Preliminary research of Fairfield Market Research indicates a promising growth outlook for global digital audio workstation market during the course of next few years.
Rising Digital Audio Content Backed by Technology to Offer Potential Growth Pathways for the Digital Audio Workstation Market
Massive growth of the digital media sector backed by robust technological advancements continues to influence the digital audio workstation market. Rapid expansion of the digital entertainment industry has offered new potential opportunities for key players in the digital audio workstation market. Providers of digital audio workstation services are now venturing into developing and offering new solutions that have can significantly enhance digital audio user experience. Furthermore, the digital audio workstation market remains positively impacted by growing applications such as recording, editing, and mixing of digital audio. In addition to this, there has been a surge in the number of audio content creators and music providers. This has further fuelled the sales of digital audio workstations as key players capitalize on the growing inclination of customers towards online audio platforms. Going digital being the net new, the digital audio workstation market is likely to witness a positive growth path going forward and key stakeholders in the market can expect a volley of opportunities in the forthcoming years.
Surging Adoption of AI to Pave New Growth Avenues for Digital Audio Workstation Market
With new age technology, the adoption of Artificial Intelligence (AI) in music industry has been on the rise. Audio professionals are leveraging artificial intelligence to enhance the quality of digital audio files. By using this technology, professionals can remove or change the intensity of drums, bass, and other vocals from their digital audio files to produce high quality music. The adoption of artificial intelligence in digital audio is on an upswing and is further expected to increase in the forthcoming years. For instance, in May 2022, music making platform –Splice – introduced CoSo, a music application powered by AI. This platform uses AI technology to produce music in less time. That said, AI is likely to pave new avenues for the digital audio workstation market in the following years.
Software-based Workstations Gain Significant Traction in Digital Audio Workstation Market
From a software standpoint, the standalone digital audio workstations are getting high traction among music enthusiasts. Standalone digital audio workstation is equipped with LCD screen and is mainly designed to function like a sound mixing desk. Software based digital audio workstations are expected to largely contribute towards the revenue growth of the market owing to their increasing adoption by sound engineers and audio specialists. This is mainly owing to the high sound quality and added sound effects provided by the software that can be merged with recording to give new audio effects. That said software such as Cakewalk Sonar, Adobe Audition, Avid Pro Tools, and Audacity to name a few have been witnessing increasing demand among enthusiasts. This factor continues to drive the value growth of the digital audio workstation market.
Surging OTT Demand to Accelerate Digital Audio Workstation Market Growth
Since recent years, broadcasters have shifted towards OTT (Over the Top) or video streaming platforms to reach billions of households. OTT technology has gained immense momentum with an increase in adoption, particularly during the COVID 19 lockdown situation. As customers transitioned towards streaming services, OTT platforms such as Amazon Prime Video, Netflix, and Hotstar started including massive content including new audio clips and videos. This potentially generated new prospects for audio professionals and music enthusiasts to use digital audio workstation for mixing, editing, recording, and sound quality refining. Thus, the advent and surge in OTT platform continues to augment the growth of the digital audio workstation market worldwide.
Increasing Demand of Digital Audio Workstations for Editing to Complement Digital Audio Workstation Market Growth
The demand for digital audio workstations for editing purposes is increasing rapidly and is expected to gain high momentum influencing market growth. By using new technology integrated digital audio workstation, audio professionals can conveniently edit their audio files in short amount of time and with high precision. In addition, it includes editing sets that cover fundamentals such as delete, paste, copy, insert, and cut along with advanced functionalities for example, auto trim, pitch shifting, and silence. This also enables to reduce noise distortions in recordings and produce noise free audio and provide pleasing user experience. In this backdrop, increasing use in editing of digital audio is expected to fuel the growth of the digital audio workstation market.
North America Likely to Cement Dominance in Global Digital Audio Workstation Market
North America is expected to account for a significant revenue share in the digital audio workstation market. The region has been witnessing increasing demand for digital audio and podcasts by music enthusiasts. In addition, presence of major companies in the region is contributing towards the market valuation for digital audio workstations. Furthermore, other macro aspects such as rising GDP per capita, stable economic growth and rising inclination towards using new age technology in the music industry continue to positively impact the growth of the digital audio workstation market in the region.
Digital Audio Workstation Market: Competitive Landscape
Key players in the digital audio workstation market have been investing in offering new solutions integrated with advanced technologies. Also, they are involved in collaborations and partnerships to improve their position in the market. For instance, in 2022, a partnership was signed between Imaging Marketing Limited and Dirac to offer enhanced digital audio solutions and integrate them in boAt’s next gen audio range. Same year in March, SongStar was launched by BandLab Technologies in collaboration with Google. This platform is an AI powered tool that creates melodies, chord progressions and unique beats depending on user recommendations. In October 2021, iCON Pro Audio and Harrison Consoles partnered to jointly offer high performance audio products.
A few of the major players in the digital audio workstation market include Apple Inc., Adobe, PreSonus Audio Electronics Inc., Avid Technology Inc., Ableton, Native Instruments GmbH, BandLab Technologies, Bitwig GmbH, Acoustica, Harrison Controls, and Dirac Research AB.
The Global Digital Audio Workstation Market is Segmented as Below:
By OS Compatibility
By End Use
By End User
Key Elements Included In The Study: Global Digital Audio Workstation Market
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