Surge in Number of Music Producers and Content Creators to Aid Market Growth
Technological advancements coupled with massive boom of the digital media industry over the past couple of decades are the two primary factors that have played a key role in fueling the growth of the global digital audio workstations (DAWs) market. The rise of the digital entertainment sector has opened up significant opportunities for players involved in the current digital audio workstations (DAWs) market landscape who are increasingly focusing on launching new software and solutions that improve the overall user/customer experience. Digital audio workstations are extensively used in a range of applications, including editing, recording, and mixing digital audio– a factor that is expected to drive the growth of the global digital audio workstations (DAWs) market during the forecast period.
Standalone digital audio workstations and software digital audio workstations are the two popular types of digital audio workstations that have gained widespread popularity around the world. Furthermore, dwindling prices of consumer electronics is another major factor anticipated to drive the demand for digital audio workstations in the upcoming decade. Noteworthy growth of the digital marketing sphere, surge in the number of content creators, high demand for content on OTT platforms, and consistent rise in the number of YouTube content creators are factors likely to drive the digital audio workstations (DAWs) market in the upcoming decade.
At the back of these factors, along with the increasing penetration of the Internet, the global digital audio workstations (DAWs) market is on course to surpass the US$ 2.2 Bn mark by the end of 2030.
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Adoption of Software-based Digital Audio Workstations on Rise
Standalone digital audio workstations are primarily designed to mimic the look of a sound mixing desk and are equipped with LCD screens. Although the demand for standalone digital audio workstations has surged over the past few years, software digital audio workstations are expected to have a higher market share over the course of the forecast period. Some of the most popular digital audio workstation software that are increasingly being used around the world include Avid Pro Tools, Cakewalk Sonar, Audacity, Apple Logic Pro, MOTU Digital Performer, and Adobe Audition. Players operating in the current digital audio workstations (DAWs) market are focusing on attracting more number of customers and users by offering novel features at reduced prices. The pricing strategy deployed by various market players is projected to remain a key factor influencing the sales of different software-based digital audio workstations.
Majority of players involved in the current digital audio workstations (DAWs) market landscape is expected to integrate the following individual program functions into their digital audio workstations such as digital audio processor, virtual instrument, MIDI sequencer, and music notation editor. The significant rise in the number of music producers is a critical factor that is expected to have a strong influence on the growth of the global digital audio workstations (DAWs) market in the upcoming years.
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High Demand for OTT Content amid COVID-19 Pandemic to Accelerate Demand
The onset of the novel COVID-19 pandemic is likely to have a moderate impact on the overall growth of the global digital audio workstations (DAWs) market. While the demand for on-premise digital audio workstations is expected to witness a steep decline in 2020 due to the COVID-19 pandemic, cloud-based digital audio workstations are likely to garner considerable traction. In addition, the demand for software-based digital audio workstations is estimated to remain higher than that of standalone digital audio workstations.
Due to the stringent lockdowns in several countries and restrictions on cinemas, music concerts, and public events, the demand for digital content has witnessed exponential growth in 2020 due to which, the digital audio workstations (DAWs) market has experienced growth. A large number of music producers and content creators are increasingly leaning toward the adoption of digital audio workstations to edit their audio notes and files and attract a sizeable amount of subscribers.
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The global digital audio workstations (DAWs) market is expected to grow at an impressive CAGR of ~10% during the forecast period. The considerable rise in the number of music producers, musicians, and content creators is a major factor propelling the global digital audio workstations (DAWs) market. Furthermore, increasing demand for digital content, rising Internet penetration, and availability of a range of digital audio workstation software are likely to play an imperative role in boosting the growth of the global digital audio workstations (DAWs) market in the upcoming decade.
Digital Audio Workstations (DAWs) Market: Overview
- According to a new market report pertaining to the global digital audio workstations (DAWs) market, the global digital audio workstations (DAWs) market is projected to cross US$ 2.2 Bn by 2030. The digital audio workstations (DAWs) market is projected to expand at a CAGR of ~10% from 2020 to 2030.
- Rapidly growing media industry has increased the demand for digital audio workstations. Increase in the number of programs on television and YouTube is anticipated to boost the demand for good quality video and audio recording, which is leading to the expansion of the global digital audio workstations (DAWs) market during the forecast period. DAWs are extensively used for recording, editing, and mixing digital audio. Increasing need for music production for games, trailers, YouTube, film scores, and advertisements, etc., is expected to drive the DAWs market during the forecast period.
- In the past few years, advancement in technology in making digital audio and video files with DAW systems is one of the emerging trends among users. Technological advancement has led to the development of advanced mobile-based software that helps a user mix and compose tracks. For instance, DJs use Tractor and Serato, a live performance music software, along with DAW or music production software such as Ableton Live and Logic Pro, to make beats and put the mixes together. This software are compatible with hardware of various DJ consoles belonging to different brands. Therefore, increase in the number of DJs across the world adopting DAW is likely to boost the digital audio workstations market during the forecast period.
Digital Audio Workstations (DAWs): Market Segmentation
- The global digital audio workstations (DAWs) market has been segmented in terms of component, OS compatibility, software deployment, and end use. In terms of component, the digital audio workstations market has been divided into software (standalone and suite), services (system integration and operating & maintenance). Based on OS compatibility, the global digital audio workstations (DAWs) market has been classified into Mac, Windows, and others.
- Based on software deployment, the digital audio workstations market has been bifurcated into on-premise and cloud
- In terms of end use, the market has been categorized into commercial (professorial and music industry) and non-commercial (education and enterprises)
- The global digital audio workstations (DAWs) market has been divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Initially, vendors across the ecosystem of digital audio workstations (DAWs) were analyzed based on device and technology providers in the market.
Digital Audio Workstations (DAWs) Market: Regional Outlook
- North America is expected to dominate the digital audio workstations (DAWs) market during the forecast period. Asia Pacific digital audio workstations (DAWs) market is likely to witness growth. The market in Europe, South America, and Middle East & Africa is also expected to expand rapidly during the forecast period.
- The report provides in-depth segment analysis of the global digital audio workstations (DAWs) market, thereby providing valuable insights at macro as well as micro levels. Analysis of major countries, which hold growth opportunities or account for significant share has also been included as part of geographic analysis of the digital audio workstations (DAWs) market.
Digital Audio Workstations (DAWs) Market: Competition Dynamics
- The research study includes profiles of leading companies operating in the global digital audio workstations (DAWs) market. Key players profiled in the report include
- Acoustica, Inc.
- Adobe Systems, Inc.
- Apple Inc.
- Avid Technology, Inc.
- BandLab Technologies
- Bitwig GmbH
- Cockos Incorporated
- FL Studio
- Mayley Digital Limited
- Harrison Consoles
- MAGIX Software GmbH
- MOTU, Inc.
- Native Instruments GmbH
- PreSonus Audio Electronics Inc.
- Renoise, and Steinberg GmbH.
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