Report : Video Editing Software Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type (On-Premise and Cloud) and Application (Commercial and Personal), and Geography
According to our latest market study on “Video Editing Software Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type (On-Premise and Cloud-Based), Application (Commercial and Personal),” the market was valued at US$ 1.94 billion in 2019 and is projected to reach US$ 3.04 billion by 2027; it is expected to grow at a CAGR of 5.9% from 2020 to 2027.
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The global video editing software market comprises several market players offering a broad range of video editing solutions for commercial and personal applications. The market is segmented into type, application, and geography. Based on type, the global video editing software market is further bifurcated into on-premise and cloud. By application, the market is further categorized into personal and commercial. Geographically, the global video editing software market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
The global video editing software market constitutes several small and large market players. The report includes profiles of a few dominant companies, such as Adobe, Inc.; Animoto Inc.; Apple Inc.; Autodesk, Inc.; Avid Technology, Inc.; Biteable Pty Ltd; Clideo (Softo Ltd.); Clipchamp Pty Ltd.; Corel Corporation; Cyberlink Corporation; Enlight Videoleap; Flexclip (Pearlmountain Limited); Fxhome Limited.; Inshot Inc.; Kapwing Inc.; Kinemaster Corporation; NCH Software; Pixiko; Placeit (Envato Pty Ltd); Renderforest LLC; Splice; Vimeo, Inc.; Viva Video; and Wondershare, after identifying and analyzing several other market players at regional and country levels.
The significant adoption of professional video editing software solutions by media and broadcast industry accelerates the growth of the video editing software market. Based on application, the commercial subsegment of the market accounted for more than three-fourth share of the global market in 2019 and the same subsegment is projected to witness a lucrative CAGR of 6.0% from 2020 to 2027.
APAC is usually preferred for film production and attracts several filmmakers from North America and Europe, as it is a cheaper alternative. Furthermore, the presence of technical expertise and tax incentives drive the growth of the film making market in APAC countries. The film industry in China is witnessing exponential growth and has become one of the fastest-growing markets in the world. Movie production in the country accounted for US$ 8 billion in 2019. Additionally, in China, there are restrictions on foreign content, which lead to a rise in the demand for local content. These restrictions emerge the need for co-productions; as a result, local producers collaborate with international production houses. Revenues generated from the film industries in other APAC countries, such as South Korea, Japan, and India, have already surpassed well-established markets in Germany, France, and the UK. Australia and New Zealand offer rebates and tax breaks to foreign production houses. The Indian film industry is flourishing with an exponential growth in the number of film production houses. Moreover, the Vietnamese government announced the “Strategy to Develop the Vietnamese Film Industry to 2020 and Vision 2030,” which intends to support Vietnam's overall film industry’s development. Such initiatives to support the film industry’s growth are expected to create the demand for video editing software in APAC.
The report segments the global Video editing software market as follows:By Type