DUBLIN--(BUSINESS WIRE)--Research and Markets (http://www.researchandmarkets.com/research/p67zv2/global_digital) has announced the addition of the "Global Digital Recording Music Market 2012-2016" report to their offering.
TechNavio's analysts forecast the Global Digital Recording Music market to grow at a CAGR of 12.05 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increase in initiatives to curb piracy. The Global Digital Recording Music market has also been witnessing an increase in the adoption of cloud services. However, the decrease in consumer spending could pose a challenge to the growth of this market.
Commenting on the report, an analyst from TechNavio's IT Services team said: ''One of the major trends is an increase in the adoption of cloud services. Cloud computing is paving the way to access music online legally and is rapidly being adopted by companies since it adds value in terms of music portability; enabling subscribed users to listen to music stored in remote servers irrespective of the devices they use. Initially, listening to music was a devise-based approach, where devices such as iPods were utilized; but in the current scenario consumers are switching to an access-based approach, which consists of subscribing to digital music libraries stored in the cloud.''
According to the report, one of the major drivers is the increase in initiatives to curb piracy. Due to the high rates of piracy, the Global Digital Recording Music market is losing out on a significant portion of revenue. Hence, various initiatives are being taken to curb piracy rates in order to provide growth momentum to the market.
For more information visit http://www.researchandmarkets.com/research/p67zv2/global_digital