Market Research Report
Music Composing Software Market Research Report: By Instrument Simulation, Deployment, Operating System - Global Industry Analysis and Growth Forecast to 2030
|Published by||Prescient & Strategic Intelligence Private Limited||Product code||971165|
|Published||Content info||140 Pages
Delivery time: 2-3 business days
|Music Composing Software Market Research Report: By Instrument Simulation, Deployment, Operating System - Global Industry Analysis and Growth Forecast to 2030|
|Published: September 1, 2020||Content info: 140 Pages||
Music Composing Software Market Research Report: By Instrument Simulation (Piano, Guitar, Full Orchestra, Drums and Percussions, Pipe Organ), Deployment (On-Premises, Cloud), Operating System (Windows, Mac, iOS, Android, Linux) - Global Industry Analysis and Growth Forecast to 2030.
In 2019, the global music composing software market generated a revenue of $177.4 million and by 2030, it is predicted to attain a value of $1,871.5 million. Furthermore, the market is predicted to advance at a CAGR of 23.8% between 2020 and 2030. The main factors fueling the progress of the market are the rising usage of online music streaming services, stable growth of the media and entertainment industry, and strong public preference for classical music shows around the world.
Additionally, the burgeoning demand for effective collaborations amongst musicians is causing the expansion of the market. Major factors such as digitization, connectivity with multiple devices, rapid technological advancements, and the emergence of several entertainment platforms are fueling the progress of the music composing software market. As per the PricewaterhouseCoopers (PwC) Global Entertainment & Media Outlook 2019-2023, $2.2 trillion revenue was generated by the media and entertainment sector in 2019.
The surging number of music events and live concerts, on account of the increasing number of musicians around the world, is another major factor causing the boom of the music composing software market. Besides this, the rising initiatives of various organizations such as the American Society of Composers, Authors, and Publishers (ASCAP) aimed at promoting musicians by organizing music contests, conferences, and live concerts are also propelling the growth of the industry.
As per Bachtrack Ltd., which is a London-based international online music magazine, as many as 20,535 classical music concerts were held in 2019. Furthermore, the magazine found that 34,648 listed performances, including dance and opera, were held during the same year. Such massive events and galas boosted the demand for music composing software, globally, in the past and with the increasing number of live performances being held in several countries, this trend is likely to continue in the coming years.
Depending on instrument simulation, the music composing software market is categorized into guitar, piano, drums and percussions, pipe organ, and full orchestra. Out of these, the guitar category recorded the highest growth in the market in the years gone by. This was because of the huge popularity of guitar simulation, on account of the higher preference for guitarists, especially in Europe and North America, over the players of other instruments.
Geographically, the music composing software market would exhibit the highest growth rate in the Asia-Pacific (APAC) region, as per the estimates of P&S Intelligence, a market research firm based in India, in the upcoming years. This would be because of the thriving media and entertainment industry in Japan, Australia, India, China, and South Korea and the increasing number of live music concerts, events, and performances being held in the regional countries.
Hence, it is safe to say that the market would demonstrate substantial growth across the world in the forthcoming years, mainly because of the expanding media and entertainment industry in several countries and the increasing popularity of live music concerts and performances around the world.