Newark, June 28, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global online music learning market is expected to grow from USD 136.2 million in 2021 to USD 656.7 million by 2030, at a CAGR of 19.1% during the forecast period 2022-2030.
The growing interest penetration and increasing adoption of smart & connected devices are some factors that will drive the online music learning market during the forecast period. The shift towards online learning platforms due to the pandemic-induced lockdown has opened up the digital content creation and teaching market.
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This shift will continue its presence and will likely dominate the education sector due to its accessible, convenient, and affordable nature. With innovations and product developments using artificial intelligence and augmented reality, the scope of AI and AR applications in online education is bound to widen. These increased applications of AI and AR facilitate ease in the creation and composition of music, making online learning an interactive experience. More such utilities of AI and AR in the online music learning industry will provide lucrative opportunities for the market players. With the rise in online users, cyber-attacks are also witnessed. The industry's lax data security and privacy regulation leave the users vulnerable to data theft and data leakage. The mentioned risks associated with using online learning platforms can hamper the market's growth. The lack of awareness about the presence and benefits of online music learning in developing economies will pose a challenge for the market's growth. The dominance of offline music education institutions and brand reputation is a competitive challenge for the online music learning industry. Strategic marketing campaigns can help the online music industry raise awareness about its benefits, increase visibility in the market and augment market expansion for more growth opportunities.
An increase in the adoption of smart & connected devices complemented by an equal rise in the number of online users will drive the growth of the online music learning market. Increased government spending on the development of online e-learning platforms and digital content creation for the education sector is also expected to contribute to the market's growth.
Key players operating in the global online music learning market are:
• Berklee College of Music
• The Julliard School
• AAFT School
• MusicGurus
• Skoove
• Lessonface
• Moosiko
• Udemy
• Coursera
• Musitechnic
To enhance their market position in the global online music learning market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
• MusicGurus, a significant market player in the global online music learning industry, launched song studies. The course has online videos of tips & tricks to make an educational song to help you retain information. It also includes two-hour long learning sessions, which teach the creation and composition of such songs that stand out and are effective.
• In April 2021, Yousician raised funds to develop more practical applications for music education. They collaborated with online platforms and offered applications that utilize an interactive and gamified approach to teach various instruments.
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The piano segment dominated the market with a market share of around 44% and a market value of about 59.92 million in 2021.
The instrument type segment is divided into guitar, piano, violin, banjo & others. The piano segment dominated the market with a market share of around 44% and a market value of about 59.92 million in 2021.
The group segment dominated the market, accounting for around 62% of global revenue and a market value of about 84.44 million in 2021.
The session type segment is divided into solo & group. The group segment dominated the market, accounting for around 62% of global revenue and a market value of about 84.44 million in 2021.
The music studios/academies segment is expected to grow at the fastest CAGR of 20.3% over the forecast period.
The organizer type segment is divided into schools, music studios/academies, & professionals. Over the forecast period, the music studios/academies segment is expected to grow at the fastest CAGR of 20.3%.
The theory segment dominated the market, accounting for around 46% of global revenue and a market value of about 62.65 million in 2021.
The type segment is divided into music history, musicology, theory, & others. The theory segment dominated the market, accounting for around 46% of global revenue and a market value of about 62.65 million in 2021.
The hobbyists' segment dominated the market with a market share of around 47% and a market value of about 64.01 million in 2021.
The learner type segment is divided into beginners, hobbyists, & professional musicians. The hobbyists' segment dominated the market with a market share of around 47% and a market value of about 64.01 million in 2021. Online music learning allows an individual to learn at one's pace. It is accessible anytime and from anywhere. It is affordable. It allows the user to revisit lessons/sessions, among other benefits, which make online music learning an ideal mode for hobbyists.
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Regional Segment Analysis of the Online Music Learning Market
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, & the Rest of Europe)
• Asia-Pacific (China, Japan, India, & the Rest of Asia Pacific)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of the Middle East and Africa)
Among all regions, the North American region emerged as the largest market for the global online music learning market, with a market share of around 42.6% in 2021. North America is expected to be the largest market during the forecast period. The United States dominates the online music learning market in North America. The increasing number of Massive Online Open Courses (MOOCs) on various online learning platforms (Coursera, Udemy) contributes to the growing popularity of online music learning in the region. The American Council on Education made a few recommendations about diversifying courses, one of which mentioned awarding credits to students to complete online courses available on e-learning platforms such as Coursera, Udemy & edX. Such new developments provide the necessary boost for the growth of the online learning market, which eventually helps the online music learning market to expand & grow.
About the report:
The global online music learning market is analyzed based on value (USD Million). All the segments have been analyzed globally, regional and country basis. The study includes the analysis of more than 30 countries for each piece. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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