5.9% CAGR, Video Editing Software Market Worldwide Opportunities with $3.04 Billion by 2027 - Flexclip (Pearlmountain Limited), FXhome Limited., Inshot Inc., Kapwing Inc., Kinemaster Corporation
Growing trend of social media influencers and professional video bloggers along with rising number of online video content sellers collectively powered the growth of creative video content. As a result, the continuous demand for improved and quality video content subsequently facilitates the penetration of professional video editing solution and software application among the growing end-user base; thus, it is anticipated to power the growth of the global video editing software market. In addition, several market players operating in the market launched numerous smartphone software applications, targeting the fastest-growing customer base, with customized dashboard for swift video editing solutions.
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Impact of COVID-19 Pandemic on Video Editing Software Market
The global COVID-19 pandemic is bringing long-term disruptions across several major sectors. For instance, several IT firms are anticipating lower number of business contracts across numerous industries. However, a few other industries are experiencing limited or negligible impact of the pandemic. For instance, service industries, such as media & broadcast, entertainment, and education, witnessed cautious spending toward procurement of advanced or additional technologies for improved business functions. The media recording is discontinued across entertainment, sports, advertisement and selected other verticals; as a result, the market witness lower demand for video editing software. Thus, the overall market registered limited decline in the demand and is set to recover swiftly as the economic activities have resumed in major economies.
The video editing software market players are focusing on new product innovations and developments by integrating advanced technologies and features in their products to compete with the competitors and achieve a significant market position.
- In 2020, Avid renewed its cloud collaboration with Microsoft. Over the course of the new five-year strategic alliance agreement, Avid will continue to develop and deploy its cloud-based solutions on Microsoft Azure.
- In 2019, CyberLink Corp. declared a new partnership with global news agency AFP, equipping the journalists with the video editing software, Power Director.
- In 2018, Animoto Inc. joined the Twitter’s list of certified partners. The Twitter official partner program is designed to help businesses achieve better results. Animoto joined and helped businesses succeed on Twitter by using the power of video.
Despite several advancements in the broadcast and media sector resulting in improved video quality through the integration of improved rendering competencies, animation, AR/VR, recording, and other methods have revolutionized the conventional approaches for video content creation. Among these, the video editing-based application now utilizes powerful capabilities of advanced and sophisticated tools in video editing software. As a result, the market comprises a broad range of software packages for video editing application for both commercial and personal usage. The product, offered by several prominent market players, comprises powerful rendering tools, flexible tools, customized add-on, and plug-ins among various other features. Currently, factors such as considerably large customer base across media & broadcast industries and rising demand for development of video content drive the growth of the overall video editing software market. Furthermore, the emergence of social media influencers across Instagram, YouTube, and many other social media platforms gain major traction and subsequently fuel the demand for improved video content, which, in turn, increases the demand for professional video editing solutions.
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