Music Production Software Market
Overview and Scope
Music production software, often known as digital audio workstation (DAW) software, refers to a computer program that produces music digitally. It provides artists and audio professionals a platform to compose, modify, and arrange audio tracks. Music production software aims to simplify the music-making process by providing a variety of tools and features that help to create professional-quality music.
Sizing and Forecast
The music production software market size has grown strongly in recent years. It will grow from $1.37 billion in 2023 to $1.45 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to the shift towards cloud-based solutions, the surge in self-produced artists, the rise of mobile music production, the growth of music streaming services, and the increased penetration of mobile devices and Internet users.
The music production software market size is expected to see strong growth in the next few years. It will grow to $1.87 billion in 2028 at a compound annual growth rate (CAGR) of 6.6%. The growth in the forecast period can be attributed to surging demand for digital audio content, increasing adoption of DJ software, growing popularity of paid streaming services, growing demand for music composition software, and rising number of musicians and artists. Major trends in the forecast period include technological advancement, cloud-based music production systems, expansion of subscription-based models, the integration of virtual studio technology (VST), and the integration of AI-powered features.
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Segmentation & Regional Insights
The music production software market covered in this report is segmented –
1) By Type: Editing, Mixing, Recording
2) By Deployment: On-Premise, Cloud-Based
3) By Application: Artists, Musicians, Entertainment, Education
4) By End-User: Professionals, Non-Professional
North America was the largest region in the music production Software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the music production software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The surging demand for digital audio content is expected to propel the growth of the music production software market going forward. Digital audio content refers to sound recordings, music, or any other type of audio material that has been digitized and stored in a digital format. Various factors contribute to the need for digital audio material, such as convenience, the proliferation of smart devices, and audiobooks. Music production software provides a wide range of features and functionalities that enable users to compose, record, edit, mix, and master audio tracks, podcasts, soundtracks, and other forms of digital audio content. For instance, in June 2023, according to WordsRated, a US-based non-commercial organization, over $1.81 billion was generated through audiobook sales in the United States in 2022. These sales grew by 3.43% over 2021. Therefore, the surging demand for digital audio content is driving the growth of the music production software market.
Key Industry Players
Major companies operating in the music production software market are Apple Inc., Adobe Inc., Yamaha Corporation, MAGIX Software GmbH, Ableton AG, Universal Audio, Steinberg Media Technologies GmbH, Image Line Software, Serato, Arturia SA, PreSonus Audio Electronics Inc., Reason Studios, Celemony Software GmbH, Waves Audio Ltd., Native Instruments USA Inc. , Cakewalk Inc., NCH Software, Acoustica Inc., Bitwig GmbH, Cockos Incorporated, Tracktion Software Corporation, MOTU Inc., GoldWave Inc., Acon Digital AS, Zynewave
The music production software market report table of contents includes:
1. Executive Summary
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