The emergence of Digital Rights Management dates back to the 1980s when the need for the protection and distribution of digital content became a subject of discourse. DRM aims to lend copyright protection to digital works, systematically through technological intervention.
The need for DRM software was much debated. On the one hand, where the proponents suggested the adoption of DRM technology to prevent piracy and copyright infringement, the opponents argued that it would restrict consumer access and usage of the content.
Fast-forward two decades later, with the widespread transmission and usage of data, the protection of digital intellectual property is undisputed in the post-pandemic world.
According to a report by Markets and Markets Analysis, the projected growth in the digital rights management market size is USD 4.3 billion in 2022 to USD 7.9 billion by 2027, at a CAGR of 13.0%.
Below we will look into the latest trends in digital rights management, which will include trends in copy protection, access control, and the management of intellectual property rights.
Key Market Research and Trends in Digital Rights Management (DRM)
There has been a massive shift in the digital landscape with the huge influx of digital channels and consumers. Along with it, consumer expectations have also increased manifold.
Not only individuals but organizations today are also left with no option but to up their IT infrastructure to protect their data.
The ease and speed at which data can be transferred over the internet have led to multiple cases of copyright infringement and piracy. Traditional copyright laws are outdated in the digital context. Content creators lose out on massive revenues at the hands of piracy and data breach.
The growing need for data protection is paramount today. In light of this, major players in the DRM market are strategizing to expand their footprint, and here are some key areas to watch out for in the digital rights management market.
Use of Blockchain Technology in DRM
The very nature of the internet makes content vulnerable to leakages- be it in the form of illegal sharing or making copies of the original content. The current centralized content distribution networks and DRM systems are not equipped well enough to authenticate content consumers.
Thus, moving forward, what one can expect is a shift to a decentralized network with the use of blockchain technology. Such a decentralized peer-to-peer technology will help detect and trace cases and points of a content breach and also ensure data is protected through digital blockages.
Streaming service subscriptions are gaining popularity and are expected to rise even further in the years to come. Both content creators and content consumers are turning to streaming services.
Content creators turn to it because they see it as a good way to earn revenue as they no longer have to rely on album sales or a separate platform, and consumers prefer it since they no longer have to pay a lump sum for cable subscriptions.
However, certain types of video streaming still have loopholes in the DRM system. Therefore, what can be expected in the near future, are more straightforward regulations to curb cyber-attacks and attempts at hacking.
Owing to this vulnerability, the adoption of DRM will inevitably improve and increase.
Increased Demand by Copyright Holders
Secured data access and its management is the primary concern of copyright holders to protect their intellectual property rights as events of online hacking and data breach increase at an alarming rate.
From artists to publishers, DRM protection is no more an option but a necessity for digital content creators.
The increased demand by individuals and enterprises is responsible for future market growth, government regulations, and streamlining processes through the adoption of efficient technology in Digital Rights Management.
DRM in eBook Publishing
On the surface, digital publishing may seem like the most cost-effective and easy way to publish your work online, starting from publishing to marketing and sales. But dig deeper, and you realize that you might be losing on much more than what meets the eye, owing to piracy.
With DRM protection, your IPR is safeguarded, and you do not lose out on revenue and, at the same time, even get to maximize your ROI. You can exercise substantial control over the accessibility of your content and the period of use by setting an expiry date.
Considering that eBooks are a popular medium among publishers today, the need to restrict duplication and piracy with the help of DRM is increasingly pertinent.
DRM protection has been debated because of its limitations, but with the growing demand for the technology and user adoption, it will evolve to address user concerns.
Creating an eBook is a painstaking task in terms of the research that is involved in encapsulating a plethora of information. For a publisher, losing revenue and substantial labor due to unauthorized access is no less than a nightmare.
Here is where a DRM-protected eBook comes into play; to put the publisher’s dilemma to rest.
An eBook that is DRM-enabled provides copyright protection and helps publishers share their intellectual property securely over the internet. A good eBook distributor allows you to share your eBook securely while also catering to a host of conversion requirements.
Compatibility is another important feature because it widens audience reach, allowing for more sales and revenue. Lastly, it should maximize value to the consumer and minimize costs for the publisher.
Operating across 30 countries and having published content in 25 languages, it is the ultimate solution for DRM-protected, multimedia-rich, interactive eBooks. Its 128-bit encryption offers top-notch DRM to eBooks and offers seamless integration with your existing systems. It assists you in your eBook journey, right from creation to publishing to distribution.
For custom solutions and more information about protecting your intellectual property, write to us at KITABOO@hurix.com.
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