Global Generative AI in Music Market By Component (Software and Services), By Type (GANs, AR-CNNs, Transformer-based Models), By Application, By Region and Companies - Industry Segment Outlook, Market Assessment, Competition Scenario, Trends, and Forecast 2023-2032
- Published date: Nov. 2023
- Report ID: 98916
- Number of Pages: 248
- Format:
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Report Overview
In 2023, the Global Generative AI in the Music Market was valued at USD 294 million. Between 2023 and 2032, this market is estimated to register the highest CAGR of 28.6%. It is expected to reach USD 2,660 million by 2032.
The generative AI in music is dependent on deep learning and analyzing huge amounts of data. In the current era of digitalization, artists are more inclined towards online presence and creating visually captivating content to achieve success and popularity. The generative AI music tools help AI-generated music faster and more affordably compared to traditional use. The standard business process for creating music requires more time, effort, and costs. Thus, the artists and access to music generation in the market are adopting generative AI music synthesizers for effective business.
Note: Actual Numbers Might Vary In The Final Report
Key Takeaways
- Market Growth and Value: The Generative AI music market was valued at USD 229 million in 2022 and is estimated to reach USD 2,660 million by 2032, experiencing a remarkable CAGR of 28.6%.
- Drivers: Increasing adoption of smartphones and technological advancements are the primary drivers for the growth of the global generative AI in the music market.
- Restraints: Defects in outputs and privacy concerns regarding consumer data are expected to hinder market growth during the forecast period.
- Component Analysis: The software segment dominates the market, holding the largest global revenue share of 55% in 2022.
- Type Analysis: The Generative Adversarial Networks (GANs) segment leads the market, accounting for 41% of the market revenue share in 2022.
- Application Analysis: The music mastering segment held the largest market revenue share in 2022, with a share of 30%.
- Opportunities: Technological advancements in AI fields and increasing applications in music composition, mastering, streaming, and sound generation are anticipated to drive market growth.
- Regional Analysis: North America dominates the global market, with a share of 35% in 2022, attributed to technological advancements in the music industry. The Asia Pacific region is expected to witness the fastest CAGR due to the music industry’s revolution driven by generative AI.
- Key Market Players: Major companies in the market include Shutterstock Inc., Aiva Technologies SARL, Soundful, Ecrett Music, Boomy Corporation, OpenAI, and Amadeus Code.
Drivers
Increasing Adoption of Smartphones, Generative AI Tools, and Technological Advancements
Increasing adoption of smartphone and technological advancements is mainly driving the growth of global generative AI in the music market. The growth of the market is propelled by increasing listening habits in the younger generation.
Many AI music tools are available in the market, supporting both beginner and seasoned musicians in creating their music. Thus, the demand for generative AI music tools is increasing, driving the market’s growth further. The introduction of technological advancements, such as the Internet of Things (IoT), deep learning, and machine learning in the music industry, is fueling market growth.
Increasing adoption of smartphones and rising numbers of mobile music creation apps driving the demand for generative AI in music. Generative AI has opened up new opportunities for the generating of new sounds and rhythms. Authentic artists have launched a wide variety of AI-powered virtual artists that provide fresh music experiences.
For Instance, In 2021, audio-on-demand streaming services such as Spotify generated the highest revenue in the United States. The artists in the music industry are using generative AI music tools for good-quality music generation. The increasing applications of generative AI in music in the music industry are driving the market growth.
Restraints
Defects in Outputs and Privacy Issues Expected to Have Negative Impact on Market Growth
Generative AI in music may not always be able to produce high-quality outputs. The generated outputs also may contain some errors that harm market growth. The cyber-attacks and consumer data privacy issues are increasing due to a lack of training datasets, overly complex model development, and poor training expected to hamper market growth during the forecast period.
Component Analysis
The Software Segment is Dominant in the Market, with Largest Market Revenue Share
Based on components, the market for generative AI in music is segmented into software and services. The software segment was dominant in the market, with the largest global revenue share of 55% in 2022. The software in generative AI is used to streamline the music generation flow. Generative AI model providers can identify the different components of a music piece, including lyrics, melody, and rhythm, and then analyze these components to improve overall sound quality. Software such as Amper Music, AIVA, Soundful, Boomy, Open AI, and Ecrett Music are extensively used in the generation of music using generative AI techniques.
