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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