Digital Rights Management (DRM) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Digital Rights Management (DRM) Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

The Digital Rights Management Market size is expected to grow from USD 4 billion in 2023 to USD 7.67 billion by 2028, at a CAGR of 11.51% during the forecast period (2023-2028).

The continuous evolution of the Internet as a platform for business and trade and the success in monetizing digital content are driving the market growth.

Key Highlights

• The proliferation of digital content and the growing sophistication of cyberattacks have forced enterprises to resort to enterprise-level digital rights management (EDRM) to protect their essential data and information. Traditional methods of securing data are seeing a decreasing trend in effectiveness as cloud-based infrastructure is forcing vendors to innovate their offerings.
• The digital rights management systems market has shown a respectable growth trend over the past few years. It is anticipated to grow during the forecast period because a capable digital rights management system helps publishers and artists prevent the pervasive unauthorized use of their intellectual property.
• Factors such as the rise in the adoption of security solutions in organizations to secure data, the growing IT industry, and the surge in data security and privacy concerns are expected to drive the demand for global digital rights management.
• The DRM solutions with low cost may need to be more effective in providing substantial protection to content from unauthorized access. The cost of digital management solutions is projected to obstruct market expansion.
• The outbreak of COVID-19 has led to lockdowns in many countries to contain the virus. This has driven an increase in OTT viewership, as OTT players are re-vamping their content plans to match the demand from every genre. Streaming services are reaching the additional market created by stay-at-home populations worldwide.

Digital Rights Management Market Trends

Media & Entertainment Sector is Expected to hold a Significant Market Share

• The media & entertainment sector is anticipated to have a sizable market share over the projection period thanks to rising digital content consumption and an expanding subscriber base of online content publishers.
• Digital Rights Management (DRM) is essential in digital platforms. It is perceived to provide a safe environment for the transaction of copyrighted content in the network by preventing access without the content owner’s authorization. The owner specifies the ways and the conditions for the admission of content (digital rights, licensing), and DRM ensures this aspect.
• There is a broad consensus among feature film production studios that the internet era brings a new paradigm for film distribution to cinemas worldwide. The benefits of digital cinema to both producers and cinemas are numerous, such as significantly lower distribution and maintenance costs, immediate access to film libraries, and higher presentation quality. Despite these advantages, the studios still need to adopt them. The main factor contributing to this is the possibility of widespread piracy.
• Consumers increasingly use services like Netflix and similar OTT (over-the-top) services worldwide. They are paying for content, proving that consumer behavior has shifted to accept a growing market around OTT.

North America is Expected to be the Fastest Growing Region

• The consumption of digital media content in North America, especially in the United States, is increasing tremendously, owing to a rapid transformation from traditional media to digital media. The increasing internet speed, coupled with the increase in the number of devices supporting access to digital media, has increased the freedom of consumers to access media content anywhere and anytime.
• Moreover, the rise of players, such as Apple TV, Amazon, Netflix, and Hulu, is challenging the traditional televisions that were the main entertainment hubs. Also, the number of IPTV subscribers is increasing due to rising internet penetration.
• Mobile devices are expected to contribute significantly to overall digital media consumption. Mobile internet usage in the country has also seen tremendous growth, with the most significant number of mobile wireless connections.
• Furthermore, the rapid adoption of blockchain technology across the region in various end-user industries, such as media and entertainment, BFSI, IT, and Healthcare, helps these industries prevent fraud and data manipulation due to its decentralized platform.

Digital Rights Management Industry Overview

The digital rights management market is moderately competitive and includes a number of players. Microsoft Corporation, Dell Technologies Inc., and Fasoo Inc. are a few examples of significant players. In August 2022, Fasoo Inc announced the availability of a Box connector for the Fasoo Data Security Platform (FDSP); where the Connector makes it easy to add persistent, file-centric security to documents downloaded from Box and can be mapped to the rights used to persistently protect files.

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