LONDON--(BUSINESS WIRE)--The global music production software market is expected to grow to USD 6.26 billion by the end of the period 2018-2022, according to the latest market research report by Technavio.
A key factor that will drive the market is the growing demand for digital audio content worldwide. Digital audio content is gaining popularity owing to the rise in the number of Internet downloads and proliferation of music-related applications. This is leading to an increase in the number of artists and music producers creating music albums which in turn increases the demand for music production software.
This market research report on the global music production software market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights the growth in the use of AI to compose music as one of the key emerging trends in the global music production software market:
Global music production software market: Growth in the use of AI to compose music
Artificial Intelligence (AI) has made inroads in the music industry. AI is used for composing music and is expected to be a potential game-changing technology for upcoming musicians. Several start-ups are receiving funds for developments in this domain. For instance, in 2016, Melodrive, a Berlin-based start-up, received funding to develop AI algorithms to compose music.
“AI is not only gaining traction among start-ups in the music industry but also from tech giants such as Google and Sony, which are working on projects, including Magenta and Flow Machine, that use AI to compose music. Vendors in the music production software market are focusing on making the software more user-friendly. They have reduced the price and provide trial versions with full application features for end-users, which augurs well for the growth of the market,” says a senior analyst at Technavio.
Global music production software market: Segmentation analysis
This market research report segments the global music production software market by type (editing, mixing, and recording) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of more than 42%, followed by EMEA and APAC respectively. The market share of the Americas is influenced by the high popularity of concerts and live events in the region. In addition, music as a career choice is common in this region, which is contributing to the growth of the music production software market.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market sizing
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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