer interaction. In addition, the growth of the global digital media production software market is expected to accelerate due to increased spending on digital marketing activities for branded and marketing activities of famous and other companies. Furthermore, increasing awareness and the increasing importance of digital marketing is another key factor driving growth in the global digital media production software market. Therefore, these factors will provide major lucrative opportunities for the digital media production software market growth.

Country Specific Statistics & Information

Developed countries such as UK and U.S. are increasingly targeted by the key players to develop and launch digital media production software in marketplace. For instance, in February 2022, Brightcove Inc., the global leader of video for business, announced it has acquired Wicket Labs, an audience insights company that gives users visibility into content and subscriber analytics. With the acquisition of Wicket Labs, Brightcove customers have access to content and subscriber insights to make data-driven decisions to improve subscriber acquisition, conversions, engagement, and retention.

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.

Key benefits for stakeholders

• This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the digital media production software market analysis from 2021 to 2031 to identify the prevailing digital media production software market opportunities.
• The market research is offered along with information related to key drivers, restraints, and opportunities.
• Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
• In-depth analysis of the digital media production software market segmentation assists to determine the prevailing market opportunities.
• Major countries in each region are mapped according to their revenue contribution to the global market.
• Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
• The report includes the analysis of the regional as well as global digital media production software market trends, key players, market segments, application areas, and market growth strategies.

 Digital Media Production Software Market Report Highlights