LONDON--(BUSINESS WIRE)--The global audio and video editing software market is expected to post a CAGR of more than 11% during the period 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The growing use of social media platforms such as Facebook, Twitter, Instagram, and YouTube have encouraged content creators to create and share a wide range of audio and video content. In addition, the rising adoption of smartphones and improving Internet speeds have increased consumers’ preference for watching online content. This has led to a rise in the number of OTT service providers, especially in developing regions such as APAC. The rise in the consumption and generation of such digital content has created a strong demand for audio and video editing software. These factors will be crucial in driving the growth of the market.
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As per Technavio, the shift toward cloud-based delivery model will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Global Audio and Video Editing Software Market: Shift Toward Cloud-Based Delivery Model
End-users in the market are increasingly adopting cloud-based audio and video editing software. This is because cloud-based model enables end-users to access files from anywhere at any time. It also allows multiple users to access the same file, thereby eliminating the need for the whole team to be present on the same premises. Moreover, cloud solutions offer a pay-as-you-go model that allows users to pay on a monthly or annual basis. Many such benefits offered by cloud-based delivery models are expected to fuel the growth of the market over the forecast period.
“Increased use of editing software for personal use and the rise in the adoption of mobile-based editing software will further boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Audio and Video Editing Software Market: Segmentation Analysis
This market research report segments the global audio and video editing software market by end-user (commercial and personal) and geography (APAC, Europe, MEA, North America, and South America).
The North American region led the audio and video editing software market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth. This is due to the strong presence of several prominent film production houses, digital media agencies, and animation studios in the region.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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