According
to the new market research "Digital Audio Workstation
Market by Type (Recording, Editing, Mixing), End User
(Professional/Audio Engineers and Mixers, Electronic Musicians, Music Studios),
Component, Deployment Model, Operating Systems, and Region - Global Forecast to
2023", published by MarketsandMarkets™, the digital audio workstation market size is expected
to grow from USD 2.0 billion in 2018 to USD 3.1 billion by 2023, at a Compound
Annual Growth Rate (CAGR) of 9.2% during the forecast period.
The key factors driving the digital audio
workstation market include the growing focus on digitization of instruments and
increasing adoption of cloud-based digital audio workstations in the music
industry to enhance the music production process
Browse and in-depth TOC on "Digital
Audio Workstation Market"
73
- Tables
31
- Figures
130
- Pages
The
services segment of the digital audio workstation market is anticipated to grow
at a higher CAGR as compared to software segment during the forecast period.
Implementation
and consulting services subsegment is estimated to grow at a higher as compared
to the managed services subsegment during the forecast period. This growth is
expected to be driven by the increased demand for digital audio workstations
across the media & entertainment and education industries. Services are an
essential part of the software deployment and execution lifecycle. Services,
including consulting, product support, updates, and maintenance, are required at
various stages, starting from pre-sales requirement assessment to post-sales
product deployment and execution, thus enabling the client to get better return
on investment (RoI).
The
professionals/audio engineers and mixers segment is expected to account for the
largest market size during the forecast period.
The
digital audio workstation market has been segmented based on type into editing,
mixing, and recording. Audio engineers set up and test sound equipment before
events, broadcasts, and recordings. Digital audio workstations help sound
engineers produce music by balancing and adjusting sound sources
using equalization and audio effects mixing, reproducing,
and strengthening the sounds. Sound engineers are professionals who
use digital audio workstations to record, edit, mix, and master music to
improve sound quality and add sound effects to recordings. These workstations
enable sound engineers to work with video editors and synchronize video with
audio tracks.
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APAC
digital audio workstation market is expected to grow at the highest CAGR during
the forecast period.
The
digital audio workstation market in Asia Pacific has gained momentum and is
expected to grow at the highest rate in this region during the forecast period.
Although digital audio workstations have witnessed increased adoption over the
past couple of years in the region, various companies in the region are yet to
take advantage of the increasing adoption. However, increasing awareness about
the real-time audio and video processing, supplemented with competently
designed digital audio workstation solutions offered by vendors present in this
region, has led Asia Pacific to emerge as a high-potential market. Countries,
including China, Japan, India, Singapore, and South Korea, have huge potential
for vendors to enhance their market share. The high rate of internet usage and
increased adoption of smartphones in the region facilitates companies to adopt
advanced solutions and forge strong connections with target audiences. In
addition, this region is witnessing an increasing demand for cloud-based
digital audio workstation solutions as a result of increasing internet
penetration.
Major
vendors offering digital audio workstations globally include Apple (US), Adobe
(US), Avid (US), Ableton (Germany), Steinberg (Germany), MOTU (US), Acoustica
(US), Presonus (US), Magix (Germany), Native Instruments (Germany), Cakewalk
(US), Image-Line (Germany), Bitwig (Germany), Renoise (Germany), and Harrison
Audio Consoles (US). The study includes an in-depth competitive analysis of the
key players in the digital audio workstation market, along with their company
profiles, recent developments, and key market strategies.
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Research Insight: https://www.marketsandmarkets.com/ResearchInsight/digital-audio-workstation-market.asp
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