Digital Audio Workstation Market revenue to hit USD 6 Billion by 2035, says Research Nester
Key digital audio workstation market players include Apple Inc., Adobe Inc., Avid Technology Inc., Steinberg Media Technologies GmbH, Native Instruments GmbH, Audiomovers, Spotify, Steinberg, iCON Pro Audio, and Tracktion,
New York, July 24, 2023 (GLOBE NEWSWIRE) -- The global digital audio workstation market size is expected to expand at ~7% CAGR from 2023 to 2035. The market is anticipated to garner a revenue of USD 6 billion by the end of 2035, up from a revenue of ~USD 3 billion in the year 2022.The major factor influencing the market growth is a rise in demand for music streaming. Nearly 615 million people are currently utilizing online streaming services to listen to their favorite musicians or find new ones. The overall number of music streaming customers has grown rapidly during the past several years, hence the market for digital audio workstation.
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Additionally, currently there are more than 10 million artists on Spotify of whom only about 164,000 are estimated to have a monthly listenership of approximately 9,000 or more. Hence, cost plays a very huge factor for the growing artist. Therefore, since digital audio workstation is not that expensive to set it has also given the opportunity to the young the new composures to start their independent industry. Almost every music producer uses a digital audio workstation in order to record music. Moreover, in covid19 since people were made to sit at home, a large number of music creators took advantage of this situation by setting their own studio at home. Since, then the trend is growing.
*Digital Audio Workstation Market: Key Takeaways *
· Market in North America to propel the highest growth
· The Editing Segment to garner the highest growth
· Market in Asia Pacific region to grow at a significant rate
*Growing Adoption of Artificial Intelligence to Boost the Growth of the Market *
Every business from retail to engineering is adopting AI to enhance their way of doing business. Approximately 65% of industries are expected to adopt AI by 2030 across the globe and hence the music industry. Further, AI is becoming an integrated part of digital audio workstations. Audio engineers are able to enhance the clarity of sound and create more delicate and precise sounds by employing AI. Sound quality is being improved in music production and audio engineering by using AI-based methods including machine learning, natural language processing, and picture recognition. Additionally, producing music consumes a larger amount of time. Hence, with the deployment of AI in digital audio workstations the process of creating and editing music is set to speed up. Various tasks such as mixing, editing, mastering, and others boost up owing to the adoption of AI in DAW.
*Digital Audio Workstation Market: Regional Overview*
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
*Growing Creation of Audio Podcast is Set to Drive the Growth of Market in North America *
The digital audio workstation market in North America is poised to grow at the highest rate of 32% by the end of 2035. In the last few years, the growth in the creation of podcasts is rising. In the US about 1,896,055 are currently available which is approximately 65% highest than all other regions. Hence, the demand for digital audio workstations is growing in this region. Due to the increasing need for DAW tools that deliver custom music, which is a key factor in the rise in audio media consumption in the U.S., the market is going to see significant expansion. To generate user-friendly music with a high level of quality, the nation makes major investments to improve its music production methods by fusing traditional techniques with cutting-edge technologies including artificial intelligence.
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*Rise in Number of Musicians to Influence Growth of the Market in Asia Pacific Region *
The digital audio workstation market in Asia Pacific is also estimated to have the highest share of 29% by the end of 2035. This growth could be attributed to the growing number of musicians in this region. Furthermore, the consumption of mobile phones in this region is high and mobile phones are the largest used gadgets for streaming music. The Asia-Pacific region's adoption of smartphones rate rose from about 63 percent in 2019 to 76 percent in 2022. In APAC, over 89% smartphone penetration is expected by 2030. Hence, this has given scope for the expansion of the market in this region. Asia Pacific has significantly sped up the uptake of cutting-edge technologies, and it has also increased the number of people who listen to podcasts and audiobooks.
*Digital Audio Workstation, Segmentation by Operating Systems *
· MAC
· Windows
· Linux
· Android
The MAC segment in digital audio workstation market is anticipated to grow at the highest rate of 42% over the forecast period. This could be owing to the growing adoption of MAC. The global shipments of Apple Mac computers reached about 6 million units in the fourth quarter of 2022, up almost 2 thousand from the third quarter. Given its greater build quality and stability, Mac offers a better all-around solution for many end customers.
*Digital Audio Workstation, Segmentation by End-User *
· Audio Engineers & Mixers
· Song Production Teams
· Electronic Musicians
· Music Studios
The audio engineers & mixers segment is set to have significant growth over the forecast period owing to the growth in number of audio engineers. In US, there are about 9,795 audio engineers employed. Audio engineers hemp making songs by balancing and altering sound sources using equalization and audio effects mixing, reproduction, and strengthening of sound. They also set up and test audio equipment before events, broadcasts, and recordings. Professionals known as sound engineers record, edit, mix, and master music using digital audio workstations to enhance the sound and add sound effects to recordings. With the use of these workstations, sound engineers may collaborate with video editors and synchronize video and audio tracks.
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*Digital Audio Workstations, Segmentation by Component *
· Software
· Services
*Digital Audio Workstation, Segmentation by Type *
· Editing
· Mixing
· Recording
*Recent Development in the Digital Audio Workstation Market*
· The Spotify Soundtrap DAW platform provides artists with live collaboration, auto-saving, and comments. The business has placed comments in place to let team members make notes on different parts of the track, which makes remote collaboration easier.
· Software developer Audiomovers, located in the UK, has released Omnibus, a Mac-only audio utility. The programme is intended to make it simple and quick for audio engineers and producers to produce high-quality sounds and mixes. It works with MacOS and has a strong set of audio editing and mixing tools as well as simple drag-and-drop functionality.
*About Research Nester *
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