Rise in demand for online games helps drive digital media production software market
A new report has revealed that rise in demand for online video games has helped drive the digital media production software market, with Allied Market Research estimating that the sector will be worth approximately €33.49 billion ($36.3 billion) by the year 2031.
The report determines that the outbreak of the Covid-19 pandemic was a positive driver for the digital media production software market, as it led to a dramatic rise in demand for consumers to engage with digital media. Allied Market Research cites the increase in work from home culture, along with social distancing policies, as reasons as to why the pandemic was such a pivotal time for digital media production platforms, a trend which continued even in late 2021 when cases were reportedly decreasing.
The report states that demand for digital media production software will only continue to rise in the decade ahead. The market is estimated to be worth €33.49 billion (US $36.3 billion) by the year 2031, increasing by a compound annual growth rate of 12.6% between 2022 and 2031.
When categorised by type, the report found that the digital media creation segment had the highest market share in 2021, apparently accounting for more than 50% of the global digital media production software market. Allied Market Research claims that this segment will remain the most in-demand over the course of the next decade. The interactive TV segment is predicted to have the highest compound annual growth rate between 2022 and 2031, at 15%.
North America was noted as having the highest market share based on revenue in 2021. That said, the Asia-Pacific region is predicted to have the fastest compound annual growth rate: 15.9% between 2022 and 2031.