Market Trends of Digital Rights Management (DRM) Industry
This section covers the major market trends shaping the Digital Rights Management Market according to our research experts:
Media & Entertainment Sector is Expected to hold a Significant Market Share
- The media & entertainment sector is anticipated to have a sizable market share over the projection period thanks to rising digital content consumption and an expanding subscriber base of online content publishers.
- Digital Rights Management (DRM) is essential in digital platforms. It is perceived to provide a safe environment for the transaction of copyrighted content in the network by preventing access without the content owner's authorization. The owner specifies the ways and the conditions for the admission of content (digital rights, licensing), and DRM ensures this aspect.
- There is a broad consensus among feature film production studios that the internet era brings a new paradigm for film distribution to cinemas worldwide. The benefits of digital cinema to both producers and cinemas are numerous, such as significantly lower distribution and maintenance costs, immediate access to film libraries, and higher presentation quality. Despite these advantages, the studios still need to adopt them. The main factor contributing to this is the possibility of widespread piracy.
- Consumers increasingly use services like Netflix and similar OTT (over-the-top) services worldwide. They are paying for content, proving that consumer behavior has shifted to accept a growing market around OTT.
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North America is Expected to be the Fastest Growing Region
- The consumption of digital media content in North America, especially in the United States, is increasing tremendously, owing to a rapid transformation from traditional media to digital media. The increasing internet speed, coupled with the increase in the number of devices supporting access to digital media, has increased the freedom of consumers to access media content anywhere and anytime.
- Moreover, the rise of players, such as Apple TV, Amazon, Netflix, and Hulu, is challenging the traditional televisions that were the main entertainment hubs. Also, the number of IPTV subscribers is increasing due to rising internet penetration.
- Mobile devices are expected to contribute significantly to overall digital media consumption. Mobile internet usage in the country has also seen tremendous growth, with the most significant number of mobile wireless connections.
- Furthermore, the rapid adoption of blockchain technology across the region in various end-user industries, such as media and entertainment, BFSI, IT, and Healthcare, helps these industries prevent fraud and data manipulation due to its decentralized platform.
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