PUBLISHER: The Business Research Company | PRODUCT CODE: 1425394
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425394
Digital Audio Workstation Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on digital audio workstation market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for digital audio workstation? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The digital audio workstation market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A digital audio workstation (DAW) is a digital interface that facilitates the recording of audio, offering additional features such as mixing and editing to enhance the user's capabilities. Digital audio workstations also include functionalities like filters, file management, and organization tools, providing a comprehensive solution for audio production without the need for physical instruments.
The main types of digital audio workstations are editing, mixing, and recording, with components consisting of software and services. The software within a digital audio workstation is crucial for tasks like editing and mixing audio, directing the application to perform specific functions. Digital audio workstations can be deployed on-premises or in the cloud, and they are compatible with various operating systems such as macOS, Windows, Android, and Linux. End-users of digital audio workstations include professionals such as audio engineers and mixers, songwriters, production teams, electronic musicians, artists or performers, educational institutes, music studios, and others involved in audio production.
The digital audio workstation market research report is one of a series of new reports from The Business Research Company that provides digital audio workstation market statistics, including digital audio workstation industry global market size, regional shares, competitors with an digital audio workstation market share, detailed digital audio workstation market segments, market trends and opportunities, and any further data you may need to thrive in the digital audio workstation industry. This digital audio workstation market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The digital audio workstation market size has grown strongly in recent years. It will grow from $2.68 billion in 2023 to $2.95 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The growth observed in the historical period can be attributed to factors such as industry standardization, real-time performance capabilities, the simulation of professional studio environments, the availability of mobile Digital Audio Workstation (DAW) solutions, and the presence of educational resources.
The digital audio workstation market size is expected to see strong growth in the next few years. It will grow to $4.24 billion in 2028 at a compound annual growth rate (CAGR) of 9.5%. The anticipated growth in the forecast period can be attributed to the adoption of cloud-based solutions, the use of remote collaboration tools, and the development of enhanced user interfaces in the field of audio technology. Major trends in the forecast period encompass initiatives focused on accessibility and inclusivity, integration with digital platforms, the emergence of specialized industry-focused solutions, real-time performance and live music production capabilities, and the application of machine learning for composition and arrangement.
The digital audio workstation market is experiencing growth due to the increasing demand for high-definition audio. High-definition audio, characterized by a high bandwidth audio signal, is widely used in recorded music. Digital audio workstations play a crucial role in producing high-definition audio. The State of the Sound report by Qualcomm in 2021 highlighted that a significant percentage of respondents were likely to subscribe to HD streaming services, emphasizing the importance of high-resolution and lossless audio quality. As sound quality becomes a key factor for consumers, the rising demand for high-definition audio is a major driver propelling the growth of the digital audio workstation market.
The digital audio workstation market is expected to grow further due to the increasing popularity of podcasting. Podcast creators require user-friendly and feature-rich tools for recording, editing, and producing professional-quality audio content. Digital audio workstations, equipped with advanced capabilities and seamless integration with podcast hosting platforms, cater to the diverse needs of podcasters. The significant increase in the number of podcasts on platforms like Apple Podcasts reflects the growing popularity of podcasting, contributing to the overall expansion of the digital audio workstation market.
Technological advancements emerge as a key trend in the digital audio workstation market. Major companies are introducing new technologies, such as the 'CoSo app' by Splice, which leverages AI for making beats and music. This reflects the incorporation of cutting-edge technologies to enhance the capabilities and features of digital audio workstations, providing users with innovative tools for music creation. The focus on technological advancements is a trend that adds dynamism to the digital audio workstation market.
Major companies operating in the digital audio workstation market are developing new plugins to sustain their position in the market. Plugins, serving as software elements, can be integrated into digital audio workstations to augment functionality. For instance, LANDR Audio Inc. launched an AI Mastering plugin designed for digital audio workstations. The plugin offers seamless integration, providing users with a user-friendly interface and a powerful tool for precise mastering within their workflow. This development reflects a strategy to enhance the capabilities of digital audio workstations through the introduction of new plugins, contributing to market sustainability and competitiveness.
In November 2021, Fender Musical Instruments Corporation, a renowned American manufacturer of musical instruments and amplifiers, successfully acquired PreSonus Audio Electronics Inc. The financial details of the transaction were not disclosed. This strategic acquisition aims to leverage the complementary capabilities of both companies and positions Fender to pursue advancements in music technology, aligning with their future goals in the industry. PreSonus Audio Electronics Inc., the acquired company, is an American manufacturer specializing in digital audio workstations, equipment, and software. The acquisition underscores Fender's commitment to expanding its presence and influence in the evolving landscape of music technology and production.
Major companies operating in the digital audio workstation market report are Apple Inc., Avid Technology Inc., Adobe Inc., Acoustica Inc., MAGIX Software GmbH, Cakewalk Inc., BandLab Technologies, Ableton AG, PreSonus Audio Electronics Inc., Steinberg Media Technologies GmbH, MOTU Inc., Cockos Incorporated, Image Line Software BVBA, Dirac Research AB, Reason Studios AB, Yamaha Corporation, Tracktion Corporation, Bitwig GmbH, Harrison Audio LLC, Native Instruments GmbH, Audacity Team, NCH Software, Open Labs LLC, Roland Corporation, Serato Limited, Synapse Audio Software, Waves Audio Ltd., Xfer Records LLC, Zenhiser Pty Ltd., and Zynewave GmbH.
North America was the largest region in the digital audio workstation market share in 2023. The regions covered in the digital audio workstation market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the digital audio workstation market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The digital audio workstation market consists of revenues earned by entities by providing live instrument or voice, audio looping, audio mixing, and audio effects. The market value includes the value of related goods sold by the service provider or included within the service offering. The Information technology market also includes sales of digital audio processor, sequencer, and virtual instruments which are used in providing recording services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.