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Tiburon, CA – The digital video market is set to struggle for a while yet, according to a study from Jon Peddie Research. But Adobe, Apple and Avid are holding their own.
The firm looked at software used for video editing, special effects and compositing, both by professionals and consumers. It concluded that the digital video software market reached $1.5 billion in 2008, but will remain flat in 2009. However, says Jon Peddie, it will start to recover in 2010 and see growth through 2013. The firm estimates the digital video market will grow to $2.3 billion by 2013 with a CAGR of nine percent for the years 2007 to 2013.
The digital video market is dominated by Adobe, Apple, and Avid, all of whom have solidified their position, says the report.
The digital video market depends on several industries that have been affected by worldwide economic forces – advertising, the movie industry, and broadcast television. But the advertising industry has been suffering for a while from the effects of the internet, the entertainment industry has been hit by the writer’s strike, and viewers are deserting broadcast TV.
There are bright spots, however. The corporate digital video market did well up to the last quarter when world economic problems intruded into all markets all over the world. The consumer market was also slow to respond to economic factors and did not really react until the first quarter of 2008.
“The high-end professional market has suffered the most in this economic downturn. Customers for digital video software are tightening their belts and holding off on upgrades,” said Kathleen Maher, Vice President of Jon Peddie Research and the author of the DCC report series. “Vendors are also losing some customers to less expensive desktop based systems. In addition, consumers have made it very clear that they are not interested in difficult to use video editing software.”