NEW YORK, March 25, 2024 /PRNewswire/ — The size of the global music production software market is estimated to grow 415.45 million USD from 2024 to 2028, according to Technavio. The market is estimated to grow at a CAGR of nearly 7.86% during the forecast period. The market for digital audio content is growing, fueled by music streaming platforms such as Apple Music, Amazon Music, YouTube Music and Spotify. The urban population consumes more than four hours of music per week on smartphones, driven by the increasing use of electronic devices. Technical progress, user-friendly interfaces and big data are key factors. Global initiatives, such as Canada CIMA Music Mission, support for artists and producers in Asia-Pacific the evolving digital landscape in the region, increasing the demand for music production software.
Technavio has published its latest market research titled Global Music Production Software Market 2024-2028.
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The end user segment is emerging as the fastest growing segment in the music production market
Market segmentation by end user
The music production software market is experiencing strong growth, fueled by the film industry’s growing demand for superior audio quality. Musicians, DJs and production companies are key users who use the software to compose, record, edit, mix and master music. In the film sector, the need for high-quality sound effects is driving the adoption of music production software. Producers are increasingly investing in 3D and 4D formats, increasing the value of music and sound in their content. This trend highlights the importance of music production software in the film industry, as it enables the creation of immersive and engaging audio experiences.
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Music production software market in North America is experiencing strong growth, fueled by the increasing acceptance of these tools by musicians and music production companies. With a thriving music industry, home to renowned artists such as Post Malone, Justin Bieberand Ed Sheeranand major players such as Sony Music Entertainment, Universal Music Publishing Group and Warner Music, the region offers numerous opportunities for musical artists. Live music events, a major part of North America, provide additional opportunities for the use of music production software, making it an exciting and dynamic market.
Commenting on market trends, a senior analyst at Technavio said, “The music production software market is thriving due to the growing interest of the young population in music and live performances. Artists use software such as Ableton Live 10 and Serato DJ Pro to compose, edit, and produce new songs DJ equipment and software are also used for sound mixing. Key trends include user interface, big data, music streaming and paid services. Government initiatives such as Canada CIMA Music Mission and improved internet connectivity in Asia-Pacificfurther stimulate market growth.”
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Scope of the music production software market |
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Report coverage |
details |
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Base year |
in 2023 |
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Historical period |
2018 – 2022 |
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Estimated period |
2024-2028 |
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Growth momentum and CAGR |
Accelerating at a CAGR of 7.86% |
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Market growth 2024-2028 |
415.45 million dollars |
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Market structure |
Fragmented |
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Year-on-year growth in 2022-2023 (%) |
6.9 |
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Regional analysis |
North America, Europe, APAC, South America and the Middle East and Africa |
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Market contribution to performance |
North America at 37% |
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Key countries |
USA, Canada, China, Germany and UK |
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Competitive landscape |
Leading Vendors, Vendor Market Positioning, Competitive Strategies and Industry Risks |
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Profiled key companies |
Ableton AG, Acon AS, Acoustica Inc., Adobe Inc., Apple Inc., Avid Technology Inc., Bitwig GmbH, Cockos Inc., GoldWave Inc., Image Line Software NV, iZotope Inc., MAGIX Software GmbH, MOTU Inc. , MuTools, NCH SOFTWARE Pty Ltd., Peaksware Holdings LLC, PreSonus Audio Electronics Inc., Reason Studios AB, Serato Ltd. and Yamaha Corp. |
Analyst review
The music production software market serves a wide range of creators, including independent musicians, home studios, independent singers, podcasters, and voice-over artists. These professionals rely on advanced tools such as sequencers, samplers, synthesizers and VST plug-ins to compose music and perform live. Desktop and mobile applications, as well as cloud-based and on-premises solutions, offer flexibility for small and medium-sized businesses in the music industry. Artificial intelligence (AI) and machine learning (ML) technologies are revolutionizing music education and composition, enabling new possibilities for electronic music creation. The editing and mixing segments are key to producing high-quality output. Online how-to sites provide valuable resources for learning and mastering these tools. The trend of music streaming has led to an increased demand for paid streaming services, making it essential for music producers to stay up-to-date with the latest software and technologies. Significant market growth is expected, offering numerous opportunities for innovators and investors in the music production software sector.
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Market overview
The cloud-based music production market is experiencing significant growth, with artificial intelligence and machine learning playing a key role. Companies such as Ableton, ML, Sensory Perception and SMEs are leading the sector, offering innovative solutions for music creation and production. These software tools allow musicians and producers to mix, produce and edit music with precision and ease. VST plug-ins, editing tools, and sound libraries are essential components of music production software, providing musicians with a wide variety of instruments, effects, and sounds. Editing and segmentation are essential functions to ensure that music is interesting and of high quality. Musicians can now produce music from anywhere, making it a versatile and convenient solution for artists and professionals.
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Related reports:
Key topics covered:
1 Executive summary
2 Market landscape
3 Dimensioning of the market
4 Historical market size
5 Five forces analysis
6 Market segmentation
7 Customer landscape
8 Geographical landscape
9 Drivers, challenges and trends
10 Venodr Landscape
11 Supplier analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and consulting company. Their research and analysis focuses on emerging market trends and provides actionable insights to help companies identify market opportunities and develop effective strategies to optimize their market positions.
With more than 500 specialized analysts, Technavio’s report library consists of more than 17,000 and growing reports, covering 800 technologies, in 50 countries. Their client base consists of businesses of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s extensive coverage, extensive research and market insights that can be undertaken to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
Contacts
Technavio research
Jesse Maida
Executive Director for Media and Marketing
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UK: +44 203 893 3200
E-mail: [email protected]
Website: www.technavio.com/
SOURCE Technavio
