The tremendous rise in penetration of internet and social media is boosting a majority of stakeholders in a diverse industrial landscape to improve their presence on digital platforms. While it is benefiting most stakeholders in expanding their businesses extensively, growing incidences of online piracy of data and increased complexity of content creation has also created challenges for market players to grapple with. This has triggered the need for efficient enterprise digital rights management (EDRM) solutions, and the global market for EDRM solutions is expected to reach a valuation of around US$ 1.9 billion by 2019, opines a recent study published by Persistence Market Research (PMR).
The enterprise digital rights management market has witnessed tremendous growth in the past few years, and it is mainly attributed to the multiplying incidences of piracy in the media & entertainment industry. In addition, the ubiquity of smart phones is increasing at a burgeoning rate, and with increasing content on social media is creating significant challenges in controlling the piracy of original content. The PMR study opines that the need for enterprise digital rights management will increase in order to control the breach of intellectual property laws, especially when video-on-demand is concerned.
In 2018, the applications of enterprise digital rights management in video-on-demand accounted for nearly one-third revenue share of the global market, and it share will only increase in the coming years, opines the PMR study. An increasing amount of content in the form of videos being uploaded on various digital platforms is expected to bolster the growth of this trend in the coming years. Furthermore, with a diverse range of industrial landscapes entering the world of video-on-demand to carry of myriad of business operations, the need for implementing enterprise digital rights management solutions will intensify significantly in the coming years, opines PMR.
SMEs to Remain the Target Customers for Stakeholders
Though large enterprises are among the largest customer base in the enterprise digital rights management market currently, with more than 60% revenue share of the market, robust digital development of small and medium enterprises (SMEs) will change important dynamic of the market in the coming years, opines the PMR study. It finds that a mounting number of SMEs are bolstering the digital transformation of their businesses, eventually making a move towards data support and data management systems, and this is expected to surge the adoption of enterprise digital rights management solutions among SMEs.
The PMR study forecasts that SMEs will account for nearly half the revenue share of the enterprise digital rights management market by 2029, and the global market is set to grow more than 2X larger between 2019 and 2029. Growing adoption of cloud computing among SMEs will further dictate the market players’ strategies to introduce innovative features in enterprise digital rights management systems.
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In the coming years, leading players in the enterprise digital rights management market are expected to focus on designing easy-to-use solutions that will offer end users with high data-centric security and features that can enable them to connect enterprise digital rights management systems with their IoT-enabled devices.