Enjoy complimentary customisation on priority with our Enterprise License!
The music production software market size is forecast to increase by USD 415.45 million, at a CAGR of 7.86% between 2023 and 2028. The market's growth trajectory hinges on various factors, notably the escalating population of musicians and artists entering the industry. Additionally, there's a surging demand for digital audio content, driven by consumers' preferences for convenient and accessible music formats. Moreover, the increasing adoption of DJ software among music producers plays a pivotal role in shaping the market dynamics. This software facilitates music creation and mixing, catering to the evolving needs of both professional musicians and enthusiasts. The convergence of these factors underscores a vibrant landscape where technology, creativity, and consumer demand intersect, driving innovation and expansion within the music industry
Moreover, the market growth and forecasting report includes key player's detailed analyses of the competitive landscape of the market and information about 10 market companies, including Acoustica Inc., Adobe Inc., Apple Inc., Avid Technology Inc., Bitwig GmbH, Cockos Inc., GoldWave Inc., Image Line Software NV, iZotope Inc., MAGIX Software GmbH, MOTU Inc., MuTools, NCH SOFTWARE Pty Ltd., Peaksware Holdings LLC, PreSonus Audio Electronics Inc., Reason Studios AB, Serato Ltd., and Yamaha Corp. Additionally, Ableton AG offers music production software such as Live 10 which is a music production software with three versions, including Intro, Standard, and Suite.
For More Highlights About this Report, Download Free Sample in a Minute
The market is driven by the proliferation of home studios (personal) and the shift towards Cloud-Based solutions, catering to the needs of SMEs and independent creators. Key trends include the rise of Digital audio workshop (DAW) tools, especially in electronic music production, and the integration of Artificial Intelligence (AI) and Machine Learning (ML) into software like music production equipments and Digital Audio Workstations (DAW). However, challenges such as software compatibility across desktop, mobile, and cloud platforms, along with copyright issues related to music streaming, pose hurdles to market growth. Our researchers analyzed the market research and growth data with 2023 as the base year, along with the key market growth analysis, trends, and challenges. A holistic analysis of drivers, trends, and challenges will help companies refine their marketing strategies to gain a competitive advantage.
The rising number of musicians and artists is notably driving the market. The global market is growing at a rapid pace, owing to the growing number of musicians and artists across the world. In addition, the emergence of upcoming musicians and artists has changed the era of music. Furthermore, they are creating and introducing new songs as well as mixing songs to produce remix tracks.
Moreover, to grab the attention of fans, musicians are also organizing music events through concert promoters or live event organizers. Furthermore, live musical events are becoming a major source of revenue for musicians and artists, which is encouraging them to introduce new genres of music such as jazz, rock, blues, hip hop, disco, and trance. In addition, paid streaming services accounted for around 67% of the total recorded music revenue in 2022. Furthermore, interactive streaming through services like YouTube, Spotify, Apple Music, and Amazon Music Unlimited is also driving the growth of the market during the forecasting period.
The rising popularity of online video streaming services is an emerging trend in the market. Online video streaming is one of the rapidly growing segments in the movie and entertainment industry. In addition, video streaming service providers allow users to access and watch different types of video content, such as movies and TV series, via the Internet without the need to download files. Furthermore, these service providers provide both premium as well as free services.
Moreover, the advent of online streaming service providers, such as Netflix and Amazon Prime, has led to a transformation in the film entertainment segment. In addition, Netflix and Amazon Prime are the key players operating in the market. Furthermore, the increasing investments by online streaming companies will result in the production of more content, which will create a huge demand for music production applications. Hence, such factors are driving the market during the forecast period.
Bug issues in music production software and piracy is a major challenge hindering the market. The major music production software providers including Ableton AG, Apple Inc., and MAGIX Software GmbH are continuously launching new products to capitalize on the market. In addition, they are also continuously integrating new features in their software to enhance functionality. Furthermore, as companies are continuously updating their software as well as integrating advanced features, the chances of bug occurrences are increasing.
Moreover, a bug is an error or an issue that occurs in a computer program or application, which affects the functionality of the application. In addition, it can cause serious issues or damage to the application. Furthermore, due to the bugs, the application shows unwanted results or witnesses delays while users operate it. Hence, such factors are hindering the market during the forecast period.
