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Cloud Music Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028
Report Format: PDF+Excel | Report ID: SR112023A5150
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Market Overview:
The global cloud music services market is expected to exhibit a growth rate (CAGR) of 18% during 2023-2028.
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.
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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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 report, along with forecasts at the global, regional and country level from 2023-2028. Our report has categorized the market based on type, application and end use.
Breakup by Type:
Note: Information in the above chart consists of dummy data and is only shown here for representation purpose. Kindly contact us for the actual market size and trends.
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- 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:
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- 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:
| Report Features | Details |
|---|---|
| Base Year of the Analysis | 2022 |
| Historical Period | 2017-2022 |
| Forecast Period | 2023-2028 |
| Units | US$ Million |
| Segment Coverage | Type, Application, End Use, Region |
| Region Covered | Asia Pacific, Europe, North America, Latin America, Middle East and Africa |
| Countries Covered | United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico |
| Companies Covered | 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). |
| Customization Scope | 10% Free Customization |
| Report Price and Purchase Option | Single User License: US$ 2499 Five User License: US$ 3499 Corporate License: US$ 4499 |
| Post-Sale Analyst Support | 10-12 Weeks |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
We expect the global cloud music services market to exhibit a CAGR of 18% during 2023-2028.
The expanding technological advancements, such as 4G and 5G networks, along with the rising adoption of cloud music services to share, backup, transfer of files between devices, and automate organization of records and metadata, are primarily driving the global cloud music services market.
The sudden outbreak of the COVID-19 pandemic has led to the growing deployment of cloud music services to store and stream music through Virtual Studio Technologies (VSTs) remotely, during the lockdown scenario.
Based on the type, the global cloud music services market can be segmented into cloud music download, streaming subscription, and ad-based cloud music streaming. Currently, cloud music download accounts for the majority of the total market share.
Based on the application, the global cloud music services market has been divided smartphones and tablets, cars, stereo systems, and others. Among these, smartphones and tablets currently exhibit a clear dominance in the market
Based on the end use, the global cloud music services market can be categorized into individual use and commercial use. Currently, the commercial use holds the largest market share.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global cloud music services market include 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).
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