The services segment is expected to grow at the fastest CAGR during the forecast period. The generative AI in music solutions provides music industries with distinctive possibilities in the market and also helps to obtain a strategic edge in the market. Companies in the generative AI music market focus on providing fast and accurate solutions to consumers. Also, they are focusing on technical capabilities that help in solving more problems with music generator tools which is the primary growth factor of this segment.
Type Analysis
The GANs Segment is Dominant in the Market, with Largest Market Revenue Share
By type, the generative AI in the music market is segmented into GANs, AR-CNNs, and transformer-based models. The Generative Adversarial Networks (GANs) segment was dominant in the market, with the largest market revenue share of 41% in 2022.
GANs are the state-of-the-art method for generating high-quality music. The GAN synths generate entire audio significantly faster than real-time on a modern GPU and nearly 50,000 times faster than a standard WaveNet. The GANs have the potential to transform the music industry because it provides 90% more accuracy than traditional techniques to create clips of music generation.
The transformer-based music generation segment is expected to grow at the fastest CAGR during the forecast period. The transformer-based foundational models use deep learning techniques that adopt the mechanism of self-attention primarily used in natural language processing in music generation.
Application Analysis
The Music Mastering Segment was Dominant in the Market in 2022
Based on application, generative AI in the music market is segmented into the composition of music, music mastering, streaming music, making of new sounds, and other applications. The mastering music segment was dominant in the market, with the largest market revenue share of 30% in 2022.
The growth of the segment is propelled by the increasing adoption of generative AI techniques in studios with precise acoustic that allows people to spot spectrums wide range and equilibrium of sound. It enhances the quality of pieces of music and also helps in discovering optimized music listening on any device.
The use of AI in music mastering reduces the cost of manual development and reduces human creativity errors. Its adoption is increasing among the younger population. The composition of the music segment is expected to grow at the fastest CAGR during the forecast period. Companies in the music market are introducing various AI tools for the composition of music and remixing music that allows consumers to construct their rhythms.
Note: Actual Numbers Might Vary In The Final Report
Key Market Segments
By Component
- Software
- Services
By Type
- GANs
- AR-CNNs
- Transformer-based Models
By Application
- Composition of Music
- Music Mastering
- Streaming Music
- Making of New Sounds
- Other Applications
Opportunity
Technological Advancements in AI Fields
Increasing applications of generative AI in the music composition of music, music mastering, streaming music, and making of new sounds are expected to drive the market during the forecast period. Rapidly increasing adoption of smartphones and the introduction to the internet of things(IoT) are anticipated to create lucrative growth opportunities in the market.
The technological advancements have brought innovations in the music industry expected to drive the market in the forecast period. The demand for generating music from texts has opened up new avenues of creativity for musicians and non-musicians.
Trends
The Increasing Demand for Text to Music Generating Tools
AI audio/video generator tools producer market companies are focusing on providing cost-effective and high-quality services to meet high consumer demand. AI is starting to play an important role in the music industry because it allows musicians to generate music from texts with low costs and within less time.
Artists are now shifting towards generative AI tools to gain popularity in the music industry. The traditional music generation is getting replaced with generative AI music tools. The demand for generative AI music tools is increasing in music mastering among the younger generation.
Regional Analysis
North America Region is Dominant in Global Generative AI in Music Market
North America dominates the global generative AI in the music market, with the largest market share of 35%. The growth of the region is attributed to technological advancements in the music industry. The music industry is a multibillion-dollar industry in the United States. The United States is also home to some of the world’s popular music festivals, including Bonnaroo, Coachella, and Lollapalooza. Thus the music industry plays an important role in the regional growth of the market.
With technological advancements and artificial intelligence, the music industry is expected to show lucrative growth in the forecast period. The music industry in North America accounted for 28.8 billion in 2021. This is due to the emergence of music companies such as Spotify. Asia Pacific region is also expected to grow at the fastest CAGR during the forecast period due to the revolution in the music industry because of the generative AI.
