Music Production Software Global Market Report 2024

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 rise expected in the forecast period can be linked to the soaring demand for digital audio content, the expanding adoption of DJ software, the rising popularity of paid streaming services, the increasing demand for music composition software, and the growing number of musicians and artists. Key trends anticipated during this period encompass technological advancements, the proliferation of cloud-based music production systems, the expansion of subscription-based models, the integration of virtual studio technology (VST), and the incorporation of AI-powered features.

The increasing demand for digital audio content is expected to drive the growth of the music production software market in the coming years. Digital audio content encompasses 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 demand for digital audio material, including convenience, the widespread use of smart devices, and the popularity of audiobooks. Music production software offers a wide array 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 example, in June 2023, WordsRated, a US-based non-commercial organization, reported that audiobook sales in the United States generated over $1.81 billion in revenue in 2022, marking a 3.43% growth over 2021. Consequently, the rising demand for digital audio content is fueling the expansion of the music production software market.

Key players in the music production software market are focusing on developing advanced product portfolios, such as artificial intelligence (AI) music production software plugin tools, to aid music producers in composing new pieces of music. An AI music production software plugin tool is a digital application or software plugin that utilizes 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, introduced KR38R PRO, the first AI music production software plugin tool. This tool, integrated with major digital audio workstations (DAWs), incorporates powerful algorithms for creating, remixing, and transforming musical compositions, thereby facilitating a more efficient workflow. Equipped with motion and flow sliders for dynamic control over music, as well as a central dice button for randomization, KR38R PRO enables musicians to explore limitless musical possibilities. Its development represents seven years of human-AI collaboration, with a focus on leveraging music theory to empower composers and producers with instant creative possibilities.

In November 2023, Symphony Technology Group, a US-based private equity firm, acquired Avid Technology Inc. for $1.4 billion. This acquisition is poised to reshape the music software landscape, fostering increased innovation and enhanced offerings for musicians, producers, and composers. The deal provides Avid with STG's financial resources and strategic expertise, enabling it to strengthen its position as a leading provider of music production software. Avid Technology Inc. is known for its digital non-linear audio editing and music production software, including Pro Tools.

Major companies operating in the music production software market are 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.

North America was the largest region in the music production Software market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the music production software market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the music production software market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Music production software, commonly referred to as digital audio workstation (DAW) software, is a computer program designed to create music digitally. It offers artists and audio professionals a platform to compose, edit, and arrange audio tracks. The goal of music production software is to streamline the music-making process by providing a range of tools and features that facilitate the creation of high-quality music.

The primary types of music production software encompass editing, mixing, and recording functionalities. Editing involves the modification of recorded sound to achieve a desired outcome. It can be utilized on-premise or in the cloud across various applications, including those in the realms of artists, musicians, entertainment, and education. The diverse array of end-users includes both professionals and non-professionals.

The music production software market research report is one of a series of new reports that provides music production software market statistics, including music production software industry global market size, regional shares, competitors with a music production software market share, detailed music production software market segments, market trends and opportunities, and any further data you may need to thrive in the music production software industry. This music production software market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The music production software market includes revenues earned by entities by providing services such as MIDI (Musical Instrument Digital Interface) sequencing, audio effects, automation, and collaboration and sharing. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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