Digital Rights Management Market: Current Analysis and Forecast (2022-2028)

Digital Rights Management Market: Current Analysis and Forecast (2022-2028)

Digital Rights Management (DRM) is the use of technology to control and manage access to copyrighted material. Another meaning of DRM is to take away control of digital content from its owner and hand it over to a computer program. DRM is intended to protect the rights of copyright owners and to protect content from unauthorized distribution and modification. DRM is becoming increasingly important as digital content proliferates through peer-to-peer file sharing, torrent sites, and online piracy. It helps entertainment and media companies protect themselves from cybersecurity challenges that all businesses face, such as protecting customer data, ensuring and demonstrating compliance, improving operational efficiency, and avoiding downtime.

The global digital rights management market is expected to grow at a CAGR of around 15 % during the forecast period. The rising adoption of digital rights management can be attributed to the increased need for companies to protect their data due to the growing need for digital intellectual property copyright protection policies. Furthermore, factors such as the rapid proliferation of digital devices and technologies and the continued development of the internet as a platform for business and trade, the successful monetization of digital content, and the rising number of social media users are also contributing to the growth of the market. For instance, in 2021, 4.02 Bn people were using social media and this number grew to 4.38 Bn in 2019.

• Based on application, the market is classified into audio content, video content, software and games, and others. The mobile content segment is expected to grow significantly during the forecast period. The growth is mainly attributed to the growing smartphone adoption across the globe. Furthermore, the growing trend of OTT consumption is also expected to significantly influence the market growth during the forecast period
• By organization size, the digital rights management market is divided into large enterprises and SMEs. The SMEs segment is expected to achieve a larger CAGR during the forecast period. This is mainly due to their transition to data support and data management systems, small and medium businesses employ enterprise digital rights management solutions at a pretty high rate. It has been noted that a growing number of small and medium-sized businesses are making sizable investments in enterprise digital rights management software
• On the basis of industry verticals, the market is segmented into banking and financial services, education, media and entertainment, healthcare, and others. The media and entertainment industry is expected to grow significantly during the forecast period. This is mainly attributed to the growing prominence of OTT. Furthermore, the growing social media penetration is also expected to drive the market during the forecast period
• For a better understanding of the market adoption of the digital rights management industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. The North America region held a prominent share of the global digital rights management market in 2020 and is expected to grow at a substantial growth rate during the forecast period. The increase in smartphones, tablets, and internet dependency among customers in the region is expected to significantly influence market growth. Moreover, the rising cyber attack risks in the region are also expected to propel the market. For instance, according to IBM Corporation, in 2020, the average cost of a data breach was USD 3.86 Mn globally, and USD 8.64 Mn in the United States. These costs include the expenses of discovering and responding to the breach, the cost of downtime and lost revenue, and the long-term reputational damage to a business and its brand
• Some of the major players operating in the market include Adobe Inc., Apple Inc., Dell Inc., DivX LLC, Fortinet Inc., IBM Corporation Inc., Microsoft Corporation, NextLabs Inc., Oracle Corporation, and Sony Corporation