Digital Rights Management Market is projected to grow with a CAGR of 15.12 % to hit USD 4.76 Billion during the forecast period of 2021-2026.
Digital rights management refers to the technologies and processes that are applied to describe digital content and identify its content. The primary purpose of DRM is to control the access, use, and distribution, and thereby protect the interests of the copyright holders in the online environment. It should be noted though that DRM technology can also be used for nefarious purposes such as infringing on privacy, personal profiling, price discrimination based on personally identifiable information, and obstructing the development of open source software.
The increasing numbers of hackers that intrude into corporate and government networks is creating demand for digital rights management solutions. As the society gets more digital, hacking and security-related incidents are bound to spike. Each year, millions of credentials are stolen and shared freely within the hacker community. Hackers can buy information and bide their time until they use it in conjunction with another attack to potentially cause even more damage to the organization. Government credentials have seen massive breaches on platforms such as Yahoo, LinkedIn, Dropbox, or Ashley Madison mega-breach flooding the dark market with over one billion records. Therefore, the demand for digital rights management systems has increased.
Increase in internet usage, growth in smart devices, and the increasing adoption of digital rights management solutions among various verticals are further expected to drive the market growth in the coming years.
The global digital rights management market is segmented by application, deployment, and industry vertical.
Based on application, the market is segmented into mobile content, video on demand, mobile gaming, and e-books.
Based on deployment, the market is segmented into cloud and on-premise.
Based on industry vertical, the market is segmented into BFSI, healthcare, printing & publication, education, music, television and film, and others.
Geographically, the market is segmented into North America, Asia-Pacific, Europe, and Latin America and the Middle East & Africa.
North America is expected to hold the largest market share during the forecast period due to a rise in the adoption of Internet of thing (IoT) and Over the top (OTT) technologies by consumers.
The Europe digital rights management market is expanding with the rapid development of information technologies and communications in today’s digital environment. In Europe, various initiatives have been taken to promote the deployment of DRM systems and subsequently, facilitate the management of IPR for digital assets over the past decade.
Asia-Pacific is expected to remain a prominent region for the growth of the digital rights management market during the forecast period. The steady growth of pay-TV services across the Asia-Pacific region is positively influencing the market. Furthermore, growing concerns about securing digital content and increasing digitization are propelling market growth.
The Middle East is one of the fastest emerging markets in the world. As the region is becoming more digitally connected, digital rights management is becoming a necessity. Middle Eastern countries are witnessing a demand for digital rights management in media and telecommunications industries, which is propelling the market growth.
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|