The latest research study “Cloud Music Services Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global cloud music services market reached a value of US$ XX Million in 2021. Looking forward, IMARC Group expects the market to grow at a CAGR of XX% during 2022-2027.
Cloud music services allow users to store and stream music by overcoming device storage limitations. They enable users to access extensive audio sample libraries, virtual studio technologies (VSTs), mixing tools, synthesizer presets, and partially completed or finished remixes. They also make it simpler to perform tasks, such as file sharing, backup, device transfer, and organizing records and metadata. As a result, cloud music services are gaining immense traction among individuals.
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Cloud Music Services Market Trends and Drivers:
The global cloud music services market is primarily driven by the rising penetration of digital platforms and the growing usage of smartphones. Moreover, the increasing integration of data analytics systems in the music industry that enables streaming service providers to identify their customers’ music preferences and make recommendations has catalyzed market growth.
Additionally, cloud music services allow customers to listen to music without the risk of legal action or copyright disputes, which has accelerated the product adoption rate. Besides this, technological advancements, such as 4G and 5G networks that provide high-speed access to cloud music services, are other major factors driving the market growth.
Furthermore, the escalating demand for quick connectivity on apps and browsers, automatic playlist personalization, and music recommendations has augmented the product demand. Other factors, including rapid digitalization, ongoing research and development (R&D) activities, and increasing reliance on smartphones, tablets, and portable music players, are also anticipated to propel the market growth.
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Global Cloud Music Services Market 2022-2027 Analysis and Segmentation:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
Cloud Music Services Companies:
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).
The report has segmented the market on the basis of region, type, application and end use.
Breakup by Type:
- Cloud Music Download
- Streaming Subscription
- Ad-based Cloud Music Streaming
Breakup by Application:
- Smartphones and Tablets
- Stereo Systems
Breakup by End Use:
- Individual Use
- Commercial Use
Breakup by Region:
- North America: (United States, Canada)
- Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico, Others)
- Middle East and Africa
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
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