According to the latest report by Reports and Data, the global video editing software market was valued at USD 1.97 Billion in 2021 and is projected to grow at a Compound Annual Growth Rate (CAGR) of 5.9% during the forecast period. The market’s revenue growth is primarily driven by factors such as the increasing impact of social media, technological advancements, and the rising trend of content creation and video editing.
Over a short period, OTT (Over-The-Top) services have transitioned from being a niche streaming option to one of the most popular ways to watch TV. In 2020, streaming video surpassed broadcast TV in terms of audience share and revenue. The growing acceptance of OTT services can be attributed to several factors, including flexible package options, a wide selection of genres, accessibility on various devices, affordable prices, and the availability of high-speed internet infrastructure. Additionally, the emergence of short video creation tools like TikTok, dubsmash, and clapper has contributed to this trend.
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The outbreak of COVID-19 led to a significant increase in online streaming channels and OTT platforms. Consequently, there is a high demand for video editing software to cater to the constant need for video content for entertainment and documentation on OTT platforms. The widespread use of smart devices such as smart TVs and smartphones, along with the rising demand for fast internet connectivity and high-quality video content, further fuels this demand. However, the market also faces challenges from free video editing software with advanced capabilities, as well as pirated software, which is available at no cost.
The report highlights some key findings:
- The on-premise segment maintained a stable revenue share in 2021, as organizations find it beneficial for reducing overhead costs and accessing pre-built services for content creation. On-site video editing provides greater control over video content, making it suitable for companies handling large amounts of data or sensitive information.
- The personal use segment also accounted for a stable revenue share due to factors like easy internet access and the growing trend of content creation, especially among Generation Z and millennials. Social media platforms like Instagram and YouTube play a significant role in this trend.
- The mobile phones segment is expected to witness considerable revenue growth during the forecast period. Mobile video editing apps offer portability and simplicity, making them popular among beginners and new users. As smartphones are used more frequently than PCs, users find it more convenient to invest in mobile editing apps.
- The Asia Pacific region is projected to hold a significant revenue share and experience the highest growth rate in the global video editing software market. Factors such as the rapid adoption of digital content, the booming consumer electronics industry, and the high volume of video content creation on OTT platforms drive market growth in this region.
The companies profiled in the market report 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.
The global video editing software market is segmented based on type (cloud-based and on-premises), end-use (commercial use and personal use), platform (desktop and laptops, mobile phones, and others), and region (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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