What Fueled The Previous Growth In The Generative Artificial Intelligence AI In Music Market?
The generative artificial intelligence ai in music market has seen considerable growth due to a variety of factors.
• The market size of generative artificial intelligence (AI) in the music industry has seen a massive expansion over the recent years. Its growth is projected to jump from $0.34 billion in 2024 to $0.44 billion in 2025, with a compound annual growth rate (CAGR) of 29.0%.
The historic period growth can be credited to factors such as the rise in computing power, artistic innovation, the availability and quality of data, content personalization, and the surge in big data.
How Does the Forecast Look for the Generative Artificial Intelligence AI In Music Market?
The generative artificial intelligence ai in music market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of generative artificial intelligence (AI) in the music industry is projected to experience substantial expansion in the forthcoming years. It is expected to surge to $1.22 billion by 2029, with a compound annual growth rate (CAGR) of 28.7%.
The projected growth can be credited to the integration of AI with creative tools, its incorporation in creative workflows, as well as ethical and regulatory factors. Other contributing factors include cost-efficiency, scalability, and the rise of AI-based content discovery. The forecast period will also see major trends such as the progression in deep learning algorithms, a merger of AI with human creativity, avenues for monetization, real-time content production, and the creation of hyper-realistic content.
What Are The Leading Drivers Of Growth In The Generative Artificial Intelligence AI In Music Market?
The rise in smartphone use is anticipated to boost the expansion of generative artificial intelligence (AI) within the music industry. Smartphones, devices that merge a mobile phone and portable computer offering email, data storage, and internet access, are being adopted thanks to factors like connectivity, multifunctionality, cultural and societal influences, cost-effectiveness, and availability. The common use of smartphones gives many users across the globe the ability to access a variety of music creation applications and platforms that employ Generative AI. These applications empower users to create, remix, and produce music right from their smartphones, removing the need for expensive studio hardware or particular software. For example, In May 2024, BankMyCell, a telecommunications firm based in New York, reported a global smartphone user base of 4.88 billion, indicating that 60.42% of the world's population owns a smartphone. Considering users with more than one device, the total number of active smartphone subscriptions globally is 7.21 billion. Projections suggest that the number of smartphone users may rise to 6.38 billion by 2029, a 30.73% increase over five years. Hence, the growing adoption of smartphones is spurring the development of generative AI in the music industry.
How Are The Segments Defined Within 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
Subsegments:
1) By Generative Adversarial Networks (Gans): Music Composition And Generation, Style Transfer And Genre Creation, Sound Design And Sampling
2) By Augmented Reality Convolutional Neural Networks (AR-Cnns): Music Visualization And Interaction, Real-Time Music Creation And Manipulation, Virtual Music Performance Enhancements
3) By Transformer-Based Models: Music Sequence Generation, Melody And Harmony Composition, Lyrics And Songwriting AI Tools
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What Trends Are Reshaping The Future Of The Generative Artificial Intelligence AI In Music Market?
Leading firms within the generative artificial intelligence (AI) sphere in the music market have begun creating unique AI instruments such as Stable Audio, which aid in cultivating creativity, augmenting workflows, and encouraging original compositions. Stable Audio, an AI tool for music and sound generation, creates melodies, harmonies, rhythms, sound effects, and complete musical pieces autonomously, or in cooperation with humans. For example, in September 2023, Stability AI Ltd., an open-source generative AI company based in the UK, debuted Stable Audio. Utilizing the most advanced AI algorithms, Stable Audio delivers superior music in a quicker way via an easy-to-understand online interface. Stable Audio comes in two formats: the free basic version that enables the creation and downloading of up to 20-second pieces, and the 'Pro' schema that allows the creating and downloading of up to 90-second tracks for commercial utilization. Using the newest AI technologies, Stable Audio offers musicians a way to create samples for their tracks.
Who Are the Key Players In The Generative Artificial Intelligence AI In Music Market?
Major companies operating in the generative artificial intelligence (AI) in music market report are:
• Apple Inc
• Alphabet Inc
• Microsoft Corporation
• Alibaba Group Holding Limited
• Sony Group Corporation
• Amazon Web Services Inc
• International Business Machines Corporation (IBM)
• NVIDIA Corporation
• Shutterstock Inc
• DEEZER SA
• OpenAI Inc
• Native Instruments USA Inc.
• Stability AI Ltd
• SoundHound AI Inc
• SoundCloud Global Limited & Co KG
• Moises Systems Inc
• Pixelette Technologies LTD
• Boomy Corporation
• Amper Music Inc.
• DigiTrax Entertainment Inc
• Pandora Media Inc
• Mubert Inc
• Vochlea Music Ltd
• Aiva Technologies SARL
• WaveAI Inc
What Is The Most Dominant 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 2024. 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.
