According
to a research report "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.
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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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