Reports And Data
video editing software market size was USD 1.97 Billion in 2021 and is expected to register a revenue CAGR of 5.9% during the forecast period.
— Reports and Data
NEW YORK, US, UNITED STATE, July 12, 2023/EINPresswire.com/ — The global video editing software market experienced significant growth in 2021, reaching a size of USD 1.97 billion. It is projected to continue growing at a revenue compound annual growth rate (CAGR) of 5.9% over the forecast period. The market growth is primarily driven by the increasing impact of social media, technological advancements, and the rising trend of content creation and video editing.
One of the key factors contributing to the growth of the video editing software market is the rapid rise of Over-the-Top (OTT) services. OTT platforms have gained popularity as a mainstream streaming option and have even surpassed broadcast TV in terms of audience share and revenue. The acceptability of OTT services can be attributed to various factors such as flexible package options, a wide selection of genres, accessibility on different devices, lower prices, and the availability of high-speed internet infrastructure. Additionally, the emergence of short video creation tools like TikTok, dubsmash, and clapper has further contributed to the demand for video editing software.
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The outbreak of COVID-19 has also had a significant impact on the market. With the increase in online streaming channels and OTT platforms, there has been a surge in demand for video editing software. The need for video content for entertainment and documentation through OTT platforms, the widespread use of smart devices like smart TVs and smartphones, and the growing demand for fast internet connectivity and high-quality video content have all contributed to the increased demand for video editing software.
While the market is experiencing growth, it also faces challenges. The availability of free video editing software with advanced capabilities and the prevalence of pirated software, which is available for free, have posed challenges to revenue growth in the market.
Key highlights from the market report include:
The on-premise segment accounted for a steady revenue share in 2021. Many organizations prefer on-premise video editing as it reduces overhead costs and provides access to pre-built services for content creation. It also allows organizations to have more control over their video content, which is particularly important for those dealing with sensitive information.
The personal use segment held a stable revenue share due to factors such as easy internet access and the growing trend of content creation, especially among Generation Z and millennials. Social media platforms like Instagram and YouTube have witnessed significant usage and content production, driving the demand for video editing software for personal use.
The mobile phones segment is expected to contribute significantly to the market’s revenue share over the forecast period. Mobile video editing apps offer portability and ease of use, making them popular among users. They are often considered the best approach for learning video editing, as they are generally less complicated than computer editing software. The popularity of smartphones, their affordability, and the hands-on experience they provide contribute to the growth of this segment.
The Asia Pacific region is expected to register a significant revenue share and the highest growth rate in the global video editing software market. Factors driving market growth in this region include high adoption of digital content, rapid expansion of the consumer electronics industry, increased video content creation on OTT platforms, rising disposable income, growing adoption of cloud-based video editing software, the presence of social media influencers, and the rapid growth of the media and entertainment sector. Edtech platforms in the region also contribute to the demand for video editing tools and software.
Key companies operating in the video editing software market include Adobe, Apple Inc., Corel Corporation, Autodesk Inc., CyberLink Corp., MAGIX Software GmbH., Blackmagic Design Pty. Ltd., Avid Technology, Inc., Wondershare, and Vimeo.com, Inc.
Please note that the information provided is based on the report mentioned in your question, and the data and insights may not be up to date as of the current date.
For the purpose of this report, Reports and Data has segmented the global video editing software market based on type, end-use, platform, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Cloud-based
On-premises
End-use Outlook (Revenue, USD Billion; 2019-2030)
Commercial Use
Personal Use
Platform Outlook (Revenue, USD Million; 2019-2030)
Desktop and Laptops
Mobile Phones
Others
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