LONDON--(BUSINESS WIRE)--According to the latest market study released by Technavio, the global background music market is expected to grow at a CAGR of close to 4% during the forecast period.
This research report titled ‘Global Background Music Market 2017-2021’ provides an in-depth analysis of the market in terms of revenue and emerging market trends. This report also includes an up to date analysis and forecasts for various market segments and all geographical regions.
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The market research analysis categorizes the global background music market into five major end-user segments, of which the top three are discussed in detail. They are:
- Hospitality sector
- Retail sector
- Commercial buildings
- Public infrastructure
- Others
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Global background music market in hospitality sector
The hospitality sector was the highest consumer of background music in 2016. The hospitality sector relies on background music to set up the mood and ambiance for customers. Most of the cafes, restaurants, and hotels use low tempo classical music to enhance customer experience and encourage them to spend more time at these places. This segment is likely to exhibit growth during the forecast period owing to the growing number of restaurants, hotels, and cafes.
Global background music market in retail sector
The retail sector includes retail outlets, showrooms, and departmental stores. Background music plays an important role in influencing the buying decisions of customers. Different genres of background music are used depending on the type of retail outlet. For instance, Abercrombie & Fitch uses loud music to define their brand that sells vibrant casual wear for the younger generation. Barnes & Noble uses slow and relaxing music.
Retailers decide the type of background music based on the target audience and types of products that are sold. High tempo music is played in stores with a high footfall to encourage customers to shop quickly. In contrast, stores with a niche audience use low tempo music to help customers relax and allow them to make purchase decisions easily, says Ujjwal Doshi, a lead analyst at Technavio for media and entertainment services research.
Global background music market in commercial buildings
With the growth in commercialization, there has been a significant increase in the construction of tall buildings with elevators to fulfill the need for office and residential space. The construction industry is shifting its focus toward the construction of high-rise buildings owing to the limited land availability and growing population. This is expected to increase the demand for background music as it is used to entertain individuals that use elevators in high-rise buildings.
“Furthermore, the shopping behavior of customers has changed in the past decade. Customers have shifted from shopping in single stores to multi-brand retail outlets and shopping malls. Background music subconsciously influences the purchasing decisions of consumers. Ambient music is used in shopping malls, retail outlets, office lobbies, and elevators,” says Ujjwal.
The top vendors highlighted by Technavio’s market research analysts in this report are:
- Almotech Media Solutions
- Imagesound
- Mood Media
- NSM Music Group
- PlayNetwork
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