by The creative software market is set to experience robust growth in the coming years, driven by various factors, including the rising interest in audio editing software and the booming audio streaming industry. As software development continues to be ranked as one of the best jobs in the U.S., the demand for innovative software solutions is on the rise. The Bureau of Labor Statistics predicts a substantial 24% employment rate growth among software developers by 2026, indicating a thriving industry.
Transcoding and Online Platforms Fuel Growth
The global creative software market is witnessing significant growth due to the increasing demand for transcoding approaches to deliver audio and video files to a broad audience. The proliferation of online video and audio recording platforms, coupled with the growing need for on-demand services, further propels this expansion. Technological advancements and innovations in both hardware and software services are driving these developments. Moreover, the market is ripe with opportunities in small and medium-sized organizations (SMEs), and the rapid expansion of the education sector is expected to unlock substantial market potential in the near future.
High-Quality Audio Drives Demand for Editing Software
The need for high-quality audio products across various industries, particularly in media and entertainment, serves as a key driver for audio editing software. The entertainment sectors increasing emphasis on noise reduction and high-quality audio content further fuels the demand for such software. As the average cost of audio editing software continues to rise, falling within the range of USD 100 to USD 800 with added subscription costs around USD 1000, this trend is set to boost the growth of the creative software market.
Audio Streaming Platforms Foster Expansion
The phenomenal expansion of audio streaming platforms has empowered emerging and underground musical artists to reach millions of listeners, driving market expansion. Currently, approximately 524 million people globally use online streaming platforms to discover and enjoy music. This growing user base encourages musicians to launch their content on these platforms, contributing to market growth.
Sound and Video Recording Software Take the Lead
The sound and video recording software segment is expected to dominate the market, driven by the increasing digitization of television broadcasts, cloud-based solutions, and rising demand for high-definition audio and video content. The proliferation of smartphones and smart gadgets, coupled with the growing number of broadcast channels, contributes to the segments growth. Additionally, the advancement of over-the-top (OTT) and streaming technology further fuels the expansion of the creative software market.
North America and Asia Pacific: Hotbeds of Opportunity
In the forecast period, North America is expected to retain a remarkable share in the creative software market. Rapid technological breakthroughs, increased demand for audio-video recording and editing platforms in the music, live-streaming, and entertainment industries, and the presence of several major creative software companies in the region are driving growth.
Asia Pacific, on the other hand, is poised to experience the fastest growth rate, driven by robust economic expansion and increasing demand for creative solutions among businesses and content creators. The regions competitive market position is expected to drive the development of creative software solutions, benefiting media, entertainment, and education firms.
Competitive Landscape
Key players in the global creative software market are continually introducing new products and forming collaborations, alliances, and partnership agreements to stay competitive. For instance, CyberLink released PowerDVD 22, an enhanced media playing software supporting 8K and 4K HDR Blu-ray. Adobe introduced Creative Cloud Express, a task-based web and mobile application, simplifying multimedia content creation and sharing.
Prominent companies in the creative software market include Adobe Inc., MAGIX Software GmbH, Corel Corporation, CyberLink Corp., FXhome Limited, TechSmith Corporation, Nero AG, Movavi Software Limited, SONY CREATIVE SOFTWARE INC., and Wondershare group.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/creative-software-market
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This press release first seen on Brilad
COMTEX_442085764/2840/2023-10-18T16:49:26
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.