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Global Music Streaming Service Market 2019-2023| 16% CAGR Projection Over the Next Five Years| Technavio

Technavio has announced its latest market research report titled global music streaming service market 2019-2023 (Graphic: Business Wire)

LONDON--(BUSINESS WIRE)--

The music streaming service market size is expected to post a CAGR of over 16% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20191115005286/en/

The increasing preference for music streaming services is one of the major reasons for the music streaming service market growth. Globally, the development of wired and wireless technologies and telecommunication standards such as 3G, 4G, and 5G have resulted in an improvement of Internet bandwidth. This is supporting the adoption of music streaming services across the world. Moreover, young consumers prefer free music through platforms such as YouTube, Spotify, and Pandora. Despite offering a paid subscription, Pandora has a large consumer base as its channels can be accessed for free and through all operating systems. Due to such features, the market for music streaming services is expected to showcase a positive outlook during the forecast period.

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As per Technavio, the increasing introduction of differentiated music streaming services will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Music Streaming Service Market: Increasing Introduction of Differentiated Music Streaming Services

Vendors are increasingly introducing differentiated music streaming services such as easy accessibility on various platforms, auto playlist customization, and high audio quality. For instance, YouTube Music (a product of Alphabet) and Pandora are providing personalized recommendations to their users, which is one of their differentiated services when compared to other vendors. Other players such as Apple and Amazon have synchronized their music streaming services on their respective hardware such as smart speakers, so customers do not have to install streaming software on their hardware systems. As a result of such advanced features, the market for music streaming is expected to show optimistic results during the forecast period.

“Other factors such as the emergence of bundled services and the growing demand for cloud-based music streaming services will have a significant impact on the growth of the music streaming service market value during the forecast period,” says a senior analyst at Technavio.

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Music Streaming Service Market: Segmentation Analysis

This market research report segments the music streaming service market by end-user (individual and commercial), by streaming service (paid music streaming service and free music streaming service) and geographical regions (North America, APAC, Europe, South America, and MEA).

The North American region led the music streaming service market in 2018, followed by APAC, Europe, South America, and MEA respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth due to several global companies partnering with local music companies in the region.

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Some of the key topics covered in the report include:

Market Landscape

  • Market ecosystem
  • Market characteristics
  • Market segmentation analysis

Market Sizing

  • Market definition
  • Market size and forecast

Five Forces Analysis

Market Segmentation

Geographical Segmentation

  • Regional comparison
  • Key leading countries

Market Drivers

Market Challenges

Market Trends

Vendor Landscape

  • Vendors covered
  • Vendor classification
  • Market positioning of vendors
  • Competitive scenario

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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View source version on businesswire.com: https://www.businesswire.com/news/home/20191115005286/en/