DUBLIN–(BUSINESS WIRE)–The “Global Digital Rights Management Market Size, Share & Industry Trends Analysis Report By Enterprise Size, By Application, By Vertical, By Regional Outlook and Forecast, 2021-2027” report has been added to ResearchAndMarkets.com’s offering.
The Global Digital Rights Management Market size is expected to reach $15.2 billion by 2027, rising at a market growth of 22.5% CAGR during the forecast period.
The method of ensuring safety for digital media is known as digital rights management. The major goal of digital rights management is to prevent unauthorized distribution of digital media content and the imposition of content copy limitations. It is an access control technology that is used to secure internet policies. The methods that implement these regulations benefited businesses by allowing them to control the modifications & distribution of intellectual value. It’s widely used in mobile games and multimedia, among other things.
With encryption technology and tight licensing agreements, digital rights management software is used to control the consumption further dissemination of proprietary materials. The software disables printing and copying, limiting the number of devices on which digital media can be loaded and, as a result, restricting access to a variety of publications. Digital rights management is concerned with a company’s digital content, which contains sources, as well as details on where the digital file came from and the extent and range of the accompanying right of access.
The power for relicensing and repurposing across numerous projects is further delineated by the digital rights management strategy, which tracks whether creative content is acquired or generated in-house. Bring-your-own-device policies are expected to be implemented by a variety of enterprises.
As a result of the massive development of web-based data, there is a greater demand for solutions relating to the reformation of secure data access and administration. For organizational web-contents to be posted on the website, optimal uniformity and management are essential; as a result, the demand for access control is likely to drive the Digital Rights Management market.
Continuous improvements in data security technologies, like end-to-end encryption, have enabled encryption suppliers to provide stronger data security solutions to protect against increased commercial eavesdropping and cyber-attacks. Enhanced DRM solutions have been offered by third-party service providers and cloud service providers to best serve the needs of business and government entities.
The importance of Digital Rights Management Market applications is huge among businesses, which means that encryption suppliers, third-party service providers, technology providers, and cloud service providers have a lot of opportunities.
COVID-19 Impact Analysis
The outbreak of the COVID-19 pandemic has affected various domains of the business industry. The imposition of various restrictions like lockdown has impacted the growth of various industries. During the COVID-19 pandemic, there was a trend toward people staying at home as a result of different home quarantine measures and ordinances established by different countries & municipal governments.
This new trend led to a drastic shift in the online activity of those who were housebound. Canadians over the age of 15 raised their internet time by far more than 75% during the first three months of 2021, according to a Statistics Canada survey. As a result of the dread of COVID-19, similar trends were detected in other areas of the globe.
Market Growth Factors:
Increasing Demand for OTT Content Delivery and rising growth of Digital Content
In the present entertainment sector, the over-the-top content delivery paradigm is now the most popular. YouTube has become a significant tool for the entertainment industry to achieve and sustain their fans, with even more than 500 hours of video posted every minute and over 2 billion monthly users.
Furthermore, premium OTT media companies such as Amazon Prime, Netflix, Hulu, Disney Plus, and others allow viewers to watch high-budget material from the comfort of their own homes. This is assisting the rise of OTT platforms, which permit many digital rights management policies to protect and monetize their content, contributing to the digital rights management industry’s growth.
Corporate requirements to safeguard their data
Digital rights management solutions can be used by businesses to restrict access to sensitive data. These digital rights management solutions can help businesses control access to sensitive information while yet permitting it to be securely distributed within the enterprise and with parties concerned.
Furthermore, using digital rights management technology makes things simpler for auditors to examine and detect data breaches or leaks. Digital rights management is sometimes known as information rights management or enterprise rights management in the commercial world. Healthcare and financial services industries employ DRM to assure adherence with data privacy and security regulations such as HIPAA (Health Insurance Portability and Accountability Act) and the Gramm-Leach-Bliley Act (GLB Act or GLBA).
Marketing Restraining Factor:
High cost of a Digital Rights Management solution
The initial software license charge, annual maintenance fee, and deployment & development fee are all included in the cost of the Digital Right Management solution. A standard DRM might cost anything from $15,000 to $22,000 in total. For example, Adobe charges $10,000 for the initial license, $1,500 for annual maintenance, and $10,000-$15,000 for deployment and development.
There are also more cost-effective options to digital right management technologies, such as password protection and watermarking. As a result, the market for digital right management may be restrained by high product costs throughout the upcoming years.
Key Market Players
Scope of the Study
Market Segments Covered in the Report:
By Enterprise Size
By Application
By Vertical
By Geography
For more information about this report visit https://www.researchandmarkets.com/r/n6ue47
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