Pune, India, March 07, 2022 (GLOBE NEWSWIRE) -- The smartphone music production software market size was USD 73,341 thousands in 2021. The market is projected to grow from USD 78,609 thousands in 2022 to USD 142,692 thousands in 2029 at a CAGR of 8.9% during the 2022-2029 period. This vital information is presented by Fortune Business Insights™, in its report titled, “Smartphone Music Production Software Market, 2022-2029.” Factors such as rising interest in the creative sector, rising penetration of mobile devices, and integration of AI and ML will increase the footprint of the market during the forecast period. Additionally, increasing demand for cloud-based software will boost the market.
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Companies Profiled in Smartphone Music Production Software Market the Market
- Avid Technology, Inc. (U.S.)
- Spotify Technology S.A. (U.S.)
- Roland Corporation (Japan)
- Sony Group Corporation (Japan)
- BandLab Technologies (Singapore)
- Arturia Tous droits réservés (France)
- inMusic Brands (U.S.)
- Native Instruments GmbH (Germany)
- Steinberg Media Technologies GmbH (Germany)
- Image Line Software (Belgium)
- KORG Inc. (Japan)
COVID-19 Impact
Software Development & Increased Mobile App Spending to Bolster Growth During Pandemic
The COVID-19 pandemic forced various organizations of smartphone music protection software to shut down by means of imposed lockdowns and restrictions on the general population. However, artists found a workaround by finding new methods to reach their consumers through online, live streaming, and various social media platforms. Various sections of the workforce were forced to work from home to curb the spread of the virus, triggering increased demand for software developers. The general trend indicated an overall increase in downloads, further allowing the market to grow.
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Segments
Type, Application, and Region are Studied
Based on type, the market is divided into editing, mixing, and recording.
By application, the market is broken down into music production companies, independent musician, and home studios (personal).
In terms of geography, the market can be categorized into North America, Latin and South America, Europe, the Middle East & Africa, and Asia Pacific.
Report Scope and Segmentation-
| Report Coverage | Details |
| Forecast Period | 2022 to 2029 |
| Forecast Period 2022 to 2029 CAGR | 8.9% |
| 2029 Value Projection | USD 142,692 thousand |
| Base Year | 2021 |
| Market Size in 2020 | USD 76,609 thousand |
| Historical Data for | 2018 to 2020 |
| No. of Pages | 150 |
| Segments covered | By Type, Apllication, Geography |
| Growth Drivers | Increasing Number of SMEs to Boost Music Production Software Demand |
| Pitfalls & Challenges | Limited Features and Lack of Performance of App is Expected to Hamper Market Growth |
Report Coverage
The market report for smartphone music production software highlights critical aspects such as leading regions, future market trends, and ongoing industry developments. Additionally, the report also covers the factors that are expected to impact the market in a positive/negative manner. Also, the report encompasses various types and applications, further categorized into leading categories.
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Drivers & Restraints
Rising Number of SMEs and Integration of Cloud-Based Software to Augment Growth
Factors such as the creation of multiple music production software for smartphones and integration of artificial intelligence (AI) within these platforms will boost the smartphone music production software market growth during the forecast period. Additionally, the ability to access a professional studio remotely and the rising number of start-ups will increase the footprint of the market. Also, increasing the availability of software options and rising investments toward R&D activities will further drive the market growth.
However, limited features will limit the growth of the market during the forecast period. Also, lack of performance will further cause hindrances toward the growth of the market.
Regional Insights
North America will Dominate Market due to the Region Being World’s Largest Music Market
North America will occupy the largest smartphone music production software market share during the forecast period due to the region being the world’s largest music sector and the rising watch-time of the average consumer.
Europe will witness a considerable market share in terms of global contribution due to rising digitalization, increased development of new business models, and rising competitive landscape from international players. Changing music scenario will further fuel the growth of the market during the forecast period.
Asia Pacific will hold a significant market share, owing to the presence of emerging economies such as South Korea, Singapore, Taiwan, Hong Kong, Australia, and Japan.
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Competitive Landscape
Increasing Product Launches & Rising Development Activities to Augment Market Growth
The sector for smartphone music production software is highly fragmented and occupied by dominant players. These players are constantly striving to develop the latest generation of products to maintain a competitive edge over others. For example, in June 2021, Avid Technology announced a collaboration with Remote Picture Labs for providing a common platform for their consumers globally. This platform can be accessed from anywhere by the user through Avid Media’s composure & Avid’s NEXIS software. Players are also focused on offering a free version of their application containing limited version functionality to attract a varied consumer base.
Industry Development
- December 2021: BandLab announced raising USD 53 million toward mass music creation, expanding its team, and increasing offerings toward aspiring artists and music content creators globally.
Table of Content
- Introduction
- Market Definition
- Research Methodology/Approach
- Data Sources
- Executive Summary
- Market Dynamics
- Macro and Micro Economic Indicators
- Drivers, Restraints, Opportunities and Trends
- Impact of COVID-19
- Short-term Impact
- Long-term Impact
- Competition Landscape
- Business Strategies Adopted by Key Players
- Consolidated SWOT Analysis of Key Players
- Global Smartphone Music Production Software Key Players Market Share Insights and Analysis, 2021
- Global Smartphone Music Production Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Editing
- Mixing
- Recording
- By Application (USD)
- Music Production Companies
- Independent Musician
- Home Studios (Personal)
- By Region (USD)
- North America
- South America
- Europe
- Middle East & Africa
- Asia Pacific
- North America Smartphone Music Production Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Editing
- Mixing
- Recording
- By Application (USD)
- Music Production Companies
- Independent Musician
- Home Studios (Personal)
- By Country (USD)
- United States
- By Application
- Canada
- By Application
- United States
- South America Smartphone Music Production Software Market Size Estimates and Forecasts, By Segments, 2018-2029
- Key Findings
- By Type (USD)
- Editing
- Mixing
- Recording
- By Application (USD)
- Music Production Companies
- Independent Musician
- Home Studios (Personal)
- By Country (USD)
- Brazil
- By Application
- Argentina
- By Application
- Rest of South America
- Brazil
TOC Continued…...
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