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.
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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.
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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