Digital Audio Workstation Market Size Expected to Reach USD 4.95 Billion, With 9.0% CAGR by 2029
As per the report by Fortune Business Insights, the global Digital Audio Workstation Market Size is projected to reach USD 4.95 billion in 2029, at a CAGR of 9.0% during the forecast period, 2022-2029
Pune,India, April 12, 2023 (GLOBE NEWSWIRE) -- The global Digital Audio Workstation Market Size was valued at USD 2.49 billion in 2021. The market is projected to grow from USD 2.70 billion in 2022 to USD 4.95 billion by 2029, exhibiting a CAGR of 9.0% during the forecast period. This information is provided by Fortune Business Insights, in its report, titled, “Digital Audio Workstation Market Forecast, 2023-2029.”
*Key Industry Development-*
Social music creation platform BandLab has unveiled SongStarter in partnership with Google. It is an artificial intelligence refined tool that generates melodies, unique beats, and chord progressions based on user suggestions.
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*Report Scope & Segmentation-*
Report Coverage Details
Forecast Period 2022 to 2029
Forecast Period 2022 to 2029 CAGR 9.0%
2029 Value Projection USD 4.95 Billion
Base Year 2021
Digital Audio Workstation Market Size in 2021 USD 2.49 Billion
Historical Data for 2018 to 2020
No. of Pages 140
Segments covered Component, OS Compatibility, Deployment, End-user, Region
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*Key Takeaways-*
· Digital Audio Workstation Market is expected to flourish & reach USD 4.95 Billion in 2029
· Companies have already begun investing in the future of machine made or aided music due to the growing popularity of AI powered music.
· The growing number of free DAW options is predicted to impede market expansion.
· The industry's music producers are being helped by the DAW adoption to effectively attract, retain, and grow their consumer bases.
· Digital Audio Workstation Market Size in North America was USD 869.1 Million 2021
*Drivers and Restraints-*
· Increasing Fondness of Podcast among Listeners to Impel Market
· Augmenting audio media consumption through podcasts among listeners is substantially rising on a day to day basis.
· Digital audio workstation offers refined tools, which empower users to edit and record their podcasts.
· Backed by this, podcasters utilize DAW to edit all the awkward pauses out of the podcast they record, trim it to perfection,
· then put on a slight compressor and reverb to produce a modified version of their digital audio records.
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*Regional Insights-*
*North America to Lead Stoked by Augmented Key Businesses*
North America to attain the maximum digital audio workstation market share during the forecast period. The region is accommodating indispensable businesses across all industries and expansively using the workstation software.
Europe perceived notable CAGR during the forecast period owing to the rising rate of audio consumption. With thriving countries, such as Germany, the U.K., France, Italy, and others, the digital audio workstation market growth potential is expansive in the region.
Asia Pacific has considerably bolstered the adoption of progressive technologies, podcast and audiobooks listeners, and more. The consistently increasing customer base for audio content in the region is probable to increase the demand for DAW tools.
*Segments:*
*Rising Acceptance of Intelligent Tools to Navigate Digital Audio Workstation Software Demand*
Based on component, the market is segmented into software and services.
The software segment holds the largest revenue share, and it is anticipated to grow at the highest CAGR during the forecast period due to its expanded solution offerings such as audio recording and editing solutions, MIDI editing, mixing, and mastering, and others.
*Expanded Surge in Implementation of Cloud-based DAW Solutions to Fuel Market*
Based on deployment, the market is bifurcated into cloud and on-premise.
Cloud is projected to attain concentrated segment share during the forecast period. The fast tracking usage of cloud-based solutions is probable to surge the product demand.
*Growing Emphasis on Customer Retention to Spur Market Development*
Based on OS compatibility, the market is categorized into Apple OS, Windows, Android, and Linux. Windows segment is estimated to attain largest revenue share in the OS compatibility segment owing to the astoundingly increasing customer base.
*Growing Concentration on Customer Retention to Thrive Market Growth*
Based on end-user, the market is categorized into commercial and individual.
Commercial segment held the major market share in 2021 of around 62.4% and it is expected to be the quickest growing segment in the impending years.
Geographically, the market is divided into five key regions such as North America, Europe, Asia Pacific, the Middle East & Africa, and South America. They are further categorized into countries.
*Competitive Landscape-*
*Innovative Product Launch Announcement by Key Players to Bolster Market Growth*
The prominent players adopt several strategies to bolster their position in the market as leading companies. One such key strategy is acquiring companies to bolster the brand value among users. Another essential strategy is periodically launching innovative products with a detailed study of the market and its target audience.
*Report Coverage-*
The market report highlights leading regions across the world to offer a better understanding of the user. Furthermore, the report provides insights into the latest industry trends and analyzes technologies deployed at a rapid pace at the global level. The report examines various paradigm shifts associated with the transformation of software. It further highlights some of the growth-stimulating factors and restraints, helping the reader gain in-depth knowledge about the market.
*List of Key Players Mentioned in the Report-*
· Apple Inc. (U.S.)
· Avid Technology, Inc. (U.S.)
· Yamaha Corporation (Japan)
· Adobe (U.S.)
· Ableton (Germany)
· Bitwig GmbH (Germany)
· BandLab Technologies (Singapore)
· Dirac Research AB (Sweden)
· PreSonus Audio Electronics, Inc. (U.S.)
· Native Instruments GmbH (Germany)
*Major Table of Contents-*
· Global Digital Audio Workstation Market Size Estimates and Forecasts, By Segments, 2018-2029
· Key Findings
· By Component (USD)
· Software
· Recording and Sequencing Software
· Plug-in Software
· Others (Sampling Software, Education Software)
· Services
· By OS Compatibility (USD)
· Apple OS
· Windows
· Android
· Linux
· By Deployment (USD)
· On-premise
· Cloud
· By End User (USD)
· Commercial
· Individual
· By Region (USD)
· North America
· South America
· Europe
· Middle East & Africa
· Asia Pacific
· North America Digital Audio Workstation Market Size Estimates and Forecasts, By Segments, 2018-2029
· Key Findings
· By Component (USD)
· Software
· Recording and Sequencing Software
· Plug-in Software
· Others (Sampling Software, Education Software)
· Services
· By OS Compatibility (USD)
· Apple OS
· Windows
· Android
· Linux
· By Deployment (USD)
· On-premise
· Cloud
· By End User (USD)
· Commercial
· Individual
· By Country (USD)
· United States
· Canada
· Mexico
· South America Digital Audio Workstation Market Size Estimates and Forecasts, By Segments, 2018-2029
· Key Findings
· By Component (USD)
· Software
· Recording and Sequencing Software
· Plug-in Software
· Others (Sampling Software, Education Software)
· Services
· By OS Compatibility (USD)
· Apple OS
· Windows
· Android
· Linux
· By Deployment (USD)
· On-premise
· Cloud
· By End User (USD)
· Commercial
· Individual
· By Country (USD)
· Brazil
· Argentina
· Rest of South America
TOC Continued…!
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*FAQ:*
*How big is the Digital Audio Workstation Market?*
The global digital audio workstation market size was valued at USD 2.49 billion in 2021 and is projected to grow from USD 2.70 billion in 2022 to USD 4.95 billion by 2029, at a CAGR of 9.0% during the forecast period.
*How big is Digital Audio Workstation Market in North America?*
The market in North America stood at USD 869.1 Million in 2021 and is expected to gain a huge portion of the market share in the coming years.
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