Dublin, Nov. 30, 2020 (GLOBE NEWSWIRE) -- The "Music Composing Software Market Research Report: By Instrument Simulation, Deployment, Operating System - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
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 the publisher, 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.
Key Topics Covered:
Chapter 1. Research Background
1.1 Research Objectives
1.2 Market Definition
1.3 Research Scope
1.4 Key Stakeholders
Chapter 2. Research Methodology
2.1 Secondary Research
2.2 Primary Research
2.3 Market Size Estimation
2.4 Data Triangulation
2.5 Currency Conversion Rates
2.6 Assumptions for the Study
Chapter 3. Executive Summary
3.1 Voice of Industry Experts/KOLs
Chapter 4. Introduction
4.1 Definition of Market Segments
4.1.1 By Instrument Simulation
4.1.1.1 Piano
4.1.1.2 Pipe organ
4.1.1.3 Guitar
4.1.1.4 Full orchestra
4.1.1.5 Drums and percussions
4.1.1.6 Others
4.1.2 By Operating System
4.1.2.1 Windows
4.1.2.2 Mac
4.1.2.3 iOS
4.1.2.4 Android
4.1.2.5 Linux
4.1.3 By Deployment
4.1.3.1 On-premises
4.1.3.2 Cloud
4.2 Value Chain Analysis
4.3 Market Dynamics
4.3.1 Trends
4.3.1.1 Surging focus toward customization in the music composing software
4.3.1.2 Increasing online music tutorial platforms
4.3.2 Drivers
4.3.2.1 Growing media and entertainment industry
4.3.2.2 Increasing live concerts and music events
4.3.2.3 Impact analysis of drivers on market forecast
4.3.3 Restraints
4.3.3.1 Availability of free music software and educational resources
4.3.3.2 Low awareness and cost factor associated with music composing software
4.3.3.3 Impact analysis of restraints on market forecast
4.3.4 Opportunities
4.3.4.1 Supporting music programs in academic institutes
4.4 Impact of COVID-19 on Music Composing Software Market
4.5 Porter's Five Forces Analysis
Chapter 5. Global Market Size and Forecast
5.1 By Instrument Simulation
5.2 By Deployment
5.3 By Operating System
5.4 By Region
Chapter 6. North America Market Size and Forecast
Chapter 7. Europe Market Size and Forecast
Chapter 8. APAC Market Size and Forecast
Chapter 9. RoW Market Size and Forecast
Chapter 10. Major Countries
10.1 U.S. Market Revenue, by Instrument Simulation
10.2 U.K. Market Revenue, by Instrument Simulation
10.3 Germany Market Revenue, by Instrument Simulation
10.4 Japan Market Revenue, by Instrument Simulation
10.5 Brazil Market Revenue, by Instrument Simulation
Chapter 11. Competitive Landscape
11.1 Competitive Analysis of Key Players
11.2 Product Benchmarking of Key Players
11.3 List of Players and Their Offerings
Chapter 12. Company Profiles
- MakeMusic Inc.
- Avid Technology Inc.
- Maestro Music Software
- Lugert Verlag GmbH & Co. KG
- Notation Software Germany GmbH
- PreSonus Audio Electronics Inc.
- NoteWorthy Software Inc.
- Passport Music Software LLC
- Sion Software
- Apple Inc.
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