What is Video Converter Software Market?
The video converter software is the tool that allows converting a video from one format to another format. The video conversion software is used at a professional movie studio or for editing at home. With the growing digitalization and large population present on social media platforms creating content in the form of vlogging and reels etc is increasing the video converter software market. The increasing demand for smartphones and other smart devices with the ever-growing trend of smart classrooms in colleges and schools is expected to drive the demand for the video converter software market.
The market study is being classified by Type (Freeware and Shareware), by Application (Personal Use and Commercial Use) and major geographies with country level break-up. According to AMA, the Global Video Converter Software market is expected to see growth rate of 5.89% and may see market size of USD481.51 Million by 2026.
Movavi (United States), Ellora Assets Corporation (United States), NCH Software (Australia), Aimersoft (United States), ANVSoft Inc. (China), ACD Systems (Canada), Clipchamp (Australia), Hand Brake (United Kingdom) and Macroplant (United States) are some of the key players profiled in the study.
The companies are exploring the market by adopting mergers & acquisitions, expansions, investments, new service launches, and collaborations as their preferred strategies. The players are exploring new geographies through expansions and acquisitions to avail a competitive advantage through combined synergies.The Players having a strong hold in the market are International Game Technology PLC (IGT), Scientific Games Corporation, Aristocrat Leisure. Research Analyst at AMA predicts that United States Players will contribute to the maximum growth of Global Video Converter Software market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Video Converter Software market by Type, Application and Region. On the basis of Type, Shareware are dominating the market in the year 2020 where as Freeware stood as second largest market share.
On the basis of application, Enterprise Use segment is dominating the market in the year 2020 where as Personal Use segment stood as second largest market.
On the basis of geography, the market of Video Converter Software has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). Asia Pacific region held largest market share in the year 2020. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growing smart classrooms and visual teaching
- High demand for compatibility of video format as per the device
Market Trend
- Integration of AI Video Enhancer in the Video Converter Software
- High adoption for shareware as compared to freeware
- Growing Number of Video Content Creating Platforms Online
Restraints
- Lack of awareness among the user
Opportunities
- Growing demand for offline video content and rich parameters offered by video converter software
- Surging Demand from Youngsters
Challenges
- Spyware and malware attached with video converter software
Market Leaders and some development strategies
August 2021, Wondershare has announced the acquisition of Ufoto, a, global leader in mobile video editing services. Ufoto specialized in providing a powerful, smart, and convenient digital creation experience through mobile devices. The strategic acquisition will further strengthen, the position of Wondershare in the global mobile video, market. and June 2021, ACD Systems International launches Luxea Video Editor, a brand new video editing tool that is set to revolutionize how you create, edit and publish videos. ACD Systems vastly improves its video editing offering. There’s a focus on features that simplify complicated editing processes, save time, and allow to focus on the output.
In Apr 2020, DVDVideoSoft.com announced the launch of an updated version of Free Video Converter. The Best Free Video Converter for Windows gives an opportunity to convert video files to MP4, MP3, AVI, MOV, MPEG and optimize HD Video for iPhone and iPad. and In June 2017, Movavi entered into a partnership with SOURCE NEXT, Japan-based leading software publishing and distributing company to produce user-friendly video creation, editing tools, conversion, and to sell Movavi products in Japan market.
Analyst Comment
Schools are altering the old education system by implementing smart classroom systems. The abrupt switch is not limited to private institutions; a handful of public schools have also begun to use smart classrooms. Despite the fact that the crisis is severe, it is advancing our schools and even colleges in terms of technology. Students and teachers, without a doubt, have had to make greater modifications because learning has historically taken place in classrooms. Furthermore, many of them lack the technological tools necessary to take advantage of remote learning. As a result, the demand for video converter software in educational systems is growing. In the foreseeable period, this will result in a high demand for the market. Therefore, the global Video Converter Software market is expected to witness a slight growth in its y-o-y growth during the FY-2020 compared to FY 2019 which is again expected to regain its positive growth in FY 2021.
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Providers of Video Converter Software, Venture Capitalists and Private Equity Firms and End-Use Industry