The cloud music services market is projected to expand at a CAGR of 12.46% over the forecast period of 2018 to 2023. Cloud Music service allows users to listen to a variety of music tracks on demand without actually purchasing them. It also provides facility to users to store personal music library online by matching their tracks to songs listed on cloud service provider. They utilize computer servers connected to the internet to let users access music and other information. Increasing exposure of customers to digital platforms, on-demand services and availability of more 3G and 4G data services at affordable prices have encouraged users to avail cloud music services. Growing number of smartphone users and advancing 4G technologies are also fueling the demand for cloud music services worldwide.
This research study examines the current market trends related to the demand, supply, and sales, in addition to the recent developments. Major drivers, restraints, and opportunities have been covered to provide an exhaustive picture of the market. The analysis presents in-depth information regarding the development, trends, and industry policies and regulations implemented in each of the geographical regions. Further, the overall regulatory framework of the market has been exhaustively covered to offer stakeholders a better understanding of the key factors affecting the overall market environment.
Identification of key industry players in the industry and their revenue contribution to the overall business or relevant segment aligned to the study have been covered as a part of competitive intelligence done through extensive secondary research. Various studies and data published by industry associations, analyst reports, investor presentations, press releases and journals among others have been taken into consideration while conducting the secondary research. Both bottom-up and top-down approaches have been utilized to determine the market size of the overall market and key segments. The values obtained are correlated with the primary inputs of the key stakeholders in the value chain of cloud music services market. The last step involves complete market engineering which includes analyzing the data from different sources and existing proprietary datasets while using various data triangulation methods for market breakdown and forecasting.
Market intelligence is presented in the form of analysis, charts, and graphics to help the clients in gaining faster and efficient understanding of the market.
Major industry players profiled as part of the report Apple, Inc., Spotify, Amazon, Microsoft Corporation, Pandora, and Sound Cloud among others.
The cloud music services market has been analyzed through the following segments:
Middle East and Africa