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Generative Artificial Intelligence (AI) In Music Market Key Drivers, Opportunities, Leading Players And Forecast To 2033
Generative Artificial Intelligence (AI) In Music Market Key Drivers
According to The Business Research Company's, The generative artificial intelligence (AI) in music market size has grown exponentially in recent years. It will grow from $0.27 billion in 2023 to $0.34 billion in 2024 at a compound annual growth rate (CAGR) of 28.4%. The growth in the historic period can be attributed to increased computing power, creative experimentation, data availability and quality, content personalization, and increasing big data.
The generative artificial intelligence (AI) in music market size is expected to see exponential growth in the next few years. It will grow to $0.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%. The growth in the forecast period can be attributed to integration with creative tools, integration of AI into creative workflows, ethical and regulatory considerations, cost efficiency and scalability, emergence of AI-driven content discovery. Major trends in the forecast period include advancements in deep learning algorithms, collaboration between AI and human creativity, monetization opportunities, real-time content generation, hyper-realistic content generation.
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Market Drivers and Trends:
The increasing adoption of smartphones is expected to propel the growth of generative artificial intelligence (AI) in the music market going forward. Smartphones are gadgets that combine a mobile phone and a portable computer and usually provide email, data storage, and internet access. The adoption of smartphones is due to connectivity, multifunctionality, social and cultural factors, affordability, and accessibility. With the widespread adoption of smartphones, millions of users worldwide have access to various music creation apps and platforms powered by Generative AI. These apps allow users to compose, remix, and produce music directly from their smartphones, eliminating the need for expensive studio equipment or specialized software. For instance, in April 2022, according to the Department of Telecommunications under the Ministry of Information and Communications, a Vietnam-based regulatory agency, Vietnam recorded 91.3 million smartphone subscribers in 2021. This figure increased by over 2 million at the end of March 2022, resulting in 93.5 million subscribers, equivalent to 73.5% of the nation's adult population. Therefore, the increasing adoption of smartphones is driving the growth of generative artificial intelligence (AI) in the music market.
Major companies operating in generative artificial intelligence (AI) in the music market are developing innovative music and sound generation AI tools, such as Stable Audio, to enhance creativity, streamline workflows, and inspire innovative compositions. Stable Audio is a music and sound generation AI tool that generates melodies, harmonies, rhythms, sound effects, and entire musical compositions autonomously or in collaboration with human users. For instance, in September 2023, Stability AI Ltd., a UK-based free and open-source generative AI company, launched Stable Audio. It delivers faster, higher-quality music through an intuitive online interface using the most recent artificial intelligence (AI) algorithms. Stable Audio comes in two main types: the basic free edition, used to create and download songs up to 20 seconds long, and the 'Pro' membership, which offers 90-second tracks that may be downloaded for use in commercial projects. Stable Audio provides musicians with a solution to create samples for their songs with the help of the latest AI technologies.
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Major Key Players of the Market:
Apple Inc, Alphabet Inc, Microsoft Corporation, Alibaba Group Holding Limited, Sony Group Corporation, Amazon Web Services Inc, International Business Machines Corporation (IBM), NVIDIA Corporation, Shutterstock Inc, DEEZER SA, OpenAI Inc, Native Instruments USA Inc., Stability AI Ltd, SoundHound AI Inc, SoundCloud Global Limited & Co KG, Moises Systems Inc, Pixelette Technologies LTD, Boomy Corporation, Amper Music Inc., DigiTrax Entertainment Inc, Pandora Media Inc, Mubert Inc, Vochlea Music Ltd, Aiva Technologies SARL, WaveAI Inc
Generative Artificial Intelligence (AI) In Music Market 2024 Key Insights:
• The generative artificial intelligence (AI) in music market size is expected to see exponential growth in the next few years. It will grow to $0.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.8%.
• Smartphone Adoption Driving Generative AI Music Market Growth
• Innovative Integration Of AI In Music Production
• North America was the largest region in the generative artificial intelligence (AI) in music market in 2023
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