Digital Rights Management Market to Reach $9086.8 Million By 2026: Transparency Market Research
The global digital rights management (DRM) market is expected to reach a value of $9,086.8 million by 2026, due to significant rise in usage of digital rights management modules, according to a new report published by Transparency Market Research. The market is projected to expand at a combined annual growth rate (CAGR) of 15.3 percent from 2018 to 2026.
This growth is attributable to the rising demand for advanced digital rights management solutions and services from industries and increasing adoption of on-premise deployment models to offer the finest services to clients.
Piracy and thefts of digital content is hampering the market and causing revenue losses for digital content owners and providers. In one such scenario, in 2016, HBO, one of the leading players in the media and entertainment industry, experienced revenue loss to a great extent, due to piracy of its popular show The Game of Thrones.
In order to generate and protect revenue from digital assets (including digital media, software, solutions, and services), content owners and providers need to block piracy and unauthorized access to digital assets and monitor so-called “fair usage”, which is increasing sharply. This rising demand is anticipated to drive the global digital rights management market during the forecast period.
The digital rights management market in North America is anticipated to expand at a rapid pace during the forecast period, followed by Europe, Asia Pacific, Middle East & Africa, and South America. Furthermore, the global digital rights management market is undergoing an emerging stage and is anticipated to expand rapidly in the next few years.
The rising demand for digital content security and management is driving the global digital rights management market, Transparency Market Research said. An increasing number of Internet users and the rising popularity of social media platforms have resulted in the creation of a large amount of digital content.
Additionally, digital content created or utilized by enterprises is anticipated to increase in the near future. Innovative content creation and sharing platforms are being incorporated within the enterprise infrastructure.
That raises the stakes for the industry because this valuable digital content must be securely stored and managed in order to comply with a growing number of legal requirements – including intellectual property (IP) rights.
The global digital rights management market is dominated by the media and entertainment segment, which held a significant market share in 2016. This is primarily due to increasing demand from media and entertainment companies for enhanced control over images, videos, and audios from multiple sources.
With the growing consumption of digital content and expanding subscriber base of Pay TV and IPTV, the media & entertainment segment is expected to hold the leading market share during the forecast period. In terms of deployment, the on-premise segment held a prominent market share in 2016 and is expected to continue its dominance throughout the forecast period.
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