It is estimated to grow at a CAGR of 6. 0% from 2022 to 2028. Virtual reality technology is evolving in a variety of ways. The use of virtual reality technology in video content for various applications such as marketing, animation, and 360-degree videos significantly increases the demand for audio and video editing software.
New York, Sept. 29, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Audio and Video Editing Software Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Component [Software and Services], Deployment, and End User" - https://www.reportlinker.com/p06321016/?utm_source=GNW
Virtual reality technologies have advanced significantly due to advancements in computer technology and societal requirements.Introducing virtual reality might enhance the global video creation/production industry.
On the other hand, increased interest in viewing animated movies/content in virtual reality is expected to set the tone for the audio and video editing software market growth.
Moreover, the recent swift popularity of various advanced video recording devices, such as AR, VR, mixed reality, and 360-degree, is expected to revolutionize traditional video recording and improve video editing techniques in the coming years. Thus, integrating AR/VR and other technologically improved video editing content is projected to widen the commercial scope of video editing software applications into those technologies and provide additional business opportunities for market players during the forecast period.
In North America, the US is one of the major markets for audio and video editing software vendors.According to an international trade association report, the country holds the world’s largest media & entertainment industry, valued at US$ 660 billion in 2021.
Media and entertainment players proactively use this software to produce and provide additional digital services and products for motion pictures, television programs, commercials, broadcast content, music, video and audio recordings, and broadcasting, among others. Based on the report by the Numbers, more than 400 domestic movies were released in the US in 2021, upscaling the demand for audio and video editing software market growth.
Canada’s animation and visual effects industry is booming, with thousands of animated films, commercials, and television series produced each year.The country houses the largest animation studio, 9 Story Media Group, in Toronto and the fourth largest visual effects center in the world, which is in Montreal.
In addition, Canada offers attractive tax and financial incentives for animators and filmmakers.It is home to hundreds of world-class film and animation studios and thousands of companies that proactively use audio and video editing software.
Further, the country also houses hundreds of major game design studios, top creative agencies, and design firms. Hence, the robust animation industry makes Canada a go-to market for audio and video editing software market vendors.
The US has the world’s largest music industry, often considered the epicenter of media and drama, and the country’s music industry grows yearly. Based on the report by Matching Engine, in 2020, recorded music industry revenue reached US$8 billion in the US alone, a staggering 7.5% year-over-year growth.
Moreover, in March 2019 alone, Spotify’s Global Top 50 playlist by US artists included 70% of his songs.Hence, the robust music industry provides a great business opportunity to the audio and video editing software vendors, as the music artist progressively uses these tools to create and release different types of music.
Furthermore, with the live concert and music festival reopening, the demand for audio and video editing software is anticipated to flourish over the forecast period.
The audio and video editing software market is segmented on the basis of component, deployment, end user, and geography.Based on component, the audio and video editing software market is bifurcated into software and services.
The software segment is further segmented into audio editing software and video editing software.In terms of deployment, the audio and video editing software market is segmented into on-premise and cloud.
Based on end user, the audio and video editing software market is bifurcated into personal and commercial.
Based on geography, the audio and video editing software market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, and the Rest of Europe), Asia Pacific (Australia, Japan, South Korea, India, China, and the Rest of APAC), the MEA (Saudi Araba, UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).
The overall audio and video editing software market has been derived using both primary and secondary sources.Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the audio and video editing software market.
The process also obtains an overview and forecast for the audio and video editing software market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants to validate the data and gain more analytical insights.
Participants in this process include industry experts, such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders, specializing in the audio and video editing software market.
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