Global Creative Software Market Expected to Reach USD 28,316.9 Million by 2031

According to a recent market study published by Growth Market Reports, titled, “Creative Software Market” by types and by end-users: Size, Share, Trends and Opportunity Analysis, 2016-2031”, the market was valued at USD 15,610.4 Million in 2022 and is expected to grow at a growth rate of 6.7% by the year 2031.

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As per Growth Market Reports industry analysts Akash Vedpathak and Vineet Pandey “Creative Software Market is anticipated to witness significant growth during the forecast period 2023-2031. Factors such as the increasing use of internet services, rise of social media and digital platforms, rapid expansion in the education sector, demand from the entertainment industry, and rising culture of remote work are boosting the growth of the market.

Creative software include digital tools used to create visual and audio content. Creative software is used for a variety of purposes, including personal creative expression, professional design work, and for entertainment or educational purposes. One of the key features of creative software is its ability to enable users to manipulate digital content in a variety of ways. This often includes editing & enhancing images or video, adding special effects or animations, and creating & arranging audio tracks.

Key factors that are anticipated to fuel the demand for the global creative software market during the forecast period. Increasing use of internet services and rise of social media and digital platforms is driving the market. Conversely, high cost of the software is hampering the growth of the market. Technologically improved solutions to bring in new opportunities for market players.

The value chain concept disaggregates a firm into the various activities it performs. Conceptualizing from the firm level, this concept has been applied to industries as a whole. The resulting unified merchant embedded computing value chain comprises activities such as strategy, defining scope, user documentation, marketing, implementation, training & certification, maintenance & support, subscription, licensing, and operations. Developers, outsourcing companies, resellers, marketing companies, and license issuers have different profit margins that vary depending on the material, product, sizes, and prices, offered by the company.

The primary as well as secondary research methodology is used for keen observation and study about the Global Creative Software Market. The primary research methodology involves commercial agreements made with the primary respondents as well as consulting partners to extract critical information pertaining to the syndicated as well as consulting projects. Primary interviews conducted with the stakeholders across industry verticals on regular intervals in line with the ongoing studies and to keep ourselves abreast with the latest market trends & developments. Validation of the estimated market size, current and future trends done from the key opinion leaders (KOLs). These KOLs are the CXO level people from leading companies in the industry and possess the experience of around 10-20 years in the industry. On the other-hand the secondary research methodology involves exhaustive desk research undertaken to understand the prevailing market trends & dynamics, market competition, customer insights and other KPIs. Company websites, their SEC filings, annual reports, broker & financial reports and investor presentations are scanned for understanding the competitive scenario, details and developments, and the overall competitive landscape. Regional government and statistical databases analyzed for macro & micro analysis. Research publications and paid data referred to obtain and validate the market estimations, budget, expenditure and other statistical insights.

The COVID-19 pandemic has highlighted economic disparities in the global demand in the crises of global interdependence and governance challenges. Epidemics are isolated concerns for businesses and prospects for emerging patterns and vulnerabilities.  According to the current pandemic situation, strict measures are required for monitoring the situation, which in turn, affect businesses causing unanticipated short and long-term effects. Consequently, epidemics and pandemics are problems for individual market and an enhancement of existing dynamics and limitations. In the long-term, COVID-19 can serve as another opportunity for manufacturers to reconsider their commitment to the supply chain in regions prone to outbreaks and to reconfigure themselves regionally. In current scenario, COVID-19 is hampering the production process of several manufacturing industries and businesses. Moreover, trade barriers are further reducing the demand-supply of various products and services. However, reduction in outdoor activities and social distancing has created lucrative opportunities for the market.

Key Takeaways from the Study:

• The players include Adobe, Apple Inc., Autodesk, Wacom, Avid Technology, Inc., Blackmagic Design Pty. Ltd., Wondershare, Alludo, MAGIX Software GmbH., TechSmith Corporation, CyberLink Corp., Movavi Software Limited., SONY CREATIVE SOFTWARE INC., Nero AG, Quark Software Inc., FXhome Limited (Artlist UK Limited)

• Based on type, the global creative software market is segmented into audio recording and editing, video recording/ screen recording, image/ photo editing, video editing, animation and VFX, graphics & illustration, and others. Animation and VFX segment held a significant market share in 2022 and is projected to expand during the forecast period, owing to the growing demand for high-quality visual content.

• On the basis of deployment, the market is segregated into cloud and on-premise.  The cloud segment is anticipated to expand during the forecast period, due to growing demand and adoption of cloud-based solutions among consumers. This allows small businesses and independent creators to access the same tools as large business or creators without incurring the high cost, which supports the segment to grow in the near future.

• Based on industry vertical, the global creative software market is segmented into telecom, retail & e-commerce, education, travel & tourism, Media and Entertainment, and others. The Media and Entertainment segment accounted for significant share of the market in 2022. The need for sophisticated software solutions that streamlines production workflows, enhances creativity, and meets the evolving demands of audiences globally in growing, due to the rise of digital content consumption and the expansion of streaming platforms.

• The demand for creative software in Asia Pacific is expected to increase significantly during the forecast period. Increasing adoption of cloud-based technologies, rising demand for digital content creation tools, and the growing number of SMEs are driving the growth of the market in the region. Cloud-based software is becoming increasingly popular among SMEs in the region, due to its flexibility and cost-effectiveness. These factors are expected to create lucrative opportunities in the market in the region.