According to our latest market study, titled “Audio and Video Editing Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, and End User,” the market is projected to grow from US$ 3,223.12 million in 2022 to US$ 4,562.65 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2022 to 2028.
The recent rise in the popularity of various social media platforms and subsequent transitions in marketing and advertisement gained unprecedented traction, especially in the past few years. The surge in the trend of social media influencers and professional video bloggers, along with a notable rise in the number of online video content-based sellers, has powered the growth of creative video content. As a result, the continuous demand for improved and quality audio and video content has subsequently facilitated the penetration of professional audio and video editing software applications among the growing end user base, and, thus, anticipated the overall audio and video editing software market growth.
In addition, several market players operating in the audio and video editing software market have launched numerous smartphone-specific software applications targeted at fast-growing customer bases with customized dashboards for swift audio and video editing solutions. Hence, the popularity of online video content-based customer bases, such as content sellers, advertisers, influencers, and others, is projected to provide numerous lucrative growth opportunities for the audio and video editing software market players in the coming years. However, professional media production houses, such as entertainment industries, media, broadcasting, and educational institutes, continue to be one of the biggest end users of audio and video editing software solutions globally.
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Moreover, the emergence of several regional cinemas and online content for OTT platforms across various demographically diverse countries in Asia and Africa are also witnessing a positive demand for audio and video editing software for their growing audience and, consequently, driving the growth of the audio and video editing software in emerging economies.
The COVID-19 outbreak disrupted the growth trajectory of the audio and video editing software market for the second and third quarters (2020), as major production houses and filmmaking production were halted. However, the outbreak increased the number of social media influencers and YouTubers across the region, who protectively use audio and video editing software to edit their content and post it online.
Furthermore, audio and video editing software market players upgraded their products amid COVID-19. For instance, Apple introduced a 90-day trial for its professional-grade video modifying and song-making software programs, named Final Cut Pro X and Logic Pro X. Similarly, vendors withinside the video and audio modifying software program market are extending their loose trial length offers to online entrepreneurs, YouTubers, and social media influencers.
The audio and video editing software market report provides detailed market insights to help key players strategize the growth of audio and video editing software in the coming years. It also forecasts the upcoming trends and developments in the audio and video editing software market.
Key Findings of Study:
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 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, the UAE, South Africa, and the Rest of the MEA), and SAM (Brazil, Argentina, and the Rest of SAM). The market in APAC is expected to grow at the highest CAGR during the forecast period.
Over time, the consistent expansion in the media and entertainment industry has created lucrative opportunities for audio and video editing software in the region. In addition, the rise in the count of online entrepreneurs, emerging YouTubers, and social media influencers for creating online content has led to the audio and video editing software market growth. APAC also emerged as the top market by CAGR, with the OTT video and gaming segments providing the majority of revenue growth. China, India, Japan, Korea, and Indonesia are the leading country-level markets in APAC regarding online video platforms. The regional audio and video editing software market is expanding considerably, with key businesses, such as Adobe Inc., VivaVideo, and Apple Inc., playing a substantial part.
In Europe, the demand for audio and video editing software is fueled by the per capita spending across the media & entertainment industry. For instance, in 2021, Western Europe’s spending per capita on media and entertainment was US$ 1,158. Additionally, digital advertising is driven by higher levels of digital maturity, leading to the growth of the entertainment industry in the region. Also, the rising use of social media platforms and the increasing eCommerce activities in the region are driving the media & entertainment industry.
Government initiatives encouraging digital advertising have been a stepping stone in the regional market’s growth. The government of the UK heavily used digital media advertising to create pandemic-related awareness. Thus, government initiatives and the growth of the media and entertainment industry are aiding the audio and video editing software market.
Audio editing software is used to edit and generate audio files. Audio editors and engineers use this software to mix and delete audio sections, edit and rearrange audio, and record and generate new audio components. Audio editing programs also offer various effects for the manipulation of the sound of audio files in different ways. Audio editing software mostly complies with different file types, including MP3s, WAVE, Windows Media, and MPEG-4. The software is mostly used by audio engineers and music producers, such as mixers, editors, and sound designers, to produce songs, films, and television shows. This edited audio is often used with video editing software and the video production team. Also, musicians, who are audio editing beginners, use the free audio editing software solutions for audio editing.
Video editing software is a software program that helps edit, modify, generate, and manipulate a video or movie. Using video editing software, the user can remove the sections, cut and arrange the video to give it a better flow, and add effects to enhance their video. In addition, professional video editing software is also used by professionals to add advanced visual effects, enhancing output and improving emotional impact.
It is also seen that the trend of free audio and video editing software is rising in the market. An unprecedented migration toward work-from-home mandates is raising the demand for audio and video editing software. Market players are increasing the availability of free tools to provide hands-on software experience to the users, leading to a rise in conversions. Additionally, it is also seen that there is a huge rise in the numbers of YouTubers, social media influencers, and online entrepreneurs. These users use the editing software to upload their videos, which is the major factor driving the market growth during the forecast period.
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The top five companies in the market Apple Inc.; Adobe Inc.; TechSmith Corporation; Avid Technology; and Sony Group Corporation. The above listing of key players is derived by considering multiple factors such as overall revenue, current well completion equipment and services portfolio, new product launches, market initiatives, investment in technology up-gradation, mergers & acquisitions, and other joint