Worldwide Background Music Market Size to Grow by USD 1902.8 Million | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, And Trends | Vantage Market Research
Vantage Market Research
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WASHINGTON, July 08, 2022 (GLOBE NEWSWIRE) -- Vantage Market Research's recent analysis of the Global Background Music Market finds that the increasing travel and tourism sector and growing demand from the hospitality industry are anticipated to bolster the growth of the Global Background Music Market during the forecast period. The Global Background Music Market revenue is expected to reach a value USD 1,902.8 Million in the year 2028.
The Global Market revenue stood at a value USD 1,428.1 Million in the year 2021 and is expected to grow to exhibit a Compound Annual Growth Rate (CAGR) of 4.9% during the forecast period; states Vantage Market Research, in a report, titled “Background Music Market Size, Share & Trends Analysis Report by Type (AV System Equipment, In-App & Web), by End-Use Industry (Hotels & Motels, Retail Stores, Cafes & Restaurants, Workplace, Fitness & Recreational Sport Centers, Spas & Wellness Centers, Beauty & Hair Salons, Other Industries), by Region (North America, Europe, Asia Pacific, Latin America) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)”.
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Key Insights & Findings from the Report:
According to our primary respondents’ research, the Background Music market is predicted to grow at a CAGR of roughly 4.9% during the forecast period.
The Background Music market was estimated to be worth roughly USD 1,428.1 Million in 2021 and is expected to reach USD 1,902.8 Million by 2028; based on primary research.
On the basis of region, Asia Pacific is projected to dominate the worldwide Background Music market.
Market Dynamics:
Increasing Travel and Tourism Sector to Drive the Market Growth
The increasing Travel and Tourism Sector is anticipated to augment the growth of the Background Music Market during the forecast period. Various styles and sequences of music, such as amplified or acoustic, instrumental or vocal, or other forms, are universal and ubiquitous cultural expressions. It represents the human culture and can therefore have an immeasurable impact on the human mind. Music is available in almost every country except some countries such as Afghanistan and Mali. Music spreads through commercial and informal digital broadcasts, downloads, recordings, movies, etc., positively or negatively impacting travelers' awareness. In addition, it enhances the atmosphere of the place. Background Music Market providers have also kept track of this and incorporated it into their offerings. For example, Beatsuite offers adventure and travel music genres that can be sorted by mood/theme, keywords, popularity, and release date. In addition, travel Vlog has become a trend as people can share great experiences by exploring remote areas. In such cases, Background Music Market also plays an important role. A proper soundtrack can make your travel-inspired experience even more appealing. Thus, the factors mentioned above are anticipated to propel the market's growth.
Growing Demand from Hospitality Industry to Stimulate Market Growth
The growing demand from the hospitality industry is expected to fuel the growth of the Background Music Market within the estimated timeframe. Background Music Market is essential in the hospitality industry since it serves as a medium for attracting customer attention. Furthermore, online services provide consumers with the convenience of ordering food from the comfort of their homes, resulting in a significant decrease in the number of consumers visiting restaurants. To address this issue, restaurants provide extensive menus, in-house entertainment, superior services, and other value-added services to attract customers. Therefore, Background Music Market systems add value to the consumer experience. In addition, fine-tuning playlists can potentially increase sales by influencing human behavior; also, there is an increase in sales and consumption of alcoholic beverages when consumers are exposed to upbeat Background Music Market.
The COVID-19 outbreak has affected various industries worldwide. Governments across the world implemented strict lockdown measures and social distancing norms in order to restrict the swift spread of the pandemic. Manufacturing facilities around the world were shut down during the initial stages of the pandemic. Moreover, the economic crisis after the pandemic might lead to a significant delay in the commercial roll-out of the consumer electronics industry. Small and medium-scale companies are the backbone of technology providers and are witnessing a steep drop in revenue since the emergence of the pandemic in 2020. Hence, market players faced numerous challenges as disruptions in the supply chain were observed. However, things will improve in the second half of 2022 as more supplies will come online. The impact of COVID-19 on the market demand is considered while estimating the current and forecast market size and growth trends of the market for all the regions and countries based on the following data points:
Impact Assessment of COVID-19 Pandemic
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
Quarterly Market Revenue Forecast by Asia Pacific 2020 & 2021
Key Strategies Undertaken by Companies to Tackle COVID-19
Asia Pacific to Witness Fastest Growth in the Market
Asia Pacific is expected to grow at the fastest Compound Annual Growth Rate (CAGR) during the forecast period and is likely to continue the same trend during the forecast period. This is attributable to the increase in the percentage of commercial spaces like cafes, restaurants, and shopping malls in the region's developing economies. Furthermore, most of the major players are entering emerging economies such as India, which is also likely to support the regional growth of the market. Additionally, the increase in penetration of connected devices and technological developments is also expected to contribute to the market's growth in the region.
List of Prominent Players in Background Music Market:
USEN CORPORATION
Mood Media
Sirius XM Radio Inc.
Touch Tunes Music Corporation
Play Network Inc.
Image sound Limited
NSM Music
Music Concierge
Rockbot
Almotech Limited
Recent Developments:
May 2022: Sky Wire Broadcast announced the launch of a wide range of PTZ Camera series, Video Switcher, and Wireless Video Transmitters. The new range is an extension of Sky Wire Broadcast’s products & services.
March 2021: Spotify announced to launch of its music streaming service in India. The launch of music streaming services was a strategic step in order to stay ahead of other competitors such as Apple.
Key questions answered in the report:
Which regional market will show the highest and rapid growth?
Which are the top five players of the Background Music Market?
How will the Background Music Market change in the upcoming six years?
Which application and product will take a lion’s share of the Background Music Market?
What is the Background Music market drivers and restrictions?
What will be the CAGR and size of the Background Music Market throughout the forecast period?
This market titled “Background Music Market” will cover exclusive information in terms of Regional Analysis, Forecast, and Quantitative Data – Units, Key Market Trends, and various others as mentioned below:
Parameter
Details
Market Size Provided for Years
2016-2028
Base Year
2021
Historic Years
2016-2020
Forecast Years
2022-2028
Segments Covered
• Type
° AV System Equipment
° In-App & Web
• End Use Industry
° Hotels & Motels
° Retail Stores
° Cafes & Restaurants
° Workplace
° Fitness & Recreational Sport Centers
° Spas & Wellness Centers
° Beauty & Hair Salons
° Other Industries
• Region
° North America
° Europe
° Asia Pacific
° Latin America
° Middle East & Africa
Region & Counties Covered
• North America
° U.S.
° Canada
° Mexico
• Europe
° U.K
° France
° Germany
° Italy
° Spain
° Rest Of Europe
• Asia Pacific
° China
° Japan
° India
° South Korea
° South East Asia
° Rest Of Asia Pacific
• Latin America
° Brazil
° Argentina
° Rest Of Latin America
• Middle East & Africa
° GCC Countries
° South Africa
° Rest Of Middle East & Africa
Companies Covered
• USEN CORPORATION
• Mood Media
• Sirius XM Radio Inc.
• Touch Tunes Music Corporation
• Play Network Inc.
• Image sound Limited
• NSM Music
• Music Concierge
• Rockbot
• Almotech Limited
Report Coverage
Market growth drivers, restraints, opportunities, Porter’s five forces analysis, PEST analysis, value chain analysis, regulatory landscape, technology landscape, patent analysis, market attractiveness analysis by segments and North America, company market share analysis, and COVID-19 impact analysis
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