The AI in Music Market is expected to grow at a healthy CAGR

AI In Music Market

Knowledge Sourcing Intelligence announces the publication of a new analysis report on the “AI in Music Market” – which is forecasted from 2023 to 2028.

The prime factors propelling the growth of the AI in music market are the increasing demand for music consumption and the adoption of subscription-based music streaming services such as Spotify, Apple Music, etc., and technological advancements in the field of artificial intelligence.

As per the report, the AI in Music Market is expected to grow rapidly during the forecast period.

The AI in music market is experiencing significant growth due to the increasing levels of music consumption and adoption of music streaming services that are based on a subscription system such as YouTube Music and Spotify. Music consumption levels have been growing continuously, especially due to lockdown restrictions during the coronavirus pandemic where people were forced to stay indoors.

Additionally, changing lifestyle habits and an increasingly younger demographic are also contributing to a rise in demand for music which in turn fuels the market for music streaming. These streaming services use AI technologies to categorize artists and songs, and also to learn the usage patterns of consumers to recommend songs based on their preferences. The demand for AI in music has also increased due to the rapid advancements in the technologies being used, such as the introduction of improved voice and sound detection software, and AI tools to create songs and for their editing and post-production. All these technological improvements are expanding the scope of AI usage in the music industry.

The AI in music market has been categorized based on application, and geography.

By application, the market has been classified into personalization, music composition, and audio mixing. The personalization segment is expected to witness positive growth in the AI in music market owing to the rise in usage of subscription-based music streaming services. As more people adopt these services for their music-hearing needs, these service platforms will continue to use artificial intelligence and machine learning methods to study listening and search patterns to improve and personalize their recommendations features. The music composition segment is also anticipated to experience steady growth due to the advent of new technologies that help in composing music and song lyrics.

AI tools such as ChatGPT can also be used to create a draft for song lyrics based on the prompts given. Similarly, there are multiple softwares available that utilize AI tools for audio mixing, which refers to editing and post-production of songs after their recording. Software such as Agora and Pacemaker are being equipped with AI tools to increase the scope of the features and help improve the quality of music creation.

Geographically, the market is classified into North America, South America, Europe, the Middle East and Africa, and Asia Pacific. The North American region is expected to witness significant growth in the AI in music market due to the presence of several large music streaming services and software such as Spotify, Apple Music, Amazon Music, etc. There is also a large base of users who consume high levels of music content in this region, which will further expand the market size for AI in music in this region. On the other hand, the Asia-Pacific region is also expected to grow steadily characterized by the rise in adoption of music streaming services in the region and a large percentage of the world population which is expected to drive the demand for these services.

As a part of the report, the major players operating in the AI in music market that have been covered are iZotope, Aiva Technologies, Amper Music (Shutterstock inc), BRAINFM Inc, LANDR, Boomy Corporation, Magenta (Google Inc), SOUNDRAW Inc, Amadeus Code, Klangio GmbH.

View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/ai-in-music-market

This analytics report segments the AI in music market on the following basis:

  • By Application
    • Personalization
    • Music Composition
    • Audio Mixing
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Italy
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Singapore
      • Indonesia
      • Others