Categories: IT & Communication Technology

Digital Rights Management Market Research Analysis 2024-2033 | Growth, Size, Demand, Analysis, Insights

The Digital Rights Management Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).

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According to The Business Research Company’s Digital Rights Management Global Market Report 2024, The digital rights management market size has grown rapidly in recent years. It will grow from $5.11 billion in 2023 to $5.95 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to media industry evolution, globalization of content distribution, monetization strategies, emergence of mobile devices, digital advertising protection, regulatory compliance.

The digital rights management market size is expected to see rapid growth in the next few years. It will grow to $11.35 billion in 2028 at a compound annual growth rate (CAGR) of 17.5%. The growth in the forecast period can be attributed to rising cyber threats, cross-platform compatibility, personalized content delivery, hybrid content models, focus on content security. Major trends in the forecast period include cloud-based DRM solutions, integration with analytics, blockchain for DRM, subscription and streaming services, collaboration with AI and machine learning, augmented and virtual reality (AR/VR).

Increasing security concerns have contributed to the growth of the digital rights management market. The extensive use of PCs and laptops has led to an increase in the number of hackers who intrude into corporate and government networks to access and steal critical information for monetary and business gains. Additionally, corporations are looking for a real-time approach to business data along with transmitting and storing data across mobile devices, the cloud, universal serial bus (USB), and disks. For instance, according to the InfoSecurity reports, ransomware damages are expected to exceed $30 billion globally in 2023. This number is still set to rise as cyberattacks are becoming more complex and difficult to detect. Digital rights management is also used by healthcare organizations and financial services firms to ensure compliance with data privacy and protection standards such as HIPAA (Health Insurance Portability and Accountability) and Gramm-Leach-Bliley Act (GLB Act or GLBA). Hence, the rise in security concerns is expected to create avenues for market growth in the digital rights management market.

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The digital rights management market covered in this report is segmented –

1) By Application: Mobile Content, Video On Demand, Mobile Gaming, eBook, Other Applications

2) By End Users: SMEs, Large Enterprise

3) By Industries: Healthcare, Music, Education, BFSI, Legal/Law, Printing And Publication, Software, Television And Film, Other Industries

4) By Deployment Mode: On-Premise, On Cloud

Major companies operating in the digital rights management market are developing innovative technologies, such as the digital rights management tool, to provide a complete digital rights management and licensing solution. Digital rights management (DRM) tools are software or hardware technologies designed to control access to and use of copyrighted digital content. For instance, in October 2022, Songtradr, a US-based B2B music platform, launched SMART SYNC, which uses advanced technology to track, control, and monetize music catalogs. Watermarking technology, a crucial component of Smart Sync, addresses the intrinsic licensing issues that video games and digital platforms confront. Additionally, through Songtradr Group companies like Big Sync Music and MassiveMusic, the solution gives portfolios direct access to prospects for worldwide brand sync.

The digital rights management market report table of contents includes: