According to FMI analysts, the global media editing app market will grow from $4,085.1 million in 2022 to $9,747.3 million by 2032, representing a 9.1% CAGR during the forecast period.
The global increase in demand for media editing programmes with updated features can be attributed to the growth of the media editing app market. Media editing software has become increasingly popular in recent years, as it has become necessary for people who want to transform raw media into shareable, polished, professional photographs and videos. There are numerous programmes and pieces of software available to fulfil this desire.
The widespread use of smartphones and cameras together with the availability of high-definition displays is expected to fuel the market expansion. The use of video editing software is becoming more widespread as a result of the large number of people who upload films on social media.
Audio and video editing applications are being used by an increasing number of social media influencers, YouTubers, and online company owners to encourage creativity in their online video creation. Since it's so easy to access entertainment, OTT platforms increase demand for content and increase the viability of media editing applications.
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Increased adoption of blur video background applications is anticipated to boost market development. The demand for live-streaming video editing applications is growing, which is also causing the industry to grow.
The market is expanding as a result of an increase in demand for AI-based photo-to-video converter apps. Additionally, the market is growing due to the increased need for practical filter applications.
The global market for media editing apps is dominated by North America. The region is one of the key hubs for new technologies because of government programs that support innovation. To serve these fast-growing customers, several companies operating in the North American media editing app industry have created a variety of smartphone-specific software packages with customized dashboards for quick video editing solutions.
Key Takeaways
The United States dominates the market for media editing applications in North America, with a CAGR of 6.7%.
Europe, the second-largest media editing app market, is expected to increase at a CAGR of 7.8%.
China holds a significant market share and is anticipated to grow at a CAGR of 10.2%
Japan is estimated to grow at a CAGR of 9.1% over the forecast period.
The media editing market is classified into individual editors and professional editors in terms of the end-user segment. The biggest market share belongs to the individual segment.
The market for media editing apps is segmented into audio, video, photo, and other categories based on the media type. The video sector, out of them, commands the market.
Competitive Landscape
In the media editing app market, key players and innovative vendors include Adobe, Apple, Autodesk, Inc., Avid, Avid Technology, Inc., Black Magic Design, Corel Corporation, CyberLink Corp., FXHome, HairerSoft, iZotope, Inc., MAGIX Software GmbH, Microsoft Corp, Movavi, NCH Software, Pinnacle, PreSonus Audio Electronics, Inc, Steinberg Media Technologies GmbH, Sony Corporation, and Wondershare Technology.
To increase their market share in the media editing app industry, these businesses have employed a range of strategies. They have employed both organic and inorganic growth strategies, such as new product launches, acquisitions, company expansions, and partnerships, to broaden their customer base and raise revenue.
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Recent Developments
In April 2022, Apple released a new version of iMovie that includes tools that make it simpler to edit high-quality movies for the iPhone and iPad, as well as pre-made templates for the common types of videos posted on social media. Videos may be altered, with examples including scientific experiments, cooking demos, product reviews, and DIY instructions. Storyboards aid aspiring authors, filmmakers, and musicians in honing their storytelling and editing skills.
In November 2018, PhotoDirector 365, a comprehensive and dynamic photo-editing programme, was announced as being launched by Cyberlink Corporation. This photo editing tool has several user-friendly features, including Layer Packs, HDR, Black & White and Split Tone Presets, Motion Still, Keystone Correction, and 360 picture editing. The program's Tethered Shooting, Soft Proofing, and AI Style Effects are further capabilities that improve photo editing.