Note: Actual Numbers Might Vary In The Final Report
Key Regions and Countries Covered in this Report:
- North America
- The US
- Canada
- Europe
- Germany
- France
- The UK
- Spain
- Italy
- Russia
- Netherland
- Rest of Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia
- New Zealand
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
- Rest of MEA
Key Players Analysis
Several key companies in generative AI in the music market focus on technological advancements in AI tools to provide better services. Also, companies are adopting marketing strategies such as merging and acquisition to stay competitive in the market.
Market Key Player
- Shutterstock Inc.
- Aiva Technologies SARL.
- Soundful
- Ecrett music
- Boomy Corporation
- OpenAI
- Amadeus Code
- Other Key Players
Recent Developments
- On February 7, 2023, Microsoft announced that it is building AI technology based on the same foundation as ChatGPT into Microsoft Bing.
- In March 2021, Spotify announced an upcoming option for higher resolution sound, Spotify Hi-Fi using generative AI.
Report Scope
Report Features Description Market Value (2022) USD 229 Mn Forecast Revenue (2032) USD 2,660 Mn CAGR (2023-2032) 28.6% Base Year for Estimation 2022 Historic Period 2016-2022 Forecast Period 2023-2032 Report Coverage Revenue Forecast, Market Dynamics, COVID-19 Impact, Competitive Landscape, Recent Developments Segments Covered By Component- Software and Services; By Type- GANs, AR-CNNs, Transformer-based Models; By Application- Composition of Music, Music Mastering, Streaming Music, Making of New Sounds, and Other Applications. Regional Analysis North America – The US, Canada, & Mexico; Western Europe – Germany, France, The UK, Spain, Italy, Portugal, Ireland, Austria, Switzerland, Benelux, Nordic, & Rest of Western Europe; Eastern Europe – Russia, Poland, The Czech Republic, Greece, & Rest of Eastern Europe; APAC – China, Japan, South Korea, India, Australia & New Zealand, Indonesia, Malaysia, Philippines, Singapore, Thailand, Vietnam, & Rest of APAC; Latin America – Brazil, Colombia, Chile, Argentina, Costa Rica, & Rest of Latin America; the Middle East & Africa – Algeria, Egypt, Israel, Kuwait, Nigeria, Saudi Arabia, South Africa, Turkey, United Arab Emirates, & Rest of MEA Competitive Landscape Shutterstock Inc., Aiva Technologies SARL., Soundful, Ecrett music, Boomy Corporation, OpenAI, Amadeus Code, and Other Key Players. Customization Scope Customization for segments, region/country-level will be provided. Moreover, additional customization can be done based on the requirements. Purchase Options We have three licenses to opt for Single User License, Multi-User License (Up to 5 Users), Corporate Use License (Unlimited User and Printable PDF) Frequently Asked Questions (FAQ)
What is the estimated CAGR for the Global Generative AI in the Music Market between 2023 and 2032?The estimated CAGR for the Global Generative AI in the Music Market between 2023 and 2032 is 28.6%.
What is the estimated value of the Global Generative AI in the Music Market in 2032?The estimated value of the Global Generative AI in the Music Market in 2032 is USD 2,660 million.
What is the main driving factor behind the growth of the Global Generative AI in the Music Market?The main driving factor behind the growth of the Global Generative AI in the Music Market is the increasing adoption of smartphones, generative AI tools, and technological advancements.
What is the dominant segment in the Global Generative AI in the Music Market based on components?The dominant segment in the Global Generative AI in the Music Market based on components is the software segment.
What is the role of technological advancements in the growth of the Global Generative AI in the Music Market?Technological advancements, such as the Internet of Things (IoT), deep learning, and machine learning, are fueling the growth of the Global Generative AI in the Music Market.
What are the key market segments of generative AI music?The key market segments of generative AI music include component (software and services), type (GANs, AR-CNNs, and Transformer-based Models), and application (composition of music, music mastering, streaming music, making of new sounds, and other applications).
What are some key players in the generative AI music market?Some key players in the generative AI music market include Shutterstock Inc., Aiva Technologies SARL, Soundful, Ecrett music, Boomy Corporation, OpenAI, and Amadeus Code.
Generative AI in Music MarketPublished date: Nov. 2023add_shopping_cartBuy Now get_appDownload Sample - Shutterstock Inc.
- Aiva Technologies SARL.
- Soundful
- Ecrett music
- Boomy Corporation
- OpenAI
- Amadeus Code
- Other Key Players
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