The adoption of artificial intelligence and the machine
LONDON, Sept. 07, 2022 (GLOBE NEWSWIRE) — According to The Business Research Company’s research report on the music streaming market, artificial intelligence and machine learning in music streaming devices are key market trends. music streaming. Technologies such as artificial intelligence and machine learning improve the music streaming experience by increasing storage and improving search recommendations, improving the overall experience.
For example, in January 2022, Gaana, an India-based music streaming app, introduced a new product feature using artificial intelligence to improve the music listening experience of its listeners. The app will change music preferences using artificial intelligence to suit the particular occasion or a person’s daily mood.
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The size of the global online music streaming market is expected to grow from $24.09 billion in 2021 to $27.24 billion in 2022 at a compound annual growth rate (CAGR) of 13.08%. The global music streaming market share is expected to reach $45.31 billion in 2026 at a compound annual growth rate (CAGR) of 13.57%.
Rising adoption of smart devices is expected to propel the growth of the music streaming market. Smart devices such as smartphones and smart speakers have changed the way people listen to music. They include smart features such as the ability to set alarms, play music by voice command, control smart home devices and stream music live, as they are powered by a virtual assistant. For example, according to the statistics of Amazon Alexa 2020, nearly 53.6 million Amazon Echo speakers (smart speakers) were sold in 2020, which will increase to 65 million in 2021. Therefore, the increasing adoption of smart devices will drive the growth of the music streaming market.
The major players in the music streaming market are Amazon, Apple, Spotify, Gaana, SoundCloud, YouTube Music, Tidal, Deezer, Pandora, Sirius XM Holdings, iHeartRadio, Aspiro, Tencent Music Entertainment, Google, Idagio, LiveXLive, QTRAX, Saavn, Samsung. , Sony Corporation, TuneIn, JOOX, NetEase, Kakao and Times Internet.
The global music streaming market is segmented by on-demand streaming service, live streaming; by content in audio, video; by platform in web-based application; through non-subscription, subscription revenue channels; by end use in particular, commercial.
North America was the greater region in the music streaming market in 2021. Regions covered in the global music streaming industry analysis are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East and Africa.
The Global Music Streaming Market Report 2022 – Global Market Size, Trends and Forecasts 2022-2026 is part of a series of new reports by The Business Research Company that provide music streaming market overviews, market analysis of the Music Streaming and Forecast Market Size and Growth for Overall Market, Music Streaming Market Segments & Geographies, Music Streaming Market Trends, Music Streaming Market Drivers, Market Restraints music streaming, revenue, profiles and market shares of top music streaming market competitors in over 1,000 industry reports, covering over 2,500 market segments and 60 geographies.
The report also gives an in-depth analysis of the impact of COVID-19 on the market. The reports are based on 150,000 datasets, extensive secondary research and proprietary insights from interviews with industry leaders. A highly experienced and expert team of analysts and modellers provide market analysis and forecasts. The reports identify key countries and segments for opportunities and strategies based on market trends and key competitor approaches.
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