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 adoption of digital audio workstations is increasing in the media & entertainment and education industries. Digital audio workstations solutions help musicians, filmmakers, and sound engineers improve the quality of music. Digitization has taken over the traditional approach of workflows across industries, and the music industry is not an exception. The industry is increasingly adopting digital audio workstations to improve the music production process and have better music experience. In the DAW market, key players such as Apple, Adobe, Ableton, Avid offer combined hardware and software systems which help customers to create the best quality music. The increasing rapidly adoption of digital audio workstations is helping artists, music producers, and other users produce and share high-quality music.
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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 services segment is anticipated to grow at a higher CAGR as compared to the software segment during the forecast period. The implementation and consulting services subsegment of the professional services segment is estimated to grow at a higher CAGR of 9.8% as compared to the managed services segment during the forecast period. This growth is anticipated to be driven by the increased demand for digital audio workstations across the media & entertainment and education industries.
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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