CHICAGO, April 18, 2019 /PRNewswire/ -- According to a new market research report "Digital Audio Workstation Market by Type (Recording, Editing, Mixing), End User (Professional/Audio Engineers and Mixers, Electronic Musicians, Music Studios), Component, Deployment Model, Operating Systems, and Region - Global Forecast to 2023", published by MarketsandMarkets™, the Digital Audio Workstation Market size is expected to grow from USD 2.0 billion in 2018 to USD 3.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period. The key factors driving the Digital Audio Workstation Market include the growing focus on digitization of instruments and increasing adoption of cloud-based digital audio workstations in the music industry to enhance the music production process.
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The services segment of the Digital Audio Workstation Market is anticipated to grow at a higher CAGR as compared to software segment during the forecast period.
Implementation and consulting services subsegment is estimated to grow at a higher as compared to the managed services subsegment during the forecast period. This growth is expected to be driven by the increased demand for digital audio workstations across the media & entertainment and education industries. Services are an essential part of the software deployment and execution lifecycle. Services, including consulting, product support, updates, and maintenance, are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get better return on investment (RoI).
The professionals/audio engineers and mixers segment is expected to account for the largest market size during the forecast period.
The Digital Audio Workstation Market has been segmented based on type into editing, mixing, and recording. Audio engineers set up and test sound equipment before events, broadcasts, and recordings. Digital audio workstations help sound engineers produce music by balancing and adjusting sound sources using equalization and audio effects mixing, reproducing, and strengthening the sounds. Sound engineers are professionals who use digital audio workstations to record, edit, mix, and master music to improve sound quality and add sound effects to recordings. These workstations enable sound engineers to work with video editors and synchronize video with audio tracks.
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APAC Digital Audio Workstation Market is expected to grow at the highest CAGR during the forecast period.
The Digital Audio Workstation Market in Asia Pacific has gained momentum and is expected to grow at the highest rate in this region during the forecast period. Although digital audio workstations have witnessed increased adoption over the past couple of years in the region, various companies in the region are yet to take advantage of the increasing adoption. However, increasing awareness about the real-time audio and video processing, supplemented with competently designed digital audio workstation solutions offered by vendors present in this region, has led Asia Pacific to emerge as a high-potential market. Countries, including China, Japan, India, Singapore, and South Korea, have huge potential for vendors to enhance their market share. The high rate of internet usage and increased adoption of smartphones in the region facilitates companies to adopt advanced solutions and forge strong connections with target audiences. In addition, this region is witnessing an increasing demand for cloud-based digital audio workstation solutions as a result of increasing internet penetration.
Major vendors offering digital audio workstations globally include Apple (US), Adobe (US), Avid (US), Ableton (Germany), Steinberg (Germany), MOTU (US), Acoustica (US), Presonus (US), Magix (Germany), Native Instruments (Germany), Cakewalk (US), Image-Line (Germany), Bitwig (Germany), Renoise (Germany), and Harrison Audio Consoles (US). The study includes an in-depth competitive analysis of the key players in the Digital Audio Workstation Market, along with their company profiles, recent developments, and key market strategies.
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