NEW YORK, Oct. 09, 2018 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, global music composing software market is expected to reach $242.1 million by 2023, growing media and entertainment industry, and rising inclination towards music composing applications are the key factors driving the growth of the market.
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In terms of instrument simulation, the music composing software market is categorized into guitar, piano, full orchestra, drums and percussions, and pipe organ. Out of these, guitar simulation accounted for 42% revenue share in 2017, followed by piano and others. The largest share held by guitar simulation category is mainly attributed to the increasing number of guitarists, globally. Furthermore, the regional markets, such as North America and Europe are largely dominated by guitarists including acoustic guitarist, electric lead, and bass guitarists, which further support the market demand for guitar simulation software.
Based on operating system (OS), the music composing software market is categorized into MAC, Windows, iOS, Android, Linux, and Berkeley Software Distribution (BSD). Out of these, MAC OS is largely preferred by end users, predominantly due to large use of MAC OS based laptops and desktops by music schools, individuals, and studios. MAC OS accounted over 50% share in the global market, in 2017.
Browse report overview with 51 tables and 39 figures spread through 106 pages and detailed TOC on "Music Composing Software Market by Instrument Simulation (Piano, Pipe Organ, Guitar, Full Orchestra, Drums & Percussions), by Operating System (Windows, MAC, iOS, Android, Linux, BSD), by Deployment (On-premises, Cloud), by Geography (U.S., Canada, France, Germany, U.K., Italy, Spain, China, Japan, South Korea, Australia, India, Mexico, Brazil, Turkey) – Global Market Size, Share, Development, Growth, and Demand Forecast, 2013–2023" at: https://www.psmarketresearch.com/market-analysis/music-composing-software-market
During the forecast period, the music composing software market is projected to witness the fastest growth in APAC, at a CAGR of 25.8%. This can be attributed to growing media and entertainment industry in the developing economies in the region, predominantly, in Australia, Japan, South Korea, China, and India; and rising number of live music concerts. Moreover, various music associations in the region, including Japanese Society of Rights of Authors, Composers, and Publishers (JSRACP); and Music Composer Association of India (MCAI) are taking initiatives to increase awareness about the different music composing software through conferences, live music concerts, and music summits.
Globally, the media and entertainment industry has been witnessing transformational growth in recent years. Factors such as multiple software platforms, digitization of instruments, multiple-devices such as laptops and mobile phones, along with technological advancements have remodeled the industry dynamics. This is a notable factor spurring the demand for music composition software in the global market. According to International Trade Administration, the U.S. Department of Commerce, the global media and entertainment market generated $1.9 trillion revenue in 2016.
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Also, with the growing music industry in countries, such as the U.S., the U.K., Germany, Australia, and Canada, the adoption of composing software has been continuously increasing by music schools, musicians, and individuals. Rising number of musicians has also spurred the demand for composing software in these countries.
Supporting music programs by academic institutes is expected to offer growth opportunities to the market players, which can impact the growth of the global music composing software market. Some of the major universities including Princeton University, Harvard University, Berklee College of Music, and Cornell University hold Ivy league status and offer music programs, utilizing music composing software. Thus, incorporation of composing software in these academic institutes offers a lucrative growth opportunity to the market players.
Presently, the market is at niche stage, recording healthy growth rate year-over-year, which has increased the competition among principal existing competitors like MakeMusic Inc., Avid Technology Inc., and Maestro Music Software, acquired majority of the market revenue. Apart from this, the industry is exhibiting large number of companies, primarily from music production. For instance, companies like Steinberg Media Technologies GmbH (one of the leading players in the music production market), recently entered into music composing software industry with “Dorico” brand.
Some of the key players operating in the music composing software market are MakeMusic Inc., Avis Technology Inc., Maestro Music Software, Lugert Verlag GmbH & Co. KG, Notation Software Germany GmbH, PreSonus Audio Electronics Inc., NoteWorthy Software Inc., Passport Music Software LLC, and Sion Software.
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