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Digital Rights Management Market 2024 -2033: Global Outlook, Industry Share, Business Growth And Major Players
Digital Rights Management Market Share
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According to The Business Research Company's, 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).
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Market Drivers and Trends:
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.
The advancements in data security technologies are gaining popularity in the digital rights management market. Digital rights management permits publishers or authors to regulate what paying users can do with their works. Technological advancements such as deceptive network technology and the adoption of end-to-end encryption further secure sensitive data from cyber-attacks. For instance, in February 2021, RAIR Technologies Inc., launched a decentralized digital rights management platform, built to power digital scarcity for creators.
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Major Key Players of the Market:
Apple Inc., Alphabet Inc., Microsoft Corporation, Sony Corporation, International Business Machine Corporation, Oracle Corporation, Canto Inc., OpenText Corporation, Intralinks Holdings Inc., Kudelski Group, Irdeto B.V., Bynder, BuyDRM Inc., EditionGuard LLC, Vera Security Inc., Fasoo Inc., Intertrust Technologies Corporation, NextLabs Inc., Conax AS, Adobe Systems Incorporated, Verimatrix Inc., Seclore Technology, Bitmovin Inc., Vaultize Technologies Private Limited, Vitrium Systems Inc., FileOpen Systems Inc., Digify Inc., CapLinked Inc., EZDRM Inc., Locklizard Limited, Verance Corporation, MediaSilo Inc., Cinedigm Corp., Friend MTS Ltd.
Digital Rights Management Market 2024 Key Insights:
• 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%.
• Escalating Security Concerns Propel Robust Growth In The Digital Rights Management Market
• Advancements In Data Security Technologies Transforming The Digital Rights Management Landscape
• North America was the largest region in the digital rights management market in 2023
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