Digital Rights Management Market: Snapshot
The global digital rights management market is expected to expand at a significant pace during the forecast period, due to the rising demand of digital content security and management. Increasing digital piracy and thefts of digital content call for content security and management solutions. This factor is driving the global digital rights management market. Furthermore, the adoption of innovative revenue models and introduction of stringent policies and regulations by governments for protection of intellectual property (IP) from unfair usage and illegal competition are also driving the digital rights management market. However, currently, the DRM market is witnessing scarcity of unified DRM solutions. Thus, for complete security, end-users need to opt for multiple DRM solutions, resulting in high initial investments and high after-sales maintenance. Hence, scarcity of unified DRM systems is hindering the market. The market for digital rights management is projected to reach value of US$ 9,086.8 Mn by 2026, registering a CAGR of 15.3% during the forecast period.
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Digital rights management (DRM) is a technology to protect ownership or copyright of the digital content by limiting what actions an authorized beneficiary may take in regard to the digital content. DRM enables the owner or publisher of the digital content to securely distribute precious content such as periodicals, enterprise-important data, photographs, books, educational material, and videos and to protect the digital content from thefts and piracy. Digital rights management is a software application or technology-enabled solution to control and monitor the unauthorized access of the digital content. DRM supports controlling, monitoring, organizing, and distribution of the digital content, with solutions deployed either on-premise or based on cloud or as a hybrid model. Industries that can benefit from digital rights management software are health care, BFSI, government, media & entertainment, and retail & consumers. Digital rights management is most commonly used in the media & entertainment industry. This is primarily due to high volume of the content generated, its wide online dispersion, and the growing number of media & entertainment companies, which increases the demand for enhanced control over images, videos, and audios from multiple sources.
However, with no typical DRM standard implemented, several DRM leaders have developed and promoted their own solutions. Presently, more than 20 applications are available in the market. If a customer wants to avail services of multiple companies, he/she has to purchase different versions of software and manage all of them separately. This is an inconvenience that could lead to DRM complexity and additional expenditure. Hence, requirement from consumers for a unified DRM solution, which can take care of all platforms of different vendors, is rising. However, lack of availability of such unified solutions is likely to hamper the market during the forecast period.
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A key trend in the market is increasing demand for cloud-based solutions. This is because the demand for digital rights management solutions for a specific device and at a specific client location is raising the complexity for vendors. DRM systems need to serve a wide variety of devices popular among consumers. This leads to integrating, operating, and maintaining various DRM systems, resulting in increase in complexities and loss of revenues. However, cloud-based DRM allows the operator to outsource the DRM solution and offload various on-site operations to cloud. It also helps in freeing up valuable resources, which can be allocated to execute other significant tasks.
Cloud-based DRM is essential while tapping opportunities provided by video on demand (VoD), as the storage capacity offered on a mobile device is not sufficient to stream a high-quality video in real time. Cloud services is an efficient way to optimize DRM operations while availing a robust level of service. Transfer of license keys and several security functions from the client device to the server is simplified by using the cloud deployment model. This allows easier management, updates, and support for multiple DRMs, formats, protocols, and evolving business models. Due to these value additions, cloud-based solutions are likely to become popular. This is anticipated to provide substantial growth opportunities to the global DRM market in the near future.
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Over the past few decades, the new technological, social, management, and organizational issues digitize the information enabling sharing of information across the globe, and the increase in digital broadcasting and content marketing is booming the demand for digital rights management software for the protection of the information shared.
Digital rights management (DRM) software offers users a variety of features planned to preserve their content and ensure it is accessed within their designated parameters.
Businesses are constantly sharing files internally and externally, and many others share host media files regularly.
Advance Market Analytics released a new market study on Global Digital Rights Management Software Market with 100+ market data Tables, Pie Chat, Graphs & Figures spread through Pages and easy to understand detailed analysis.
A special chapter in the study presents Impact Analysis of COVID-19 on Global Digital Rights Management Software Market along with tables and graphs related to various country and segments showcasing impact on growth trends.
What's Trending in Market:Government Support and InvestmentsChallenges:Lack of Awareness About the Difference Between Encryption and DRMRestraints:Lack of A Common StandardMarket Growth Drivers:Growth in Internet UsageRising Concerns About Data Loss and TheftThe increasing array of content available over the internet The Global Digital Rights Management Software Market segments and Market Data Break Down are illuminated below: by Deployment Mode (On-Premise, Cloud-Based), Organization size (Large Enterprises, Small and Medium-sized Enterprises (SMEs)), Pricing Options (Monthly Subscription, Annual Subscription, One-Time License), Component (Solution, Services) To comprehend Global Digital Rights Management Software market dynamics in the world mainly, the worldwide Digital Rights Management Software market is analyzed across major global regions.
