Music and Video Editing Software (Global Market)

Chronicle

2023: The global music and video editing software market grew 14% to $5.01 billion

Costs in the global audio and video editing software market reached $5.01 billion in 2023. This is about 14% more compared to 2022, when the volume of this industry was estimated at $4.41 billion. Such data are reflected in the Market Research Future study, the results of which were published at the end of August 2024.

One of the drivers of the industry is the increase in demand for high-quality content in areas such as social networks, streaming services and video games. Advances in artificial intelligence and machine learning are further driving the market: the integration of features such as automatic editing, object tracking, and facial recognition allows users to create professional-quality video with greater efficiency and ease. At the same time, the transition to cloud software for editing audio and video is gaining momentum. Cloud solutions provide numerous benefits, including flexibility, scalability, and availability from anywhere in the world with an Internet connection. This eliminates the need for expensive hardware, which makes audio and video editing more accessible to a wide range of users. Cloud platforms also make it easier to collaborate on complex projects.

Analysts divide the music and video editing software market into products for Windows, macOS and Linux operating systems. According to estimates, the Windows segment is the largest: by 2024 it accounted for $2.5 billion in total costs. Next come solutions for macOS with revenues of approximately $1.8 billion. Another $0.7 billion was provided by software for Linux. Among the significant players in the industry are named Corel, Vegas Creative Software, Grass Valley, Blackmagic Design, Apple, Pinnacle Studio, Serif Europe, Microsoft, CyberLink, Magix, Adobe, etc. Leading companies are investing heavily in R&D to create more convenient and efficient software.

North America Geographically, it is the largest market for audio and video editing programs, accounting for more than 40% of global turnover. A large number of media and entertainment companies are concentrated here, as well as a growing number of independent filmmakers and video producers. Europe is the second largest region with a share of more than 30%. The Asia-Pacific region closes the top three with an indicator of over 20%. There is rapid growth in the entertainment industry due to the increasing popularity of online video content. South America, the Middle East Africa and well behind the leaders: their combined share is less than 10%. However, these markets have significant growth potential.

The study said that further development of the industry will be stimulated by the increasing demand for video content in various areas, including entertainment, education and marketing. Filmmakers hold the largest market share due to the growing production of films and television shows. Broadcasters are another large group of end users: they use video editing software to create and distribute news, sports and entertainment content. Marketers are increasingly using video content for advertising campaigns.

According to Market Research Future analysts, in the future, the CAGR (CAGR in complex percentage) in the market under consideration will be at the level of 13.69%. As a result, by 2032 the volume of the industry will reach $15.9 billion.^[1]

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