LONDON--(BUSINESS WIRE)--The global music production software market is expected to grow at a CAGR of close to 9% during the period 2017-2021, according to a new market research study by Technavio.
The report presents a detailed analysis of the global music production software market by type (editing, mixing, and recording) and by end-user (professional users and casual users). The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: high adoption of digital music
Digital music is gaining popularity and acceptance by consumers worldwide. In 2014, the digital music segment surpassed the share of physical sales. One of the major reasons for the growing share of digital music is the ease of accessing and downloading songs. With the ease of access to digital music, many artists and music producers have started producing different varieties of music albums to cater to diverse audiences. This further increases the need for the music production software, in-turn supporting the growth of the market during the forecast period.
According to Rohan Joy Thomas, a lead analyst at Technavio for media and entertainment services research, “Digital sales of music are influenced by the growing adoption of devices such as smartphones, tablets, and laptops. Many vendors offer music production software that is compatible with all these devices, which enables individuals to use the software with no platform barrier.”
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Market trend: availability of free learning materials on web
With advances in web technology, several online tutorial sites use videos, reference articles, and other teaching methodologies to help individuals to learn mixing and editing of songs. This has also simplified the learning process for individuals who have busy work schedules and do not find time to join classes despite their passion for learning music editing. It also helps individuals who cannot afford to pay a high fee for these music classes by offering courses at no or minimal cost. Hence, the availability of learning materials online encourages individuals to learn the skills and then purchase music editing software. Thus, the availability of free learning materials on the web is expected to boost the growth of the market during the forecast period.
Market challenge: high skill level required
Music production software requires users to be sufficiently trained and skilled. Professional users such as DJs and music publishing companies are aware of the features and how to use them. However, when it comes to casual users, they tend to lack the knowledge of each feature and options, which results in lack of interest in using the software. This leads to users seeking to experiment with other software resulting in lack of brand loyalty and software upgradation. Therefore, it is important for music production software manufacturers to provide an easy user-interface and proper guidelines which would help the users understand the features as well as plugins offered by the vendors.
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Key vendors in the market
- Ableton
- Cakewalk
- PreSonus Audio Electronics
- Steinberg Media Technologies
The global music production software market is highly competitive because of the presence of many large and small vendors. Technological innovations and creativity play a significant role in driving the market. To sustain in the competitive market, vendors must develop new ideas and technologies and stay up-to-date with the emerging games, licensing procedures and policies, and advanced technologies that could influence service lines. The major vendors in this market include Ableton, Cakewalk, PreSonus Audio Electronics, and Steinberg Media Technologies.
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