The latest report by IMARC Group, titled “Cloud Music Services Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2023-2028,” finds that the global cloud music services market size is expected to grow at a CAGR of 18% during the forecast period (2023-2028). Cloud music services allow users to stream music while eliminating the need for downloads and other limitations imposed by the device storage space. They provide access to audio samples, mixing tools, synthesizer presets, virtual studio technologies (VSTs), and partially or completed work for remixing. Besides this, they also facilitate backup, sharing, transfer of files between devices, and organization of records and metadata. Owing to these properties, cloud music services are gaining traction among individuals across the globe.
Global Cloud Music Services Market Trends:
The market is primarily driven by the rising sales of smartphones across the globe. In addition, the growing incorporation of data analytics systems in the music industry that facilitates service providers to identify the music preferences of users and make relevant recommendations represent another major growth-inducing factor. Besides this, the leading market players are focusing on strategic developments, partnerships with domestic players, geographical expansions, promotional activities, and mergers and acquisitions (M&A) to strengthen their market foothold. This, coupled with various technological advancements, including the development of 4G and 5G networks that offer high-speed and easy access to cloud music services, is contributing to the market growth. Moreover, the rising popularity of cloud music services, as they enable users to play music without the risk of legal infringement or copyright litigation, is also creating a positive market outlook across the globe.
- Based on the type, the market has been categorized into cloud music download, streaming subscription, and ad-based cloud music streaming.
- On the basis of the application, the market has been classified into smartphones and tablets, cars, stereo systems, and others.
- Based on the end use, the market has been segmented into individual and commercial use.
- Region-wise, the market has been divided into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
- The competitive landscape of the market has been examined in the report, with some 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).
|Base Year of the Analysis
||Type, Application, End Use, Region
|| Asia Pacific, Europe, North America, Latin America, Middle East and Africa
||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
||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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