audio and video editing software Market

The audio and video editing software market is projected to grow from US$ 3,223.12 million in 2022 to US$ 4,562.65 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

The evolution of virtual reality technology is occurring in various aspects. Its implementation in video content for diverse applications, including marketing, animation, and 360-degree videos, drives up the demand for audio and video editing software. With the progress in computer technology and societal needs, virtual reality technology has made remarkable strides. Its introduction can potentially augment the global video creation and production industry. Furthermore, the growing interest in consuming animated movies and content via virtual reality is projected to establish the direction for the growth of the audio and video editing software market.

In addition, the rapid adoption of advanced video recording devices, including AR, VR, mixed reality, and 360-degree cameras, is poised to transform conventional video recording methods and enhance video editing capabilities in the future. As a result, incorporating AR/VR and other technologically advanced video editing tools is expected to expand the business prospects of video editing software applications in these technologies and create new opportunities for market participants in the projected period.

The US is a significant market for audio and video editing software vendors in North America. As per an international trade association report, the country has the largest media and entertainment industry globally, valued at US$660 billion in 2021. Media and entertainment players actively use the software to create and offer additional digital services and products for various applications such as motion pictures, television programs, commercials, broadcast content, music, video and audio recordings, and broadcasting. In 2021, over 400 domestic movies were released in the US, leading to a surge in audio and video editing software demand.

Canada has a thriving animation and visual effects industry, with the production of numerous animated films, commercials, and TV series every year. The country boasts the world's largest animation studio, 9 Story Media Group, located in Toronto, and the fourth largest visual effects center in Montreal. Additionally, Canada provides appealing tax and financial incentives for animators and filmmakers, with hundreds of first-rate film and animation studios and thousands of companies utilizing audio and video editing software. Furthermore, Canada is home to numerous leading game design studios, top creative agencies, and design firms, making it an attractive market for audio and video editing software vendors due to its flourishing animation industry.

The US has the world's largest music industry, often considered the epicenter of media and drama, and the country's music industry grows yearly. Based on the report by Matching Engine, in 2020, recorded music industry revenue reached US$8 billion in the US alone, a staggering 7.5% year-over-year growth.

Moreover, in March 2019 alone, Spotify's Global Top 50 playlist by US artists included 70% of his songs. Hence, the robust music industry provides a great business opportunity to the audio and video editing software vendors, as the music artist progressively uses these tools to create and release different types of music. Furthermore, with the live concert and music festival reopening, the demand for audio and video editing software is anticipated to flourish over the forecast period.

The audio and video editing software market is segmented on the basis of component, deployment, end user, and geography. Based on component, the audio and video editing software market is bifurcated into software and services. The software segment is further segmented into audio editing software and video editing software. In terms of deployment, the audio and video editing software market is segmented into on-premise and cloud. Based on end user, the audio and video editing software market is bifurcated into personal and commercial.

Based on geography, the audio and video editing software market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, and the Rest of Europe), Asia Pacific (Australia, Japan, South Korea, India, China, and the Rest of APAC), the MEA (Saudi Araba, UAE, South Africa, and the Rest of MEA), and SAM (Brazil, Argentina, and the Rest of SAM).

The market size of the audio and video editing software has been determined using a combination of primary and secondary sources. The research process began with extensive secondary research, utilizing both internal and external sources to collect qualitative and quantitative information related to the audio and video editing software market, as well as an overview and forecast for all market segments. In addition, multiple primary interviews were conducted with various industry participants, including experts such as VPs, business development managers, market intelligence managers, national sales managers, external consultants, valuation experts, research analysts, and key opinion leaders, with specialized knowledge in the audio and video editing software market. The purpose of these interviews was to validate the data and gain further analytical insights.