(MENAFN- GetNews) The global music composing software market will progress at a CAGR of 23.8% from 2020 to 2030.
The global music composing software market was valued at $177.4 million in 2019, and it is predicted to generate a revenue of $1,871.5 million by 2030. Furthermore, the market will progress at a CAGR of 23.8% from 2020 to 2030 (forecast period), as per the estimates of the market research company, P & S Intelligence. The major factors fueling the expansion of the market are the increasing usage of online music streaming services, rapid surge in the media and entertainment industry, growing popularity of classical musical shows, and burgeoning requirement for effective collaboration among musicians across the world.
Additionally, the music composing software market is being driven by rapid technological advancements, increasing connectivity with several devices, digitization, and emergence of multiple entertainment platforms. As per the PricewaterhouseCoopers (PwC) Global Entertainment & Media Outlook 2019–2023, the media and entertainment industry reached $2.2 trillion revenue in 2019, and it is predicted to attain a value of $2.6 trillion by 2023. Moreover, with the surging interest of consumers in movies, television, and gaming, the requirement for music composing software is soaring, as it is being increasingly needed for composing different kinds of music for several media and entertainment segments.
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Besides, the increasing number of live events and music concerts, owing to the mushrooming number of singers and musicians, is also fueling the expansion of the music composing software market. Furthermore, many organizations, such as the American Society of Composers, Authors, and Publishers (ASCAP), are taking initiatives, such as organizing music contests, conferences, and live concerts for promoting musicians. As per Bachtrack Ltd., which is an international online music magazine based in London, 20,535 classical music concerts were held in 2019.
Depending on instrument simulation, the music composing software market is classified into guitar, full orchestra, piano, drums and percussions, and pipe organ. Out of these, the guitar category dominated the market in 2019. This is because guitar simulation was widely preferred, on account of the existence of a large number of guitarists across the world. Europe and North America are home to several guitarists, including electric lead & bass guitarists and acoustic guitarists, which is further fueling the demand for music composing software for guitar recordings.
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Geographically, the Asia-Pacific (APAC) region is predicted to be the fastest growing region in the music composing software market in the coming years. This will be because of the increasing customer preference for streaming services, high competitiveness in the industry, on account of the existence of various entertainment products, soaring consumer preference for digital music, increasing number of live concerts, high preference of people for classical music concerts, and mushrooming focus of musicians on uploading content on various online platforms in the region.
Hence, it can be safely said that the market will register substantial growth in the forthcoming years, primarily because of the rising popularity of classical music concerts and surge in the media and entertainment industry across the world.
Market Size Breakdown by Segment
By Instrument Simulation
- Full Orchestra
- Drums and Percussions
- Pipe Organ
By Operating System
- North America
- South Korea
- Rest of the World
- South Africa
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