LONDON--(BUSINESS WIRE)--The global music synthesizers market size is poised to reach USD 78.11 million by 2023, according to a new report by Technavio, progressing at a CAGR of close to 3% during the forecast period. The rise in demand for paraphonic synthesizers is projected to augment the market over the forecast period.
Key suggestions from the report:
- Digital synthesizers segment represented more than 59% of the overall volume in 2018 owing to their benefits over analog counterparts.
- Analog synthesizers segment is likely to register a CAGR of more than 20% in terms of revenue from 2019 to 2023 on account of the introduction of several new products by vendors.
- The North-American music synthesizers market accounted for close to 46% of the overall revenue in 2018, owing to the high spending capacity of the population, and the presence of many popular disc jockeys (DJs) and musicians in the region.
- The music synthesizers market is moderately fragmented with a large number of players occupying the market share. In addition, the market is witnessing the development of new products by some vendors, which is intensifying the rivalry among vendors.
Read a 127-page research report with TOC on "Music synthesizers Market Analysis Report by type (digital synthesizers, and analog synthesizers), and distribution channel (retail stores, and online) and segment forecasts for 2019 to 2023" at
Paraphonic synthesizers that can simultaneously play multiple pitches is gaining immense popularity in the global market. The use of paraphonic synthesizers helps to achieve something, which sounds similar to true paraphony at a lower cost when compared with polyphonic synthesizers, thereby, fueling its market demand. Moreover, the rise in new product developments with advanced features will eventually fuel the adoption of paraphonic music synthesizers during the forecast period.
Artificial intelligence (AI) is gaining prominence in composing music as it has opened new possibilities for sound generation. The technology is influencing music synthesizers as it makes interesting sounds based on sounds from real life. Thus, the emergence of AI-powered music synthesizers is expected to one of the crucial music synthesizers market trends during the forecast period.
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The awareness about do-it-yourself (DIY) products has increased significantly due to the growth of social media. Moreover, there is a growing preference among musicians and engineers for building their own music synthesizers. The availability of DIY tool kits has further helped many musicians to make their own instruments such as music synthesizers. This is expected to hamper the growth of the music synthesizers market during the forecast period.
Technavio has segmented the global music synthesizers market based on the type (digital synthesizers, and analog synthesizers), distribution channel (retail stores, and online), and region (APAC, Europe, North America, South America, and MEA).
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