The market is characterized by diverse segments catering to various needs and preferences within the music industry. Home studios (personal) have become increasingly popular among musicians, enabled by Cloud-Based software solutions that offer flexibility and collaboration opportunities. Small and Medium Enterprises (SMEs) also play a significant role, utilizing Digital audio workshop (DAW) tools for music creation and production. Electronic music producers leverage specialized software like Sequencers, Samplers, and Synthesizers to craft unique sounds. Independent musicians, singers, podcasters, and voiceover artists rely on Smartphone music production software and Digital Audio Workstations (DAW) for recording and editing their content. The market also caters to professionals in the live performance, music education, and music composition sectors, with applications available across Desktop, Mobile, Cloud, and On-Premise platforms. Technological advancements such as Artificial Intelligence (AI) and Machine Learning (ML) are integrated into tools like VST plugins, enhancing the editing and mixing processes.
The professionals segment is estimated to witness significant growth during the forecast period. The professional segment includes end-users including musicians, DJs, and music production companies. In addition, they have complete knowledge of music production software and use it for composing, recording, editing, mixing, and mastering music. Furthermore, the film industry specifically employs professionals to produce music, audio, and video content for films.
Get a glance at the market contribution of various segments Download the PDF Sample
The professionals segment was the largest segment and was valued at USD 583.88 million in 2018. Moreover, the global film industry is growing at a significant rate. In addition, to capture market share and generate more revenue, film producers are aggressively developing and introducing new content with better audio and video quality. Furthermore, they are launching movies in 3D and 4D formats, so these movie producers are proud to include music and audio effects. In addition, to provide high-quality sound effects, film producers are increasingly utilizing music production software. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
The rise in the number of music albums will fuel the editing segment which in turn will drive the market. Music editing refers to a process of altering the time and speed of pitches of music to create the required form. In addition, professionals such as musicians and music production companies mostly prefer music production software for editing as it reduces the issues that may occur while altering the music. Moreover, music production software incorporates various filters such as bandpass filters, equalization (EQ) filters, and high shelf filters to clean the audio by removing noise. In addition, it also incorporates a non-linear editing (NLE) system for editing audio and video content. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 37% to the growth of the global market during the forecast period. Technavio's analysts have provided extensive insight into the market forecast, detailing the regional trends and drivers influencing the market's trajectory throughout the forecast period. The market in North America is growing at a significant pace, due to the increasing adoption of music production software, especially by professionals such as musicians and music production companies.
In addition, the US houses popular musicians such as Post Malone, Justin Bieber, Ed Sheeran, and Shawn Mendes and music production companies such as Sony Music Entertainment, Universal Music Publishing Group, and Warner Music Inc. (Warner Music). This provides ample opportunities for music artists. Moreover, in North America, live music events are very popular. In addition, the entry of new musicians and artists has made the global market more competitive. Furthermore, to become a leader in the music industry, musicians and artists have increased their focus on creating new albums as these are one of the major revenue sources for them. Hence, such factors are driving the market in North America during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and trends strategies.
Global Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Acon AS: The company offers music production software such as Acoustica, audiolava, and Acon digital mastering suite.
Market analysis and report of qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market research report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
The market is thriving due to the rise of independent musicians and the proliferation of home studios powered by smartphone music production software. This trend extends to independent singers, podcasters, and voiceover artists, all leveraging Digital Audio Workstations (DAW), sequencers, samplers, and synthesizers to create high-quality content. The market encompasses a spectrum of tools tailored for live performances, music education, and music composition, available across desktop, mobile, cloud, and on-premise platforms. Innovations like Artificial Intelligence (AI) and Machine Learning (ML), exemplified by platforms like Sensor Tower, drive efficiency and creativity.
Moreover, the key players include VST plugins for the mixing segment, online tutorial sites, and reference articles facilitating skill development. Social media platforms such as Twitter and Facebook amplify audience reach, with content consumed via smartphones, laptops, and tablets. Despite challenges like pirated content and internet legislation, the market thrives on music streaming trends and government initiatives supporting the music industry. Initiatives like CIMA Music Mission and platforms like KKBox, JOOX, and Yonder drive product development and subscription revenue, catering to both mass-market consumers and trained professionals in the digital landscape.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 7.86% |
|
Market Growth 2024-2028 |
USD 415.45 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
6.9 |
|
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
|
Performing market contribution |
North America at 37% |
|
Key countries |
US, Canada, China, Germany, and UK |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Ableton AG, Acon AS, Acoustica Inc., Adobe Inc., Apple Inc., Avid Technology Inc., Bitwig GmbH, Cockos Inc., GoldWave Inc., Image Line Software NV, iZotope Inc., MAGIX Software GmbH, MOTU Inc., MuTools, NCH SOFTWARE Pty Ltd., Peaksware Holdings LLC, PreSonus Audio Electronics Inc., Reason Studios AB, Serato Ltd., and Yamaha Corp. |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
Get the report (PDF) sent to your email within minutes.