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Global digital rights management market size to reach $2.8 bn by 2020: Study

MUMBAI: The global digital rights management market size is expected to grow from $1.06 billion in 2015 to $2.8 billion by 2020.

Research and Markets has announced the addition of the “Digital Rights Management Market by Application, End User, Deployment, Industry and Region – Global Forecast to 2020” report to their offering.

The global digital rights management (DRM) market is growing at a higher rate due to increasing security concerns and increased adoption of DRM solutions among enterprises.

The primary applications for DRM solutions are IT hardware, smart devices, and wireless devices. The extensive usage of PCs and laptops has led to an increase in the numbers of hackers who intrude into corporate and government networks to access and thieve critical information for monetary and business gains.

Companies are seeking real-time access to business data along with transmitting and storage of data across mobile devices, cloud, Universal Serial Bus (USBs), and disks. Additionally, the significant adoption of Bring Your Own Device (BYOD) trend among businesses has given rise to mobile technology to open novel avenues for real-time access to business information along with facilitating flexible work culture. However, this has further augmented the susceptibility of data loss and theft through these devices comprising organisational data.

The constant advancements in the data security technologies such as upgradation to end-to-end encryption have further leveraged encryption vendors to offer enhanced data security solutions to defend against expanded commercial espionage and cyber-attacks. Third-party service providers and cloud service providers have been offering augmented DRM solutions to suit the needs of government and business organisations in a better manner.

The eminence of the DRM market applications is massive among enterprises, thereby increasing the prospects for encryption vendors, third-party service providers, cloud service providers, and technology providers.

However, the encryption faces the challenges of additional overhead costs and increased demand for competent IT resources for data management among enterprises. This deters its implementation across various businesses, especially SMBs that have budget constrictions.