The global digital rights management market was valued at US$ 2,940.7 Million in 2019 and is expected to surpass US$ 9,033.7 Million by 2027, according to the Global Digital Rights Management Market Report, By Component (Software and Service), by Deployment Type (On-premise and Cloud-based), By Organization Size (SMEs and Large Enterprises), By End-use Industry (Retail, BFSI, Government, Healthcare, Media and Entertainment, and Others), and by Region (North America, Europe, Asia Pacific, Latin America, and Middle East and Africa), published by Coherent Market Insights.
The increasing volume of digital content is expected to drive the market growth during the forecast period. Digital rights management is a software that is used to protect digital content. For instance, in November 2012, RealNetworks, Inc., a U.S.-based company that provides internet streaming media services, launched Helix Universal Media Server that provides streaming for iOS, android, tablet, and others. Helix Universal Media Server is designed to help organizations to protect content delivery and access protection. Moreover, the growing penetration of smartphones and the adoption of high internet connectivity have increased demand for digital media since 2016. The usage of smartphones generate a large volume of data and increases demand for DRM solutions to protect the copyright for digital content. For instance, according to Coherent Market Insights’ analysis, the penetration of smartphones increased from 41.3% of the population in 2016 to 61.2% of the population in 2020 in China. Furthermore, increasing adoption of IoT and 5G technology are likely to increase digital content during the forecast period. For instance, in 2018, according to Coherent Market Insights’ analysis, the streaming of audio and video generated around 81% of consumer internet data traffic, globally. For instance, according to Coherent Market Insights’ analysis, the number of smartphone users in the U.S. increased from 209.5 million in 2016 to 273.3 million in 2020.
Digital Rights Management Market - Impact of Coronavirus (Covid-19) Pandemic
Due to Covid-19 pandemic, many industries witnessed significant shift in their businesses. Media & entertainment sector is expected to witness a substantial increase due to lockdown enforced in several countries across the globe to contain the spread of the Covid-19 pandemic. Streaming service providers such as Netflix, Amazon Prime Video, and Zee5 are used by people for entertainment, which increases the traffic load on networks. For instance, according to Coherent Market Insights’ analysis, Netflix paying subscribers increased to 193.25 million worldwide in the second quarter of 2020 from 110.2 million subscribers in the third quarter of 2017. The rising demand for high network connectivity is driving growth of the digital rights management market. Moreover, eSports is also another sector, which is expected to drive the market growth, as most of the people are staying at home and playing online virtual games. The increasing demand for online virtual games is expected to drive demand for digital rights management solutions, thereby driving the market growth.
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Key Trends and Analysis of the Global Digital Rights Management Market:
- North America held dominant position in the global digital rights management market in 2019 and is expected to retain its dominance throughout the forecast period. This is attributed to increasing adoption of IPTV, OTT, and IoT technologies by consumers. Advancements in mobile devices and the explosion of internet content have ignited a global revolution in terms of how consumers interact with and access online content. Rising demand for better viewing experience has increased the adoption of digital rights management solutions worldwide.
- Asia Pacific is expected to show significant growth over the forecast period, owing to increasing adoption of new technologies and digitization. The rising demand to secure digital content is also driving the market growth. For instance, in October 2018, Sony Corporation, a Japan-based multinational company who manufactures consumer electronic products, launched a new blockchain-based digital rights management system. This new technology is used to manage copyright related information for digital content.
- Among deployment type, cloud-based segment held a dominant position in the market in 2019 and is expected to retain its dominance during the forecast period. This is attributed to increasing adoption of cloud-based solutions by organizations, which is increasing the volume of digital transaction and making cloud based deployment more simple and convenient. For instance, in 2019, according to Coherent Market Insights’ analysis, around 81% of the companies were using cloud-based services. Moreover, increasing mobile data consumption and high speed internet connectivity can generate large volume of data and digital rights management solution, which is a cost-effective solution, can be used to manage large amount of digital content.
- Major players operating in the global digital rights management market include Microsoft, Facebook, Inc., Apple, Inc., Oracle, Seclore, Fasoo, VERA, Adobe Inc., Open Text Corporation, DivX, LLC, HP Labs, Dell Inc.,VOBILE INC., RealNetworks, Inc., IBM Corporation, General Electric, Axtia Technologies, Union FinTech, and Conax Technologies
