Report : North America Video Editing Software Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (On-Premises and Cloud-Based), and Application (Commercial and Personal)
On-Premises Segment to Dominate North America Video Editing Software Market during 2019–2027
According to a new market research study on “North America Video Editing Software Market to 2027 – COVID-19 Impact and Regional Analysis and Forecast by Type and Application” is expected to reach US$ 923.41 million by 2027 from US$ 635.58 million in 2019. The market is estimated to grow at a CAGR of 4.9% from 2020 to 2027. The report provides trends prevailing in the North America video editing software market along with the drivers and restraints pertaining to the market growth. Growing craze of online video content at various social media platforms raising demand is the major factor driving the growth of the North America video editing software market. However, issues associated with abundant availability of free video editing Software hinders the growth of North America video editing software market.
The North America video editing software market is segmented into type, application and country. Based on type, the North America video editing software market is bifurcated into on-premises and cloud-based On-premises held the larger market share in 2019. On basis of application the market is further segmented into commercial and personal. Commercial segment held a substantial market share throughout the forecast period.
Also the ongoing COVID-19 is having a very devastating impact over the North America region. Presently, the US is the world’s worst-affected country due to the COVID-19 outbreak. North America is one of the most important regions for the adoption and growth of new technologies owing to favorable government policies to boost innovation, the presence of a huge industrial base, and high purchasing power, especially in developed countries such as the US and Canada. Hence, any impact on the growth of industries is expected to affect the economic growth of the region in a negative manner. The US is a prominent market for video editing, especially in the commercial sector. The huge increase in the number of confirmed cases and falling GDP in the country has affected these industries. The companies and business shutdowns across the US, Canada, and Mexico are impacting the adoption of the video editing software market. The swift decline in revenue owing to virtual non-existent demand from media and production houses has limited their spending on procurement of additional technologies altogether across the North America region. North America region is home to a large number of technology companies, and thus the impact of coronavirus outbreak is anticipated to be quite severe in the year 2020 and likely in 2021. However, the impact of COVID-19 is short-term and is likely to decrease by 2022.
Adobe Inc.; Animoto Inc.; Apple Inc.; Autodesk Inc.; Avid Technology, Inc.; Corel Corporation; CyberLink Corp.; InShot Inc.’ Kapwing Inc.; KineMaster Corporation; NCH SOFTWARE; Placeit (Envato Pty Ltd.); Vimeo, Inc.; Wondershare Technology Co., Ltd. are among the leading companies in the North America video editing software market. The companies are focused on adopting organic growth strategies such as product launches and expansions to sustain their position in the dynamic market. For instance, in 2020, Vimeo, Inc. launched Vimeo create. Vimeo create is a tool that makes a professional-quality video in minutes for every small business. Vimeo create is an easy and fast solution for every marketer and business owner to grow their business with video. Vimeo create is available across the web, iOS, and Android mobile apps.
The report segments the North America Video Editing Software Market follows:
North America Video Editing Software Market – By Type
North America Video Editing Software Market – By Application
North America Video Editing Software Market – By Country
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