Video Editing Software Market - Forecasts from 2022 to 2027
The video editing software market is projected to grow at a CAGR of 6.24% during the forecast period to reach US$5.774 billion by 2027, from US$3.780 billion in 2020.
Video editing software is a type of software that allows users to modify, edit, and manipulate videos to meet their specific needs. It is an important software in the market. Tools to convert file formats, re-sequence, combine and chop clips, change or re-adjust brightness, add noises, crop and rotate footage, add a translation, and apply other special effects to a video are all included in a typical video editing software. It also aids in the development of post-production and editing of new digitally recorded videos. Professionals can use any video or audio processing technology to deliver high-quality video and audio projects to their intended audience. The video editing software market is segmented by type, application, and geography.
The fast popularity of video editing software has been fueled by technological advancements and the availability of user-friendly video editing tools.
In recent years, there has been a progressive shift away from traditional flatbed celluloid film editing equipment and towards video editing using non-linear editing systems. The software enables editors to sequence shots, add music, alter color, and add sound effects to video clips, movies, commercial or promotional films, and television programs, among other things. For non-professionals and beginners, several basic online video editing applications and programs are accessible at low fees. In addition, beginners can learn the basics of video editing through various low-cost online video editing learning programs and videos. Many video editing programs have specialized features and tools for editing 360-degree video or AR/VR footage. Due to the growing popularity of cloud-based video editing software, which can be accessed from any device at any place, video editing software is in high demand. Because of the rapid growth of the film, media, and entertainment industries in various nations, video editing software businesses have built more powerful and upgraded software with more capabilities for improving video quality. In addition, due to the lower cost of video editing, there has been an increase in the number of company collaborations and partnerships, as well as strong demand for video editing software and application by digital marketing companies and advertising agencies. Due to rising viewership of digital content, high adoption of OTT platforms, rapid growth in the consumer electronics sector, rising usage of smartphones and tablets, and increasing demand for fresh, high-quality audio and video content, video consumption has steadily increased over the last few years. For instance, in 2019, CyberLink partnered with AFP, a global news organization. CyberLink provides AFP journalists with their video editing software, PowerDirector, as part of this agreement. The collaboration strengthened the media company's video production workflow by allowing journalists to capture quickly, edit, compress and transfer video footage to any AFP video desk for publication. In September 2021, Microsoft acquired Clipchamp, a start-up that makes video editing software for individuals and businesses. Similarly, Adobe acquired Frame.io, a major cloud-based video collaboration platform, in October 2021.
Furthermore, the growing use of video editing software by social media influencers and online entrepreneurs to create more educational and appealing content is driving market expansion.
Software piracy and the availability of free video editing software can act as a restraint on the growth of the video editing software market.
Though video editing software is becoming increasingly popular, some limitations are predicted to limit total market growth in the future. One of the main concerns affecting the demand for original video editing software is software piracy. Several people use pirated software to get the same functionality at a reduced price or free. Additionally, the availability of free video editing software and open-source software provided by numerous agencies, as well as regular software upgrades, are projected to limit the growth of the video editing software market. Beginners with minimal knowledge and experience with this type of software will find it challenging to use newer software versions.
By region, North America is expected to drive the growth of the video editing software market during the forecast period.
High smartphone and internet penetration, rising adoption of OTT platforms and on-demand video services, availability of various simple and free video editing software, high demand for video content on social media platforms, and rising adoption of cloud-based services are all driving market growth in North America. Furthermore, the presence of strong market players, a constant focus on upgrading video editing software, an increase in the number of social media influencers, online entrepreneurs, and YouTubers, high internet penetration, and widespread use of smart devices, smartphones, and smart TVs, and the emergence of highly skilled professional video editors are some of the key factors driving market growth in the region.
Since the outbreak of COVID-19 in countries around the world, the market has seen a sudden increase in online streaming channels and OTT platforms, as well as high demand for video editing software due to the constant need for video content for entertainment and documentation, high penetration of smart devices, smart TVs, and smartphones, and increasing demand for fast Internet connectivity and services, as well as high video content. According to Sensor Tower's 2021 State of Photo & Video Apps Report, when the COVID-19 pandemic broke out in Q2 2020, photo & video category apps saw a surge in adoption, and the category's growth remained robust in the first half of 2021.
Middle East and Africa