Global Digital Rights Management Market
Dublin, Aug. 30, 2022 (GLOBE NEWSWIRE) -- The "Digital Rights Management Market by Component (Solutions and Services), Application (Audio Content, Images, Video Content, Confidential Documents, Software & Games), Deployment Mode, Vertical, Organization Size and Region - Global Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global digital rights management market size is projected to grow from USD 4.3 billion in 2022 to USD 7.9 billion by 2027, at a CAGR of 13.0%
The presence of various key players in the ecosystem has led to competitive and diverse market. Need to protect intellectual property and increased vulnerability to cyberattacks are expected to drive the adoption of the digital rights management market in the future. A firm or user can easily copy information from someone else's eBook and relaunch it as their own.
It is feasible to prevent anyone from modifying content using DRM; therefore, these organizations are adopting digital rights management solutions to protect their content from unauthorized sharing. According to a SonicWall Cyber Threat report 2022, ransomware attacks doubled in 2021, leaping to 105% as compared to year 2020.
By component, the solutions segment is expected to account for a larger market size during the forecast period.
DRM solutions address critical business issues related to the storage, discovery, management, distribution, and analysis of business-related digital information, such as images, designs, audios, videos, and content.
Various companies such as Digify, Seclore, CapLinked, and Vitrium Security offer DRM solutions that allow content owners and publishers to protect their digital content. The increasing cyber-attacks have driven the need for DRM solutions. The demand for DRM solutions is growing rapidly due to the growing need to protect digital documents to ensure secure content distribution.
According to the US Chamber of Commerce's Global Innovation Policy Center, the US economy's online piracy cost is approximately USD 30 billion annually. The rising online attacks and use of the internet and smartphones enforced companies to deploy DRM solutions to protect content.
By organization size, the large enterprises segment is expected to grow with the highest CAGR during the forecast period
To manage the data of the large customer base of large enterprises, various companies are adopting DRM solutions rapidly. Large enterprises mainly focus on serving their customers and improving their overall journey with the firm to efficiently cater to a huge number of customers, which drives the growth of this market.
The increasing cloud adoption in large enterprises has increased the concern about data protection in the cloud. Thus, large enterprises invest heavily in developing strong data and content protection systems to improve their business-related data security.
Asia Pacific to register the highest growth rate during the forecast period
The investment and participation of Asia Pacific in the development of DRM technology has made the region a hotspot for this industry.
Asia Pacific consists of technologically advanced and developing countries such as China, Japan, South Korea, Australia, Hong Kong, Singapore, and others. Government initiatives are the major growth drivers of the DRM market in Asia Pacific. The growing eCommerce, online streaming, and increasing internet penetration have resulted in the growth of marketing industries.
In India, with Amplify.ai's powerful conversational AI, MyGov managed to create an effective campaign that helped in delivering accurate and relevant information to citizens promptly, bridging the information gap that fake news was creating.
Need to Protect Digital Content to Drive Market Growth
Large Enterprises to Dominate in North America in 2022
Video Content to Account for the Largest Market in Asia-Pacific in 2022
Large Enterprises to Dominate in Europe as Well in 2022
Asia-Pacific to Witness the Fastest Growth During the Forecast Period
Greater Need to Protect Intellectual Property
Increase in Penetration of Digital Devices and Technology
Increased Vulnerability to Cyberattacks
Expensive Digital Rights Management Solutions and Overhead Costs
Expansion of Ott Platforms
Rise in Corporate Need to Protect Data
Unclear Legal Precedents
Pricing Model of Market Players
Pricing Models and Indicative Price Points, 2021-2022
Artificial Intelligence and Machine Learning
Case Study Analysis
Case Study 1: Tata Sky Chose Irtedo as a Strategic Partner to Secure Ott Content
Case Study 2: Wohlers Associates Deployed Drm Solutions Provided by Vitrium
Case Study 3: City Online Media Used Pallycon's Multi-Drm Solution
Case Study 4: Flutterwave Uses Digify to Securely Share Fundraising Documents
Case Study 5: Digify Protects Rtd Learning's Course Materials from Unauthorized Access
Case Study 6: Pallycon Delivered a Multi-Drm Solution to Vidio.Com
Case Study 7: FTI Consulting Deploys Robust Watermarking Technique of Caplinked
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