Software is defined as any computer program or data that can be electronically stored. It is utilized by computer processors to perform a variety of tasks. Mobile software applications, also known as apps, work similarly to the counterparts that are used in computer software. These apps are specifically designed to perform specific tasks, such as playing games, shopping, playing music, or finding directions.
COVID-19 scenario analysis:
- The emergence of COVID-19 pandemic has severely affected almost all industries across the world. Further, lockdown restriction on movement has disrupted the supply chain across the globe but gave opportunities to the software industry and has positive impact on the growth of the stock media software market.
- The outbreak of COVID-19 pandemic has considered highlighting challenges faced by businesses such as disruption in supply-demand, digitizing operations, and cost management. In this context, the report recommends various solutions that will uphold the profitability graph in the forthcoming years.
- In addition, it is notable to see the changes in consumer behavior and demand, purchasing patterns, re-routing of the supply chain, current market forces, and significant interventions of governments.
- The COVID-19 pandemic has acted as a catalyst for the development of automation technologies by global companies, especially in the area of drones for the purpose of surveillance and medicine delivery.
- Furthermore, there are strong indications that the current decrease in demand for technology and digital solutions will be just a short-term phenomenon. In the medium-to-long run, the COVID-19 technology impact may be extremely positive. Everyone is forced to embrace new technologies and discover their benefits. Additional investments in digital infrastructure can be expected.
Top impacting factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Increasing adoption of digital audio workstation (DAW)
Increase in implementation of DAW is mainly in evolving economies. DAW is mainly available in two forms, virtual musical instruments and music production software. In addition, music composers are adopting music production software instead of physical instruments as it assists better mobility and fewer hassles. Moreover, this helps them to record music at anytime, anywhere, and also in the absence of a proper environment/studio. Besides, companies have started offering music production software equipped with a fully functional music creation studio containing a complete sound library equipped with instrument pre-sets for electronic musical instruments. Thus, with the rising adoption of digital audio workstation (DAW), the demand for stock music is likely to surge considerably in the forthcoming years.
Increasing popularity of video and audio streaming
The engagement of music devotees with streaming, especially with paid subscriptions for audio and video streaming has amplified significantly in recent years. In addition, the growing demand for video production with stock music tracks to be used in voice-overs and background scores is expected to drive the stock music market. Additionally, stock music libraries offer a wide variety of music composed by various artists in different moods, tempos, styles, and genres, ranging from classical instrumentations to animated cartoon compositions. All these factors are expected to fuel of the growth of the global stock media software market.
Key benefits of the report:
- This study presents the analytical depiction of the global stock media software market along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of global stock media software market share.
- The current market is quantitatively analyzed to highlight the global stock media software market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides detailed global stock media software market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the global stock media software market research report:
- Which are the leading market players active in the stock media software market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the stock media software market in the next few years?
- What are the driving factors, restraints, and opportunities in the stock media software market?
- What are the projections for the future that would help in taking further strategic steps?
Key Market Segments
- By Subscription Type
- By Component Type
- By Deployment Type
- By End User
- Individual
- Enterprise
- Others
- By Region
- North America
- Europe
- Germany
- UK
- France
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- Shutterstock, Inc.
- 123 RF Limited
- Clipstill
- FilmHERO
- Getty Images, Inc.
- Dissolve Inc.
- Adobe
- Filmsupply
- Vimeo, Inc.
- com