Research Support Specialist, USA
The global music app market size is expected to reach USD 17.10 billion by 2028, registering a CAGR of 8.0% over the forecast period, according to a new report by Million Insights. The market growth is owing to the growing penetration of 5G services across the globe. Rapidly growing demand for an OTT music platform across the globe is bolstering the market growth.
Digital revolution across emerging economies such as China and India is propelling the growth of the market. International Federation of the Phonographic Industry (IFPI) had reported that an Indian consumer spends 21.5 hours per week listening to music, which is higher than the global average of 17.8 hours per week. Moreover, a surge in the adoption of apple music in North America is propelling the growth of the market.
Key players are focusing to provide ad-supported playlists for music apps. The prime players are offering unlimited paid access with the advanced user interface. Multiple companies are providing subscription-based audio streams to improve digital revenue. The evolution of music consumption from physical to streaming-based content is anticipated to emerge as a major growth contributor for the global market.
The Apple iOS Store segment will register the highest CAGR over the forecast period. This can be accredited to the growing demand for i Tunes from consumers in the U.S. and the U.K. Additional security concern and seamless connectivity features are fueling the market growth. Multitasking, fast access to i Tunes store, and automatic updates are reflecting the significant market growth during the forecast period.
North America made the largest contribution in the global music app with over 40% share in 2020 due to the rising demand for recorded music from the consumer the U.S. and Canada. The rising trend in the U.S. to adopt social media integrations are propelling the market growth. The market share of the U.S. is driven by the rising demand for voice search and command-based music apps.
The report “Music App Market Size, Share & Trends Analysis Report By Marketplace (Google Play Store, Apple iOS Store), By Region (North America, Europe, Asia Pacific, Central & South America, Middle East & Africa), And Segment Forecasts, 2021 - 2028” is available now to Million Insights.
Million Insights has segmented the global music app market based on marketplace and region:
Music App Marketplace Outlook (Revenue, USD Million, 2017 - 2028)
Music App Regional Outlook (Revenue, USD Million, 2017 - 2028)