Digital Rights Management Market Size to Reach USD 11.36 Billion in 2030 | Emergen Research
VANCOUVER, B.C., Jan. 23, 2023 /PRNewswire/ -- The digital rights management market size reached USD 3.82 Billion in 2021 and is expected to register a CAGR of 12.8% during the forecast period, according to latest analysis by Emergen Research. Digital rights management (DRM) technology significantly adopted by information technology, media, and entertainment verticals to control and mitigate access to digital content, such as music, movies, e-books, and software is driving market revenue growth. Digital rights management is adopted by content creators and distributors to prevent unauthorized copying, distribution, and use of their content. Rapid penetration of internet in digital industry is further accelerating growth of the market.
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According to The International Telecommunication Union (ITU), globally approximately 5.3 billion people, or 66% of world population are using internet in 2022. Globally consumers are using over-the-top (OTT) streaming platforms such as YouTube, Netflix, Hulu, Prime, and Apple TV, with access to faster internet. Digital rights management solutions have become increasingly important for the entertainment and media industries to protect against copyright infringement and piracy. Many over-the-top and internet protocol television (IPTV) providers are turning to end-to-end digital rights management as a service (DRMaaS) to secure their content from unauthorized access and replication. Companies like EZDRM, Inc. are partnering with other firms like ModernTV to provide scalable and cost-effective DRM solutions for video delivery services. These factors are driving revenue growth of the market.
Increasing utilization of digital rights management in e-learning industry is driving growth of the market. DRM is an important tool for educational institutions and content creators to protect their digital materials from unauthorized use and distribution. It allows educators and Edu-tech platforms to control access to digital materials, how long they have access, and what actions they can take with the materials. DRM technology is significantly implemented in e-learning industry to ensure security measures such as encryption, password protection, and firewalls. These measures are designed to prevent unauthorized access, use, and distribution of digital educational resources. Incorporation of digital rights management technology is rapidly changing the landscape of e-learning and education technology platforms as a significant number of users are increasingly adopting it. Moreover, Rapid utilization of HTML5 standardized digital rights management is further accelerating the growth of the market. Digital rights management is deploying to HTML5 content to protect their HTML5 content from unauthorized copying, distribution, and use. DRM solutions that are compatible with HTML5 can be integrated into web browsers, mobile devices, and other platforms that support HTML5 content. These factors are accelerating the growth of the market.
Limited access control of DRM solutions is a major limitation for the growth of the market. Digital rights management solutions offer only limited access by users to control who has access to the protected content. These factors are creating problems for content creators and distributors as they may have to create multiple versions of their content to support different DRM systems. Additionally, there is a risk of data breaches which can also be a major restraint on the growth of the market. According to The Federal Bureau of Investigation (FBI), around 847,376 cyber-attack cases were reported with a loss of USD 18.7 billion in 2021. Hackers are breaching data with the use of VPNs and bypassing DRM protection and accessing unauthorized content. Such limitations are hindering the growth of the DRM market.
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The digital rights management market is expected to register a CAGR of 12.8% over the forecast period and revenue is projected to increase from USD 3.82 Billion in 2021 to USD 11.36 Billion in 2030. Real-time information data streaming and control protocol are expected to drive the market revenue growth.
Current Trends and Innovations:
Cloud-based digital rights management is increasingly emerging among content creators and distributors to seamlessly manage as well as distribute their content. Digital watermarking is significantly becoming popular functionality for tracking usage or consumption of digital content as well as identifying infringements. This allows content creators and distributors to better control and monitors the distribution of their content. Moreover, digital rights management is increasingly integrated with modern technologies such as blockchain, artificial intelligence, and machine learning to provide more advanced security and tracking capabilities.
Major companies included in the market report are Microsoft Corporation, Adobe Inc., Fortinet, Inc., Vitrium Systems Inc., Digify, Inc., Widen Inc., CapLinked, Inc., EZDRM, Inc., Seclore Inc., DivX, LLC., Fasoo Co., Ltd., and Nextlabs Inc, among others.
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Emergen Research has segmented digital rights management market on the basis of basis of deployment model, component, organization size, industry vertical, and region.
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