What Is The Definition Of The Global Generative Artificial Intelligence (AI) In Music Market?
Generative artificial intelligence (AI) in music refers to the process of employing artificial intelligence algorithms on extensive collections of pre-existing music to analyze patterns, styles, and structures to enable them to create, generate, or alter music compositions independently. The generative AI in music offers versatile tools and capabilities that enrich the creative process, inspire innovation, and push the boundaries of musical expression.
Generative Artificial Intelligence (AI) In Music Global Market Report 2024 provides data on the global generative artificial intelligence (ai) in music market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The Generative Artificial Intelligence (AI) In Music market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Generative Artificial Intelligence (AI) In Music Market Size Expected To Change, And What Are The Growth Rate Projections?
The generative artificial intelligence (AI) in music market has experienced exponential growth, expanding from $0.27 billion in 2023 to $0.34 billion in 2024 with a compound annual growth rate (CAGR) of 28.4% in the historic period. This growth is driven by increased computing power enabling sophisticated AI algorithms, creative experimentation fostering new musical expressions, availability of vast datasets enhancing AI learning capabilities, personalized content creation tailored to individual preferences, and the utilization of big data for comprehensive music analysis. Looking ahead, the market is poised for continued exponential growth, projected to reach $0.95 billion by 2028 with a CAGR of 28.8%. Anticipated growth drivers include deeper integration of AI tools into creative workflows, adherence to ethical and regulatory standards in AI-driven content generation, scalability and cost-effectiveness in music production, and the emergence of AI-powered tools for content discovery. Major trends expected in the forecast period encompass advancements in deep learning techniques optimizing music composition, collaborative efforts blending AI capabilities with human creativity, new monetization models for AI-generated music, real-time AI algorithms facilitating dynamic music creation, and innovations enabling hyper-realistic musical experiences.
Which Drivers Are Accelerating Growth In The Generative Artificial Intelligence (AI) In Music Market?
The generative artificial intelligence (AI) in the music market is expected to grow with the widespread adoption of smartphones globally. Smartphones combine mobile phone functionality with computing capabilities, facilitating access to music creation apps powered by generative AI. Vietnam recorded 93.5 million smartphone subscribers by March 2022, representing 73.5% of the adult population. This widespread adoption enables users to compose, remix, and produce music directly from their devices, spurring growth in the generative AI in the music market through 2023, 2024, and 2028, supported by increasing accessibility to AI-driven music creation tools
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What Are The Core Segments Of The Global Generative Artificial Intelligence (AI) In Music Market?
The generative artificial intelligence (ai) in music market covered in this report is segmented –
1) By Type: Generative Adversarial Networks (GANs), Augmented Reality Convolutional Neural Networks (AR-CNNs), Transformer-Based Models
2) By Component: Software, Services
3) By Application: Composition Of Music, Music Mastering, Streaming Music, Making Of New Sounds, Other Applications
Which Emerging Trends Are Reshaping The Generative Artificial Intelligence (AI) In Music Market Size?
Companies in the generative AI in music market are developing advanced AI tools like Stable Audio to enhance creativity and streamline workflows. Stable Audio is an AI tool that autonomously generates melodies, harmonies, rhythms, and entire compositions or collaborates with users. For example, in September 2023, Stability AI Ltd., a UK-based generative AI company, launched Stable Audio, which offers both a free edition for creating 20-second songs and a 'Pro' membership for 90-second tracks. This tool helps musicians create samples for their songs using the latest AI technology.
What Is The Largest Region In The Generative Artificial Intelligence (AI) In Music Market?
North America was the largest region in the generative artificial intelligence (AI) in music market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the generative artificial intelligence (AI) in music market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
