According to a new market 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
Browse 73 market data Tables and 31 Figures spread through 132 Pages and in-depth TOC on “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″
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 sub segment is estimated to grow at a higher as compared to the managed services sub segment 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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The software segment in digital audio workstation market is expected to account for a larger market size as compared to the services segment during the forecast period. The increasing need to produce and store high-quality music leads to the growing adoption of digital audio workstation software. Music directors, sound engineers, composers, and artists are the major users of digital audio workstations. These workstations help improve the quality of music being produced. Digital audio workstations include software to perform several activities, including recording, editing, mixing, mastering, etc. The software included in digital audio workstations can have varied user interfaces. Computer-based digital audio workstations tend to have a standard layout that encompasses transport controls, including play, rewind, and record. They also have track controls, a mixer, and a waveform display. Digital audio workstation software are widely used, even by independent musicians and small-scale music production companies as they cut down the hardware investment and offer results similar to hardware-based workstations.
The geographic analysis of the digital audio workstation market is segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, and Latin America. North America and Europe constitute the majority of the market share and are expected to maintain their dominance throughout the forecast period. Vendors operating in these regions provide digital audio workstation solutions that define new standards of quality and workflow efficiency. Digital audio workstation software solutions controls and interface hardware can seamlessly integrate with advanced technologies to offer unprecedented productivity and flexibility as well as premium audio quality. The digital audio workstation market in Asia Pacific is expected to grow at the highest CAGR, due to rising internet penetration rate and growing music & entertainment industry.
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