The global Digital Rights Management Market is expected to foresee significant growth. North America to grow at a significant CAGR!
- Himanshu Patni
- July 13, 2023
- NEWS, TELECOM & IT
- Digital Rights Management Market
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The global Digital Rights Management Market is expected to grow at a CAGR of around 15% during the forecast period. The rising adoption of digital rights management can be attributed to the increased need for companies to protect their data due to the growing need for digital intellectual property copyright protection policies. Furthermore, factors such as the rapid proliferation of digital devices and technologies and the continued development of the internet as a platform for business and trade, the successful monetization of digital content, and the rising number of social media users are also contributing to the growth of the market. For instance, in 2021, 4.02 Bn people were using social media and this number grew to 4.38 Bn in 2019.
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Based on application, the market is classified into audio content, video content, software and games, and others. The mobile content segment is expected to grow significantly during the forecast period. The growth is mainly attributed to the growing smartphone adoption across the globe. Furthermore, the growing trend of OTT consumption is also expected to significantly influence the market growth during the forecast period.
By organization size, the digital rights management market is divided into large enterprises and SMEs. The SMEs segment is expected to achieve a larger CAGR during the forecast period. This is mainly due to their transition to data support and data management systems, small and medium businesses employ enterprise digital rights management solutions at a pretty high rate. It has been noted that a growing number of small and medium-sized businesses are making sizable investments in enterprise digital rights management software.
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For a better understanding of the market adoption of the digital rights management industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The North American region held a prominent share of the global digital rights management market in 2020 and is expected to grow at a substantial growth rate during the forecast period. The increase in smartphones, tablets, and internet dependency among customers in the region is expected to significantly influence market growth. Moreover, the rising cyber attack risks in the region are also expected to propel the market. For instance, according to IBM Corporation, in 2020, the average cost of a data breach was USD 3.86 Mn globally, and USD 8.64 Mn in the United States. These costs include the expenses of discovering and responding to the breach, the cost of downtime and lost revenue, and the long-term reputational damage to a business and its brand.
Some of the major players operating in the market include Adobe Inc., Apple Inc., Dell Inc., DivX LLC, Fortinet Inc., IBM Corporation Inc., Microsoft Corporation, NextLabs Inc., Oracle Corporation, and Sony Corporation
Global Digital Rights Management Market Segmentation
Market Insight, by Application
· Audio Content
· Video Content
· Software and Games
· Others
Market Insight, by Organization Size
· Large Enterprises
· SMEs
Market Insight, by Region
· North America
o U.S.
o Canada
o Rest of North America
· Europe
o Germany
o UK
o France
o Italy
o Spain
o Rest of Europe
· Asia-Pacific
o China
o Japan
o India
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· Adobe Inc.
· Apple Inc.
· Dell Inc.
· DivX LLC
· Fortinet Inc.
· IBM Corporation Inc.
· Microsoft Corporation
· NextLabs Inc.
· Oracle Corporation
· Sony Corporation