LONDON–(BUSINESS WIRE)–The global music streaming service market is expected to post a CAGR of close to 17% during the period 2018-2022, according to the latest market research report by Technavio. However, the growth momentum of the market is expected to slow down due to a decline in the year-over-year growth.
A key factor driving the growth of the market is the growing preference for music streaming services. The developments in wired and wireless technologies and telecommunication standards, such as 3G, 4G, and 5G, have resulted in an improvement of the internet bandwidth demand. This is increasing the adoption of music streaming services across the world. Music streaming services help in preventing the illegal downloading and sharing of music. They also increase consumer convenience by providing access to music on demand. Many music streaming applications provide social media integration, which allows consumers to personalize preferences and content. The growing internet penetration, adoption of push strategies by market players, and better subscription services will further encourage consumers to adopt music streaming subscription services.
This market research report on the global music streaming service market 2018-2022 also provides an analysis of the most important trends expected to impact the market outlook during the forecast period. Technavio classifies an emerging trend as a major factor that has the potential to significantly impact the market and contribute to its growth or decline.
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In this report, Technavio highlights wearables with music streaming as one of the key emerging trends in the global music streaming service market:
Global music streaming service market: Wearables with music streaming
Wearable technology is a rapidly growing market in the consumer electronic segment. Currently, consumers are increasingly adopting smartwatches, as smart watches replicate the smartphone experience by acting as a schedule manager and notification hub. Several manufacturers are now focusing on integrating music playback options in their devices. Moreover, further advances in smartwatch technology and wireless connectivity are expected to allow direct music streaming services to be compatible with these devices. Thus, with the introduction of such advanced features, the global music streaming services market is predicted to show a positive outlook during the forecast period.
“Consumers are increasingly adopting subscription services for streaming digital music. the main reason for this is the free subscription services offered by most of the market players. Vendors are also seen adopting push strategies by focusing on the freemium business model that aims at migrating free users to premium services while ensuring sustainability. Free users usually migrate to gain access to unlimited and uninterrupted content. This leads to an increase in the adoption of subscription services,” says a senior analyst at Technavio for research on media and entertainment services.
Global music streaming service market: Segmentation analysis
This market research report segments the global music streaming service market by end-user (individual user and commercial user) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2017 with a market share of more than 60%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to show the highest incremental growth of close to 11%. The other two regions are expected to witness a decline in their market share.
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Source: Business Wire Entertainment News