Rising Uptake of Visual Effects (VFX) in Entertainment Industry Boosts Demand for Audio and Video Editing Software

According to our latest market study, titled “Audio and Video Editing Software Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Component, Deployment, and End User,” the market is projected to grow from US$ 3,223.12 million in 2022 to US$ 4,562.65 million by 2028. It is estimated to grow at a CAGR of 6.0% from 2022 to 2028.

Technology advancement has boosted visual effects (VFX) in big-budget and independent films. With VFX technology in film and television, video games, and marketing, the industry has revolutionized to a new level. Over the last few decades, visual effects (VFX) have radically changed the media and entertainment industries. VFX was first employed in movies, but the television business has now adopted it to enrich the plot and creative vision and transmit the intended notion to viewers. Many filmmakers seek high-quality movies with engaging visual effects and realistic animations in response to worldwide consumers' demand for engaging high-definition visual experiences. Several studios are currently integrating more animation and VFX shots to meet filmmakers' requirements. In this case, audio and video editing software are essential for depicting the needed scene, which must seem realistic.

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VFX, like animation, is a broad term that refers to producing visual effects using the camera mapping approach. Still, photos are acquired and processed using various video editing tools, which necessitates audio and video editing software. Furthermore, the VFX method acceptance rate is quickly increasing, creating new professional opportunities for animators and visual effect artists. This gives a lot of impetus to the employment of audio and video editing techniques in the entertainment business, driving the overall audio and video editing software market growth.

The audio and video editing software market is segmented on the basis of component, deployment, end user, and geography. Based on component, the audio and video editing software market is bifurcated into software and services. The software segment is further segmented into audio editing software and video editing software. In terms of deployment, the audio and video editing software market is segmented into on-premise and cloud. Based on end user, the audio and video editing software market is bifurcated into personal and commercial. Based on geography, the audio and video editing software market is segmented into North America (the US, Canada, and Mexico), Europe (Germany, UK, France, Italy, Russia, and the Rest of Europe), Asia Pacific (Australia, Japan, South Korea, India, China, and the Rest of APAC), the MEA (Saudi Araba, the UAE, South Africa, and the Rest of the MEA), and SAM (Brazil, Argentina, and the Rest of SAM).

Impact of COVID-19 Pandemic on Audio and Video Editing Software Market

During the pandemic, the streaming industry benefited from working from home due to lockdowns. Consumers were increasingly using media streaming services while spending time at home. According to an article published by USA Today, the global streaming time increased by 75% in 2020. The number of subscribers in the US rose to a staggering 125 million, with similar trends worldwide, added the study. As a result, the demand for new shows, movies, on-demand video games, live news, and other forms of entertainment increased, which positively influenced the global audio and video editing software market, as the filmmakers and production houses needed to increase the number of online shows due to the growing amount of viewership.

Furthermore, the demand for video communication with friends and family increased dramatically during lockdowns. Increased demand for video applications in entertainment, education, social and business communication, information, etc., accelerated audio and video editing software market growth. Moreover, the constant development of 5G technology, the rise in its acceptance, and the continued innovation by major players in higher-value products will drive the post-pandemic market expansion.

Adobe; Apple Inc.; Avid Technology, Inc.; Lightworks; Movavi Software Limited; Steinberg Media Technologies GmbH; ABLETON; Animoto Inc.; Autodesk Inc.; JW PLAYER; MAGIX; NATIVE INSTRUMENTS; SERATO; Sony Corporation; SPLICE; TECHSMITH; THE PIXEL FARM; TRACKLIB; Wondershare Technology Co., Ltd.; and Output Inc. are leading players operating in the audio and video editing software market.

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