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NEW YORK, April 03, 2023 (GLOBE NEWSWIRE) — Share of Global Generative AI in Music Market Size US$229 million Growing to 2022, growth is estimated to accelerate at a CAGR 28.6%register incremental earnings in USD 2.6 billion Generative AI for music relies on deep learning and analysis of large amounts of data. In the current era of digitization, artists are focusing on their online presence and creating visually appealing content to gain success and popularity.
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Important points:
- By component, Software segment generated the highest income 55% share in 2022.
- By type, GAN segment dominate the market, 41% World’s Largest Earnings 2022.
- by application, mastering music segment Dominating the market, with the largest market revenue share 30% in 2022.
- In 2022, North America Dominating the market with the highest price 35% revenue share.
- Asia Pacific is expected to grow at a significant CAGR from 2023 to 2032.
Generative AI music tools help generate music faster and more affordable compared to traditional usage. Standard business processes for creating music require more time, effort, and money. Therefore, artists and music generators in the market are adopting generative AI music synthesizers for effective business.
factors that affect growth Generative AI in the music market
There are several factors impacting the growth of generative AI in the music market. These factors include:
- Increased use in composition: Companies in the music market are deploying various AI tools for music creation and music remixing to help consumers build their own rhythms.
- Increasing use of text-to-music generation: Artists in the music industry prefer generative AI tools for music generation. Generative AI tools are cost-effective, time-saving, and more efficient than traditional music generation. Researchers at Google introduced MusicLM, an AI model that can generate high-fidelity music from text.
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Global Generative AI Top Trends in the Music Market
Traditional music generation is being replaced by generative AI music tools. Generative AI music tools are in high demand in the younger generation of music mastering. Companies in the AI Audio/Video Generator Tool Producer Market are focused on providing cost-effective and high-quality services to meet the high demand of consumers. AI is starting to play an important role in the music industry. This enables musicians to generate music from text at low cost and in less time. Artists are turning to generative AI tools to gain popularity in the music industry.
market growth
Real artists have launched various AI-powered virtual artists that offer a fresh musical experience. In 2021, audio-on-demand streaming services such as Spotify will have the highest revenue in the US. Artists in the music industry use generative AI music tools to produce quality music. The prevalence of smartphones and the rise of mobile music apps are increasing the demand for generative AI in music. Generative AI has opened up new opportunities to generate new sounds and rhythms. Increasing applications of generative AI in music in the music industry are boosting the growth of the market.
Regional analysis
Generative AI in the music market was dominated by North America with the most significant revenue share of 35% in 2022. The US is also home to popular music festivals like Bonnaroo, Coachella, and Lollapalooza. Thus, the music industry plays an important role in the regional growth of the market. Owing to technological advancements and artificial intelligence, the music industry is expected to exhibit lucrative growth during the forecast period. The North American music industry will account for 28.8 billion in 2021 due to the rise of music companies such as Spotify. However, due to generative AI revolutionizing the music industry, Asia Pacific is expected to grow at the fastest he CAGR during the forecast period.
competitive environment
Several major players in generative AI in the music market are focusing on technological advances in AI tools to serve them better. Also, companies adopt marketing strategies such as mergers and acquisitions to remain competitive in the market. Some major players in generative AI in the music market include Shutterstock Inc., Aiva Technologies SARL., Soulful, Ecrett music, Boomy Corporation, OpenAI, and Amadeus Code.
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Reporting scope
| report attribute | detail |
| Market value (2022) | US$229 million |
| Market size (2032) | US$2.6 billion |
| CAGR (from 2023 to 2032) | 28.6% |
| North America revenue share | 35% |
| historical period | 2016-2022 |
| base year | 2022 |
| Forecast year | 2023-2032 |
market driver
Market growth is driven by the increasing listening habits of the younger generation. There are many AI music tools available on the market that allow beginners and seasoned musicians to create their own music. As such, the demand for generative AI music tools is growing, driving the market. Increasing smartphone adoption and technological advancements are driving the growth of global generative AI, mainly in the music market. Moreover, the introduction of technological advancements in the music industry such as Internet of Things (IoT), deep learning, and machine learning are fueling the growth of the market.
market constraints
Generative AI for music cannot always produce high-quality output. The generated output may also contain errors that adversely affect market growth. Cyber-attacks and consumer data privacy issues are increasing due to lack of data, overly complex models, and inadequate training, which are expected to hamper the growth of the market during the forecast period.
market opportunity
The demand to generate music from text has opened new avenues for creativity for musicians and non-musicians alike. Increasing applications of generative AI in music composition, music mastering, music streaming, and new sound creation are expected to drive the market during the forecast period. Rapid penetration of smartphones and introduction of Internet of Things (IoT) is expected to create lucrative growth opportunities in the market. Technological advancements in the music industry have purchased new innovations in the music industry that are expected to drive the market during the forecast period.
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Report Segmentation of Generative AI in the Music Market
Component Insight
Based on component, the software segment dominated the market, capturing the largest market revenue share in 2022. Generative AI models can identify different components of a musical piece, such as lyrics, melody, and rhythm, and analyze these components to improve the overall sound. quality. Software such as Amper Music, AIVA, Soundful, Boomy, Open AI, and Ecrett Music are widely used to generate music using generative AI techniques.
type analysis
Based on type, the GAN segment dominated, capturing the largest market revenue share in 2022.GANs are a state-of-the-art method for generating high-quality music. Generates full audio significantly faster than real-time on GPUs, nearly 50,000 times faster than standard WaveNet. GANs have the potential to transform the music industry as they offer 90% higher accuracy than traditional music generation techniques.
Application Insight
Based on application, the mastering music segment dominated the market, capturing the largest market revenue share in 2022. The growth of this segment is driven by the increasing adoption of generative AI techniques in studios with precise acoustics that enable people to find spectral ranges. and a healthy balance. Improve your music quality and help you find optimized music listening on any device. In addition, using AI for music mastering reduces manual development costs and reduces human error.
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market segmentation
By component
By type
- GANs
- AR-CNN
- transformer-based model
by application
- Composition of music
- music mastering
- music streaming
- making new sounds
- Other applications
by geography
- North America
- Western Europe
- Germany
- France
- England
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- Czech Republic
- Greece
- Rest of Eastern Europe
- Asia Pacific
- China
- Japan
- Korea
- India
- Australia and New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- sea bream
- Vietnam
- Rest of Asia Pacific
- latin america
- Brazil
- Columbia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East and Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- turkey
- United Arab Emirates
- Rest of the MEA
major market players
- Shutterstock Co., Ltd.
- Aiba Technologies SARL.
- sound full
- Eclette music
- boomy corporation
- Open AI
- amadeus code
- Other major players
Recent Developments of Generative Ai in the Music Market
- On February 7, 2023, Microsoft announced that it will bring AI technology based on the same foundation as ChatGPT into Microsoft Bing.
- In March 2021, Spotify announced Spotify Hi-Fi, an upcoming option for high-definition sound powered by generative AI.
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