Global Cloud Music Services Market to Grow at 14.3% During 2024-2032, Impelled by Increasing Sales of Smartphones

December 09, 2022 | Technology & Media

The latest report by IMARC Group, titled “Cloud Music Services Market Report by Type (Cloud Music Download, Streaming Subscription, Ad-based Cloud Music Streaming), Application (Smartphones and Tablets, Cars, Stereo Systems, and Others), End Use (Individual Use, Commercial Use), and Region 2024-2032,” finds that the global cloud music services market size is expected to grow at a CAGR of 14.3% during the forecast period (2024-2032). 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.

Market Summary:

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).

Report Scope:

Report Features	Details
Base Year of the Analysis	2023
Historical Period	2018-2023
Forecast Period	2024-2032
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$ 3899 Five User License: US$ 4899 Corporate License: US$ 5899
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)

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Global Cloud Music Services Market to Grow at 14.3% During 2024-2032, Impelled by Increasing Sales of Smartphones

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