Market Overview:

The global cloud music services market reached a value of US$ XX Million in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Cloud music services enable users to store and stream music by overcoming limitations imposed by the device storage space. They provide access to extensive libraries of audio samples, virtual studio technologies (VSTs), mixing tools, synthesizer presets, and partially or completed work for remixing. Besides this, as they also facilitate functions, such as sharing, backup, transfer of files between devices, and automated organization of records and metadata, the demand for cloud music services is rising across the globe.

Cloud Music Services Market Trends:

There is presently a considerable growth in the number of individuals using cloud music services around the world. This, in confluence with the increasing sales of electronics, represents one of the key factors propelling the growth of the market. Moreover, there is a rise in the integration of data analytics systems in the music industry that enables streaming service providers to identify the music preferences of their customers and make recommendations accordingly. Besides this, cloud music services help users play music without the risk of legal infringement of rights or copyright litigation. This, coupled with technological advancements like 4G and 5G networks that offer high-speed access to cloud music services, is positively influencing the market. Apart from this, key players are focusing on strategic developments, partnerships with domestic players, aggressive promotional activities, geographical expansions, and mergers and acquisitions (M&A) to expand their consumer base. They are also financing research and development (R&D) activities to increase their overall sales and profitability. Furthermore, rapid digitalization and the increasing reliance on smartphones, tablets, and portable music players worldwide, are projected to facilitate the growth of the market in the upcoming years.

Key Market Segmentation:

IMARC Group provides an analysis of the key trends in each sub-segment of the global cloud music services market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on type, application and end use.

Breakup by Type:

• Cloud Music Download
• Streaming Subscription
• Ad-based Cloud Music Streaming
   

Breakup by Application:

• Smartphones and Tablets
• Cars
• Stereo Systems
• Others
   

Breakup by End Use:

• Individual Use
• Commercial Use
   

Breakup by Region:

• North America
  • United States
  • Canada
• Asia-Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Indonesia
  • Others
• Europe
  • Germany
  • France
  • United Kingdom
  • Italy
  • Spain
  • Russia
  • Others
• Latin America
  • Brazil
  • Mexico
  • Others
• Middle East and Africa
   

Competitive Landscape:

The competitive landscape of the industry has also been examined along with the profiles of the key players being Amazon.com Inc., Apple Inc., Deezer, Gamma Gaana Ltd. (Times Internet), NetEase Inc., Pandora Media LLC (Sirius XM Holdings), Rhapsody International Inc. (RealNetworks Inc.), Saavn Media Pvt Ltd, Spotify AB and YouTube Music (Google LLC).

Report Coverage: