Digital Rights Management Market Expected to Reach USD 24.63 Billion by 2030| Top Key players such as - NEXTLABS, Oracle and Sony

According to the report published by Allied Market Research, The Digital Rights Management Market Expected to Reach USD 24.63 Billion by 2030| Top Key players such as - NEXTLABS, Oracle and Sony. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions.

Rise in copyright protection policies for digital IPs and corporate needs to protect their data have boosted the growth of the global digital rights management market. However, costly fees and complexity of DRMs and limited control over the content hinder the market growth. On the contrary, rise in demand for OTT content delivery, rise in penetration of digital devices, and the growing data volumes are expected to open new opportunities for the market players in the future.

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By application, the video on-demand segment held the largest share in 2020, accounting for more than two-fifths of the global digital rights management market, as it protects video content while ensuring smooth delivery and playback. However, the mobile content segment is expected to register the highest CAGR of 23.8% during the forecast period, owing to growth in internet usage and rise in use of smart devices that contain sensitive information.

By industry vertical, the healthcare segment would showcase the highest CAGR of 24.8% from 2021 to 2030, due to concerns regarding unfettered access to data in the healthcare industry. However, the television and film segment held the largest share in 2020, contributing to more than two-fifths of the global digital rights management market, due to use of digital content, rise in customer base for online content-based publishers, and increase in demand for DRM in media and entertainment segment.

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By region, the market across North America held the lion's share in 2020, accounting for nearly two-fifths of the market, due to rise in demand for better viewing experience than before, advances in mobile devices, and explosion of internet content. However, the global digital rights management market across Asia-Pacific would showcase the highest CAGR of 23.9% from 2021 to 2030, owing to increase in number of people accessing web content and rise in internet live video streaming, mobile TV, and video-on-demand.

Major companies operating within the market are Adobe, Apple Inc., Dell Inc., DivX, LLC, Fasoo, International Business Machines Corporation, Microsoft Corporation, NEXTLABS INC., Oracle Corporation, and Sony Corporation

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Covid-19 Scenario:

● The Covid-19 pandemic led to the implementation of home quarantine rules and adoption of work from home culture across the globe. This increased the demand for OTT platforms.

● Due to rise in demand for digital content, the content creators and publishers were prompted to expand their content libraries and employ several digital rights management methods.

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