LONDON--(BUSINESS WIRE)--Technavio’s latest report on the global audio and video editing software market provides an analysis on the most important trends expected to impact the market outlook from 2017-2021. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
Ishmeet Kaur, a lead analyst from Technavio, specializing in research on the enterprise application sector, says, “The demand for proprietary software and free professional software, such as Lightworks, is high in the market. The increased use of video content in social media has accelerated the demand for audio and video editing software.”
The global audio and video editing software market is foreseen to grow at a CAGR of more than 10% by 2021. Online video editing software is becoming a viable solution for editing and managing video content. Animoto and WeVideo are some of the prominent players in this industry. Acquisitions of smaller companies take place on a regular basis. For instance, Pinnacle Systems was acquired by Avid in 2005. Corel, a Canadian software company, acquired Pinnacle Systems from Avid in 2012.
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The top three emerging trends driving the global audio and video editing software market according to Technavio ICT research analysts are:
Increased use of online cloud editing software
A major trend in the market is the growth of online cloud editing software. Companies such as WeVideo, Animoto, Shotclip, Loopster, and Forbidden Technologies provide editing software online. Companies have different payment policies for the software. A few companies might charge for the software based on the requirement of cloud storage. Others might charge based on the validity of the software.
High adoption of editing software by non-professional end-users
“Vendors in the global audio and video editing software market focus on making the software more user-friendly. They have reduced the price and provided trial versions with full application features for end-users. The editing software requires highly efficient processors that ensure an efficient and smooth workflow. This acts as a hindrance for the adoption of the software among non-professional users with limited graphics support,” adds Ishmeet.
The continuous improvements in the processing power of computers help in mitigating the impact of this challenge. The increase in processing speed has led to a decline in the average rendering time of editing software over the past 10 years. This will further decrease during the forecast time. This factor will accelerate the adoption rate of editing software by non-professional end-users.
Rise in the use of editing software for mobile devices
Vendors have started providing video and audio editing software for mobile devices such as smartphones and tablets. The increasing processing power of mobile devices is one of the most important reasons for this initiative. For instance, Samsung's Galaxy S7 smartphone has a Snapdragon 820 chipset by Qualcomm with 4GB of RAM.
The key vendors are as follows:
- Adobe Systems
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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