Digital Rights Management Market Expected to Reach $24.63 Billion by 2030

According to a recent report published by Allied Market Research, titled, “Digital Rights Management Market by Application, Enterprise Size and Industry Vertical: Global Opportunity Analysis and Industry Forecast, 2020-2030,” the global digital rights management market was valued at $3.60 billion in 2020, and is estimated to reach a value of $24.63 billion by 2030, registering a CAGR of 21.4% from 2021 to 2030.

Digital rights management software is used to limit the use and further distribution of proprietary material through encryption technology and restrictive licensing agreements. The software prevents printing or copying, further limiting the number of devices on which digital media can be installed and thereby restrict the access to varied documents. Digital rights management deals with the digital content of a company to be used, which includes sources, coupled with the information on where the digital file originated and also the scope & reach of the associated access rights. Digital rights management policy is also engaged in tracking whether the creative contents are procured or developed in-house and also delineates the authority for repurposing and relicensing across various projects. Various businesses are anticipated to implement bring-your-own-device. The extensive generation of web-based data thus results in the increase of demand for solutions pertaining to reformation of secured data access and its management. Efficient consistency and handling is required for organizational web-contents to be published on the website; as a result, need for access control is also expected to drive the DRM market.

In 2020, the global digital rights management market share was dominated by video-on-demand segment and is expected to maintain its dominance in upcoming years. It protects video content while ensuring smooth delivery and playback. It also prohibits the use of portable media devices to view these videos. These feature of safeguarding of videos is driving the adoption of DRM solutions.

The mobile content segment also plays a significant role in the market, With the increasing use of smart phones, huge amounts of sensitive data containing sensitive information is being generated. As a result, many data security vulnerabilities arise. Mobile content is protected from cyber-attacks using the Digital Rights Management (DRM) system.

The COVID-19 pandemic has had a favorable effect on the digital rights management industry, owing to a significant shift toward the use of digital platforms during the lockdown phases of the pandemic and growing demand for digital content among the public that can be enjoyed at home.

Key Findings of the Study

• By application, in 2020 the video-on-demand segment dominated the digital rights management market size. However, the mobile gaming segment is expected to exhibit significant growth during the forecast period.
• By enterprise size, the large enterprise segment generated the highest revenue in 2020. However, the small and medium enterprise segment is expected to witness highest growth rate in the future.
• By industry vertical, the television and film segment accounted for the highest revenue in 2020 for digital rights management market growth; however, the healthcare is expected to witness highest growth rate during the forecast period.
• By region, the digital rights management market analysis was dominated by North America. However, Asia-Pacific is expected to witness significant growth in the upcoming years.

Major companies operating within the market are Adobe, Apple Inc., Dell Inc., DivX, LLC, Fasoo, International Business Machines Corporation, Microsoft Corporation, NEXTLABS INC., Oracle Corporation, and Sony Corporation