Free Editing Tools Offer Hands-on Experience to Increase Conversions amidst COVID-19 Lockdown
The trend of free audio and video editing software is surging amidst the coronavirus (COVID-19) outbreak. For instance, Apple, the multinational technology company, announced a free 90-day trial for its professional-grade video editing and music making software, Final Cut Pro X and Logic Pro X. Vendors in the video and audio editing software market are extending their free trial period offers, as increasing number of online entrepreneurs, emerging YouTubers, and social media influencers are creating online content due to the COVID-19 lockdown.
An unprecedented migration toward work-from-home mandates has seen increased demand for audio and video editing software. Vendors in the audio and video editing software market are increasing the availability of free tools so that users can gain hands-on experience of the software and boost their conversions.
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Growing Digital Media Culture Fueling Innovations in Video Editing Software
Video is considered as the future of digital marketing. This trend has fueled innovation in audio and video editing software. For instance, Adobe Systems Inc. — a global leader in products and software for digital media, is promoting its software, the Adobe Premiere Element, which is gaining increased attention as an all-round video solution for editors. Increasing number of online entrepreneurs, YouTubers, and social media influencers are adopting audio and video editing software to induce creativity in their online video content.
The growing trend of digital marketing for both big as well as small businesses is generating incremental opportunities for companies in the audio and video editing software market. As such, the audio and video editing software market is largely consolidated with leading players accounting for ~60%-65% of the market stake. Vendors are increasing the availability of software that operate in both Windows and Mac OS systems.
Small Businesses Educate Audience via High-quality Product Explainer Videos
Manufacturers are targeting small businesses with their audio and video editing software offerings to broaden their revenue streams. Moreover, the growing startup culture worldwide is creating incremental opportunities for vendors in the audio and video editing software market, since not all businesses and startups have the budget to hire professional video editing companies. As such, small-scale entrepreneurs are becoming increasingly ambitious with the influx of digital marketing in order to promote and market their products through enticing online video content.
The audio and video editing software market is estimated to reach ~US$ 3 Bn mark by the end of 2030. This is evident since online entrepreneurs are educating their audience about their products and services through cost-efficient and easily traceable digital marketing strategies. An emerging name in the market for audio and video editing software is Pinnacle Studio, a full-fledged video editing application that has hundreds of in-built effects and correction tools that enhance the quality of the videos.
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Beginner-friendly Video Software with Flexible Manual Editing Meets User Requirements
Since small businesses are tied to budget limitations, they are preferring new audio and video editing software to develop professional HD (High Definition) videos that attract target customers. This has led to a favorable growth of the audio and video editing software market, which is projected to expand at a CAGR of ~7% during the forecast period. However, if not done right, not all product videos can be created as equal. This leads to uncertainty in the digital impressions and reach for the video, and can potentially sway the audience away from the product. Hence, companies are introducing easy-to-use audio and video editing software.
Vendors in the audio and video editing software market are tapping into opportunities in the mobile apps segment by enhancing the UI (User Interface) and UX (User Experience) of editing software. For instance, Videoshop is a beginner-friendly video software, which is available in the form of a mobile app. Innovators are increasing efforts to introduce flexible manual editing instead of automated effects in the app so that users can customize their videos according to their personal taste and preferences.
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The novel coronavirus is encouraging companies in the audio and video editing software market to provide free trial period offers for users in order to draw more conversions. Since big and small businesses are under the pressure to stand out in the market, they are pervasively opting for the industry’s best video editing programs.
Intuitive features in editing software are being highly preferred by users. However, certain free video editor software are found to be slow and lacking in features for advanced users. Hence, companies should target such software for beginners. As such, slow motion, time-lapse, and an inbuilt library of sound effects are being highly preferred by users.
Audio and Video Editing Software Market: Overview
- The audio and video editing software market is expected to register a CAGR of ~7% between 2020 and 2030. The market is projected to be driven by increasing demand and volume of video and audio content.
