Creative Software Market Growth & Trends
The global creative software market size is expected to reach USD 13.42 billion by 2028, registering a CAGR of 6.8% during the forecast period from 2022 to 2028 according to a new report by Grand View Research, Inc. The demand for technologically advanced solutions to create effective audio and video content is rising globally. As content production showcases immense growth, companies and solution providers are under constant pressure to show a profit. Video is considered one of the most effective ways of customer engagement. The global market has benefited from this trend.
Gather more insights about the market drivers, restrains and growth of the Global Creative Software Market
Grand View Research has segmented the creative software market based on deployment (Cloud, On-Premises), type (Sound & Video Recording Software, Image & Video Editing Software, Graphics & Illustration Software, Desktop Publishing Software, Others).
Based on Regional Insights, the market is segmented into North America, Europe, Asia Pacific, Central & South America, and Middle East & Africa.
North America captured the largest market share of around 44% in 2021.
The regional growth is mainly driven by rapid technological advancements, rising demand for audio-video recording and editing platforms in the music, live-streaming, and entertainment industry, and the existence of several major creative software providers in the region. As a result of the influence of COVID-19 in North America, there was an unexpected rise in demand for innovative solutions and software. Because of growing acceptance across various end-users throughout the years, the U.S. is regarded as one of the biggest investors and pioneers in online video and audio platforms. With the rising acceptance of remote learning, the area is also gaining traction for e-learning, which provides students with more flexibility and convenience thus fueling the market growth.
Asia Pacific is likely to expand at the highest CAGR of 7.6% from 2022 to 2028.
Asia Pacific is likely to expand at the highest CAGR of 7.6% from 2022 to 2028 due to the strong economic growth and rising demand for creative solutions among companies and content creators. Because of their improved technical infrastructure, the countries in this area are likely to grow significantly. Developing countries are adopting video recording and editing solutions and technologies to simplify and optimize their commercial operations. Furthermore, the region's highly competitive market position is projected to spur the development of creative software solutions growth, which will improve the total return on investment for media, entertainment, and education companies. Due to the availability of significant growth potential and a strong economic outlook, a number of large firms are quickly developing their cloud operations in the region.
Europe contributed a market share of more than 25% in 2021 to the global creative software market.
Advanced technological advancements in information technology, rising demand for sound, audio, image, and video editing software solutions, and increasing demand for creative software tools and solutions from the artists and professionals across the European region. Increasing demand for cloud-based creative software solutions from the end-users is expected to contribute to the regional market. Moreover, the rising number of small and medium enterprises in the region is contributing to the growth rate during the forecast period.
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The key players in the global creative software market include - Adobe Inc., MAGIX Software GmbH, Corel Corporation, CyberLink Corp., FXhome Limited, TechSmith Corporation, Nero AG, Movavi Software Limited, SONY CREATIVE SOFTWARE INC., and Wondershare group.
Leading industry participants are investing in R&D initiatives to promote organic growth and market share. Companies are also creating new solutions to expand and strengthen their current portfolios as well as attract a new customer base. Businesses are opting for mergers and acquisitions, as well as strategic partnerships with other vendors operating the market space, to develop technologically advanced creative software solutions and gain a competitive edge in the market over their competitors.
Order a free sample PDF of the Creative Software Market Intelligence Study, published by Grand View Research.