The global digital rights management market is expected to witness significant growth during the forecast period (2020–2027), owing to increased adoption of digital rights management solutions due to rising security concerns in organizations. The extensive usage of computers and laptops lead to an increase in the number of hackers who intrude into government and corporate network to access critical information for monetary and business gain. Organization databases are the primary targets of cybercriminals, which increases the loss of personal and business information. Due to the increasing incidence of data breach and high profile data theft, organizations are deploying digital risk management (DRM) solutions. For instance, in July 2020, Microsoft, a U.S.-based technology company, launched a new security technology to prevent data corruption techniques that are adopted by cybercriminals on window 10 devices. Moreover, advancement in data security technologies such as end-to-end encryption has helped vendors to enhance data security solutions against threats and cyber-attacks. Third-party service providers and cloud service providers are offering digital right management solutions in order to meet the needs of government and business organizations. This, in turn, increases demand for digital rights management solutions to protect organizations from cyber threats.
The high cost of digital right management solutions is expected to hinder the market growth. The cost includes software license fee, deployment fee, maintenance fee, development fee, and others. The cost of DRM software is between U$$ 16,000 and US$ 25,000. For instance, Adobe Inc. provides digital right management solution with a license fee of US$ 10,000, maintenance cost of US$ 1,500, a deployment fee of US$ 15,000, and a development fee of US$ 10,000. These factors are expected to hamper the market growth during the forecast period.
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North America is expected to account for the largest market share during the forecast period, owing to the presence of key players in the region such as Microsoft, Oracle, Apple Inc., RealNetworks, Inc., VOBILE, INC, Dell Inc., Seclore, and DivX, LLC. For instance, in January 2020, Seclore, a U.S.-based data centric security platform, launched Seclore for O365. Organizations are utilizing digital right management technologies to protect sensitive data information.
Digital Rights Management Market - Impact of Coronavirus (Covid-19) Pandemic
COVID-19 pandemic is expected to drive growth of the market during the forecast period. Due to the Covid-19 pandemic, many industries have witnessed a significant positive shift in in their businesses. There has been a significant impact on growth of the digital rights management market. Moreover, several cases of cybercrimes have been observed. Cyber threat has been increasing, as every part of the demographic has searched information related to COVID-19 by using a malicious domain name registered with names such as COVID-19 or coronavirus. For instance, according to Palo Alto Networks Inc., around 40,261 suspicious registered domain names were identified at the end of March 2020. Moreover, in the recent times, the use of identical business email addresses are also used to carry out cyber-attacks. Due to the rise in cyber threats, several organizations are adopting digital rights management solutions to mitigate threats and risks. This, in turn, drives growth of the digital rights management market.
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