According to a research report "Digital Audio Workstation Market growth is driven by the increasing demand for AI-generated music, growing media & entertainment industry, and increasing adoption of Android-based operating systems are the key growth factors for the market. Digital Audio Workstation Market provide detailed information regarding the major factors, such as drivers, restraints, opportunities, and challenges, influencing the growth of the market - Global Forecast to 2023" published by MarketsandMarkets. The global digital audio workstation market 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.
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The services segment of the 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
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 market, along with their company profiles, recent
developments, and key market strategies.
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