- The global audio and video editing software market is expected to reach ~US$ 3 Bn by 2030 from ~US$ 2 Bn in 2020. Increasing demand for special effects through editing software in the entertainment industry is expected to boost the growth of the market.
- The audio and video editing software market in Asia Pacific, South America, and Europe is anticipated to expand at a rapid pace during the forecast period, followed by Middle East & Africa and North America
- North America remained the dominant leader in the global audio and video editing software market in year 2019, primarily due to strong adoption of editing software in the world’s largest media & entertainment industry i.e. the U.S.
- North America is projected to witness significant growth in the global audio and video editing software market during the forecast period. Strong adoption of digital and virtual software for a better viewing experience is expected to drive the consistent growth of the North America audio and video editing software market.
- The audio and video editing software market report provides analysis of the global audio and video editing software market for the period 2018 – 2030, wherein 2019 is the base year and 2020 to 2030 is the forecast period. Data for 2018 has been included as historical information.
- The report studies the audio and video editing software market from the perspective of different components and industry verticals
Audio and Video Editing Software Market Snapshot
- Asia Pacific is expected to witness the highest opportunity addition in the audio and video editing software market globally, with Europe being the next closest region
Key Growth Drivers of Audio and Video Editing Software Market
- Increase in demand for special effects through editing software in the entertainment industry – Special effects are the easiest way of producing a make-believe effect, and to introduce the incredible charm of a magic show to the cinematic experience. Visual effects create an environment, which seems realistic but would be impractical, dangerous, expensive, or simply impossible to capture during a shoot. The integration of special effects have devised a new universe of entertainment. The usage of special effects have opened a new genre that could never exist earlier. Moreover, special effects through editing software have transformed the spectators’ viewing experience to such an extent that now spectators want such rich experiences in everything they watch. Growing demand for visual rich entertainment and the gigantic success associated with such projects are propelling the market. Nowadays, editing software are used in almost every movie, television series, games, advertisement, etc., to attract more number of viewers.
- Rise of streaming media – Growing demand for rich entertainment has led to the mushrooming of a significant number of small audio video editing studios in recent years. Big studios are involved with bigger projects (billion-dollar budget movies), whereas the growing demand for streaming media such as Netflix, YouTube, and Amazon have provided a fillip to smaller studios. The huge influx of content (small budget movies, mobile games, mobile content, etc.) from streaming platforms is a big factor behind today’s robust audio and video editing software market. Spectators with high-speed Internet and affordable mobile devices want the same visual experience for streaming media as that of conventional movies and television series. Streaming service providers are aggressively creating content with extensive usage of special effects to cater to such demand, which eventually drives the market.
Key Challenges Faced by Audio and Video Editing Software Market Players
- The multimedia industry is rapidly changing. The ongoing integration of new technologies and huge capital investment makes it a premium market. Professionals working in the industry need to be updated with the knowledge base and expertise to transfer the emotions to the audience, adhering to the storytelling.
- Limited availability of resources in terms of skilled manpower capable of working with today’s evolving technologies is leading to the resources charging a higher fee. Small and medium editing studios are able to manage few such resources, which further impacts their quality. Also, software needs upgrades more often due to rapidly evolving technology, which makes it a high-value product.
- The restraint creates a gap among services providers. Large labs, capable of huge investment, get the high-end projects, whereas the small and medium-sized labs struggle to obtain projects
Audio and Video Editing Software Market: Company Profile Snapshot
- The research study includes profiles of leading companies operating in the global audio and video editing software market. Key players profiled in the report include
- Adobe, Inc.
- Apple, Inc.
- Autodesk, Inc.
- Avid Technology, Inc.
- Corel Corporation
- CyberLink Corp
- HairerSoft, iZotope, Inc.
- MAGIX Software GmbH
- Microsoft Corp
- NCH Software
- PreSonus Audio Electronics, Inc
- Sony Corporation
- Steinberg Media Technologies GmbH
- Companies are shifting toward advanced technology to gain competitive advantage in the audio and video editing software market apart from maintaining their position in the market.
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