The global video editing software market was valued at US$ 1.94 billion in 2019 and is expected to reach US$ 3.04 billion by 2027; it is estimated to grow at a CAGR of 5.9% during 2020–2027.
The global video editing software market is dominated by selected prominent market players who continue to lead the global market with strong competitive positioning, brand recognition, business offering, and prominent customer base across major countries.For instance, a few video editing software companies such as Adobe, Apple, Avid Technologies, CyberLink, Autodesk, and Corel continue to collectively dominate the overall video editing software market.
However, the cloud and mobile application-based video editing software solutions continue to remain fragmented market segment with relatively strong presence of prominent and niche market players.
According to the US Bureau of Labor Statistics, video and film editors’ employment in the US is anticipated to grow to 22% during 2019–2028.The major opportunities in the field are projected in Los Angeles and New York due to the presence of several entertainment companies in the cities.
The high growth in the number of job opportunities for video and film editors will increase the creation of videos and films, which, in turn, will boost the demand for video editing software.According to a State of Video Marketing report 2020, published by an animated explainer video company, Wyzowl, 92% of the 650 surveyed marketers stated that they consider videos as an essential component for their marketing strategy.
The percentage is witnessing a constant growth from 78% in 2015, 85% in 2018, to 92% in 2020; 83% of video marketers stated that these videos helped them in generating leads.Further, the report also states that, on an average, people spend ~16 hours/week watching online videos, signifying an increase of 52% in the past two years.
Moreover, ~86% of the people stated that they would watch more videos online from brands in 2020. The exponential rise in new videos is expected to bolster the growth of the video editing software market in the US.
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.
Impact of COVID-19 Pandemic on Video Editing Software Market The unprecedented rise in the number of COVID-19 cases across all major economies and the subsequent lockdown of various leading technology services and solutions providers have limited the influence on the growth of the market.For instance, the swift decline in revenue owing to non-existent demand from media and production houses limited their spending on procurement of additional technologies altogether across North America, Europe, and APAC.
However, the notable presence of customer base and steady resumption of economic activities have off-set the pandemic impact among large enterprises. Similar trends are observed among countries in other regions and the impact of the pandemic on the wvideo editing software market.
In the past few years, advancements in the technological capabilities of hardware and video recorders have facilitated the exponential growth of videos based on virtual realities, mixed realities, and augmented realities.Furthermore, the 360-degree videos have gained popularity among various leading end users; thus, the demand for such video content is rising.
As a result, several leading video editing software developers have integrated specialized tools and features into their existing software solutions to edit the AR/VR or 360-degree videos.
An on-premise video editing software allows complete control over the entire software.The accountability for data security remains with the customer and the in-house IT department or the individual who assures the requirements.
Handling on-premise solutions is complicated for the user owing to the lack of transparency in the on-premise infrastructure on the developer’s end.Despite the high initial cost required for on-premise deployment, several companies or individuals opt for this solution to secure the data.
Due to surge in the demand for on-premise software, several video editing software developers offer their products to use on-premise. At present, there is no availability of complete cloud video editing software for professional video editing, which will support features of desktop software in a browser UI, store production files in the cloud, and allow users edit and collaborate in the cloud. Therefore, large media and entertainment companies use on-premise solutions, which, in turn, drives the on-premise video editing software market.
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