Digital Rights Management Market to Grow at a CAGR of 21.4% to Reach USD 24.63 billion by 2030
Digital Rights Management Market
Growing requirement for copyright protection laws for digital intellectual properties & expanding corporate necessity to protect their data boost market growth.
PORTLAND, PORTLAND, OR, UNITED STATE, October 20, 2022 /EINPresswire.com/ -- Allied Market Research published a new report, titled, "Digital Rights Management Market to Grow at a CAGR of 21.4% to Reach USD 24.63 billion by 2030 ." The report offers an extensive analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces analysis, and competitive landscape. This study is a helpful source of information for market players, investors, VPs, stakeholders, and new entrants to gain thorough understanding of the industry and determine steps to be taken to gain competitive advantage.
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Rise in copyright protection policies for digital IPs and corporate needs to protect their data have boosted the growth of the global digital rights management market. However, costly fees and complexity of DRMs and limited control over the content hinder the market growth. On the contrary, rise in demand for OTT content delivery, rise in penetration of digital devices, and the growing data volumes are expected to open new opportunities for the market players in the future.
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By industry vertical, the healthcare segment would showcase the highest CAGR of 24.8% from 2021 to 2030, due to concerns regarding unfettered access to data in the healthcare industry. However, the television and film segment held the largest share in 2020, contributing to more than two-fifths of the global digital rights management market, due to use of digital content, rise in customer base for online content-based publishers, and increase in demand for DRM in media and entertainment segment.
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By application, the video on-demand segment held the largest share in 2020, accounting for more than two-fifths of the global digital rights management market, as it protects video content while ensuring smooth delivery and playback. However, the mobile content segment is expected to register the highest CAGR of 23.8% during the forecast period, owing to growth in internet usage and rise in use of smart devices that contain sensitive information.
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By region, the market across North America held the lion's share in 2020, accounting for nearly two-fifths of the market, due to rise in demand for better viewing experience than before, advances in mobile devices, and explosion of internet content. However, the global digital rights management market across Asia-Pacific would showcase the highest CAGR of 23.9% from 2021 to 2030, owing to increase in number of people accessing web content and rise in internet live video streaming, mobile TV, and video-on-demand.
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Covid-19 Scenario:
• The Covid-19 pandemic led to the implementation of home quarantine rules and adoption of work from home culture across the globe. This increased the demand for OTT platforms.
• Due to rise in demand for digital content, the content creators and publishers were prompted to expand their content libraries and employ several digital rights management methods.
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