Despite the ravaging impacts of the COVID-19 pandemic across the global economies, the global market for Music Production Software has been projected to reach $12.1 billion by 2027, from the estimated $3.2 billion value in 2020.
The projection is contained in the report “Global Music Production Software Industry announced by “Reportlinker.com today.
According to the report, the market is projected to be growing at a CAGR of 21.2% over the analysis period 2020-2027.
The report estimated that editing, one of the segments analyzed, would record a 22.7% CAGR and reach US$6.7 Billion by the end of the analysis period.
However, after an early analysis of the business implications of the COVID-19 pandemic and its induced economic crisis, the report readjusted the growth in the Mixing segment to 20.1% CAGR during the seven-year period.
A further analysis of the report findings showed that the U.S. software market is estimated at $943.8 million in 2020, compared to China’s, the world`s second largest economy, which is forecast to reach a projected market size of $2.1 billion by the year 2027 trailing a CAGR of 20.6% over the analysis period 2020 to 2027.
Other geographic markets covered by the report are Japan and Canada, each forecast to grow at 19.1% and 17.8% respectively over the 2020-2027 years. In Europe, Germany is forecast to grow at approximately 14.6% CAGR.
The report further estimated that the Recording segment will record 18.6% CAGR, with USA, Canada, Japan, China and Europe driving the 18.5% CAGR estimated for this segment globally.
The above regional markets, which accounted for a combined market size of US$567.9 million in last year, are estimated to hit of $1.9 billion by year 2027, with China remaining among the fastest growing in this cluster of regional markets.
In the Asia-Pacific market led by countries such as Australia, India, and South Korea, the market is forecast to reach $1.4 billion by the year 2027.
The lead competitors identified by the 129-page report in the music production software market include Ableton, Adobe Systems Inc, Apple Inc, Avid Technology Inc and MAGIX Software GMBH.
The 6th edition report presented concise insights into how the pandemic impacted software production and demand for 2020 and 2021.