The global music app market size was valued at USD 9.28 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 8.0% from 2021 to 2028. This can be credited to the rising demand for on-demand streaming services in China. Growing demand for Chrome cast audio devices in the Middle East and Africa is refueling the market growth. Moreover, soaring demand for OTT music players in the U.K. is expected to aid the growth. Increasing demand for cloud-based value-added music app across the globe is propelling the growth of the market.
Moreover, a surge in the adoption of in-app purchase-based music apps in the U.S. is propelling the growth of the market. However, higher subscription charges of music apps are hindering the growth of the market. At present, key players are focusing to adopt multiple access-enabled music apps. Hence, the music app market is expected to witness significant growth during the forecast period.
Growing investment from iHeartMedia, Inc. to provide sound sharing features for clients are propelling the growth of the market. Rapidly growing demand for offline music tracks across the globe is bolstering the market growth. This tool is majorly used to provide sleep timer, widgets, lock screen facility, folder browsing, and a smooth search methodology. The growing demand for lyrics-enabled alert tools in the U.S. is set to drive the growth of the market.
During the pandemic era, national lockdown had enforced across the globe. Global supply chains of several industries were slowed down due to the strict regulation implemented across the globe. Smoother in-app purchasing service and the rapid shift of consumers on cloud storage-based app had taken a dramatic boost for music apps. The Market gained traction during the pandemic owing to the rising demand for podcasts management app services. The growing demand for animation-based music track apps from the consumers of India had propelled the market growth.
Accessible search facility, Mp3 player facility, and customized music library are offered by the key players. The rising concern for auto-suggests music apps including Deezer Music Player, Pi Music Player, and Live XLive are refueling the market growth. The key players provide a compatible analytical approach for the music app with the help of the android-and iOS-based platform. Ringtone cutter services provide a vast platform of iTune services. Growing demand for band equalizers will drive the growth of the market.
Google play store segment contributed to the highest revenue share of 65% in 2020. Best Android widgets, the open ecosystems, customizable user interface for music apps, and intelligent multitasking systems are some of the factors contributing to the growth of the segment. The Android platform provides auto-connected digital music tools. Moreover, the availability of a large number of music apps in the Google Play Store is expected to contribute to the rising popularity of the segment.
The others segment is projected to register significant growth during the forecast period. Rising demand for the memory management-based Bada operating system from the consumers of Asia Pacific is propelling the market growth. Easy integration of the musical applications is the prime feature of the Bada operating system. The processor management tools and the flexibility of the Bada platform will contribute to the growth of market growth.
North America held the largest revenue share of over 40% in 2020 due to the rising demand for e-albums, genres, and song tracks from the consumer the U.S. and Canada. The rising trend in the U.S. to adopt technologically-advanced apps with the feature of speed adjustment and cross fade support is propelling the growth. The market share of the U.S. is mainly driven by the rising demand for AI-based music apps. Ease of accessibility with Bluetooth controls will contribute to the growth. The rising demand for predefined preset controls in music app is anticipated to drive the growth.
Asia Pacific is projected to witness a CAGR of 10.3% from 2021 to 2028. This can be attributed to the growing demand for the treble adjustment-based music app from consumers in China and India. The emerging trend in China to embrace Google assistance support to run the music player is expected to fuel the regional growth. The rising adoption of intuitive interface and customizable theme-based music app in India is estimated to escalate the market growth over the forecast period. Furthermore, the rising demand for the cloud-based music library in China is anticipated to boost the growth.
The main focus of the companies is to provide curated playlists for the music apps. The prime key players are offering easy-to-manage music app with a graceful outlook. Multiple companies are providing seven-band equalizers in music app to improve the sound quality. Soaring demand for Android and Apple iOS-based devices across the world will create lucrative growth opportunities for the global key players. Some of the prominent players operating in the global music app market are:
|
Report Attribute |
Details |
|
Market size value in 2021 |
USD 10.00 billion |
|
Revenue forecast in 2028 |
USD 17.10 billion |
|
Growth Rate |
CAGR of 8.0% from 2021 to 2028 |
|
Base year for estimation |
2020 |
|
Historical data |
2017 - 2019 |
|
Forecast period |
2021 - 2028 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2021 to 2028 |
|
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
|
Segments covered |
Marketplace, region |
|
Regional scope |
North America; Europe; Asia Pacific; Central & Central & South America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; France; China; India; Japan; Brazil; Argentina; Saudi Arabia; South Africa |
|
Key companies profiled |
Deezer; Google LLC.; iHeartMedia, Inc.; Pandora Media, Inc.; SoundCloud Limited; Tidal (Aspiro AB); Spotify AB; Infinum; Miquido; Reinvently. |
|
Customization scope |
Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope. |
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2028. For this study, Million Insights has segmented the global music app market report based on marketplace and region:
Sign up today.
Call us at +1-408-610-2300 to speak with a
representative.
All Reports
