In today’s digitalised world, the software development domain is brimming with economic growth possibilities. Industry stakeholders are actively aiming to leverage this opportunity to push the boundaries across several market sectors. The development of AR/VR and blockchain technology is also growing rapidly. The media and entertainment industry is also being impacted by these developments. The growing demand for cutting-edge transcoding methodologies in audio and visual content and the widespread availability of audio and video recording solutions are amplifying the expansion of the global creative software market. These solutions are also being used by small and medium-sized businesses to produce marketing content. Besides, the players in the education industry are actively using these solutions to support their edtech business prospects. In addition, the growing demand for audio streaming platforms is also set to multiply the market growth in the foreseeable future.
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Increasing Usage of Music Streaming Solutions to Prolong Growth Trajectory of Creative Software Market
In the last decade, the consumer base of audio and video streaming platforms has exploded in number. Coupled with advancements in networking technologies, users are now able to consume high-quality media. The increasing adoption of audio editing software in applications such as playback, recording, audio amplification and optimisation, production, and editing is enabling the growth of the global creative software market. Stakeholders in the entertainment and media industry are actively aiming to increase their market share by offering more specialised services and better quality content. As the number of streaming platforms continues to increase, the demand for creative software is set to proliferate as well.
Cloud-based Solutions to Gain Tremendous Traction in Creative Software Market
As the demand for modern creative software solutions continues to increase, several new innovations have gained considerable traction. For instance, the increasing use of sound and video recording software solutions is being witnessed globally. The television broadcast is being digitalised rapidly and cloud-based solutions are gaining precedence. The consumption of high-definition audio and video content through smartphones and other smart gadgets is increasing. Many audio and video recording software vendors are attracting customers by providing free trials and giving them hands-on expertise of the software. In these circumstances, the global creative software market is expected to thrive during the projection period.
North America to Dominate Creative Software Market Owing to Paced Demand for Streaming Platforms
A thriving entertainment and media industry, coupled with growing demand for audio-video recording and editing platforms is cementing North America as the leading creative software market. The usage of music and video streaming services in the region is increasing by leaps and bounds. Major regional economies such as the USA have showcased a huge influx of investments in these online music and video platforms. The growing trend of using remote working and education models is also creating regional market growth possibilities. Elsewhere, the market in Asia Pacific is developing at the fastest rate amidst a thriving creative economy and high internet penetration.
Key Market Players
Some of the notable players in the global creative software market include Adobe Inc., SONY CREATIVE SOFTWARE INC., MAGIX Software GmbH, Nero AG, FXhome Limited, TechSmith Corporation, Corel Corporation, CyberLink Corp., Movavi Software Limited, and Wondershare group.
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