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2024 Global Insights into Music Production Software Market Trends
music production software market
According to The Business Research Company's, 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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Market Drivers and Trends:
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.
Major companies operating in the music production software market are focused on developing cutting-edge product portfolios, such as artificial intelligence (AI) music production software plugin tools, to assist music producers in composing new pieces of music. An AI music production software plugin tool is a digital application or software plugin that leverages AI algorithms and machine learning techniques to automate or enhance various aspects of the music production process. For instance, in November 2023, DigiTraxAI, a US-based music AI company, launched KR38R PRO, the first AI music production software plugin tool. This tool is integrated with major digital audio workstations (DAWs) and powerful algorithms for creating, remixing, and transforming musical compositions, which allows for a more efficient workflow. This tool has motion and flow sliders for dynamic control over music, as well as a central dice button for randomization, allowing musicians to explore limitless musical possibilities. KR38R PRO represents the conclusion of seven years of human-AI collaboration, with music theory serving as the primary innovation to empower composers and producers with instantaneous creative possibilities.
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Major Key Players of the Market:
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
Music Production Software Market 2024 Key Insights:
• 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%.
• Demand For Digital Audio Content Fuels Growth In The Music Production Software Market
• Enhancing Music Production With AI-Powered Plugin Tool Enables Creative Potential
• North America was the largest region in the music production Software market in 2023
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