“Cloud music streaming enables users to search, maintain, store, streamline, and sync their music preferences from anywhere at any time over their devices. In addition, with technological advancements such as 3G and 4G networks, consumers can gain high speed access to their audio content over the cloud,” according to a Fact.MR analyst.
Dublin, Ireland, Aug. 17, 2022 (GLOBE NEWSWIRE) — The global cloud music streaming market was valued at around US$ 10 Bn in 2020, and is expected to reach a valuation of US$ 30 Bn by 2031, accelerating at a CAGR of 12%. Demand for cloud music streaming for individual use is higher and is projected to rise at a CAGR of 10% across the assessment period of 2021 to 2031.
Cloud music streaming is gaining momentum owing to increased penetration of cloud services for digital music. With the help of cloud music services, users can back-up their music collection and do not need to worry about hard drive failure or virus infection.
Cloud music streaming services are increasingly being adopted in mobile phones. These services typically use the freemium model, where it allows the storage of the data free of cost up to a certain amount, and the user has to pay minimal charge for using cloud services. Cloud music streaming service providers further offer certain features such as customized playlists, song recommendations, and easy accessibility to music on both, app and browser platforms.
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Upsurge in popularity of podcasts is attracting consumers’ attention and is expected to further drive the market over the coming years. This industry is expected to grow at a significant pace due to increase in preference for cloud music streaming among both, consumers and music creators.
Key Takeaways from Market Study
- Global cloud music streaming market to top US$ 30 Bn by 2031.
- Cloud music streaming for commercial use to expand at above 9% CAGR over next 10 years.
- Market in North America holds share of more than 40%.
- Market in Japan expected to reach valuation of US$ 7 Bn by 2031.
- Market in South Korea to record 8% CAGR over forecast period of 2021- 2031.
Key Points Covered in Cloud Music Streaming Industry Survey
- Market Estimates and Forecasts (2016-2031)
- Key Drivers and Restraints Shaping Market Growth
- Cloud Music Streaming Market Report
- Segment-wise, Country-wise, and Region-wise Analysis
- Competition Mapping and Benchmarking
- Brand Share and Market Share Analysis
- Key Product Innovations and Regulatory Climate
- COVID-19 Impact on Cloud Music Streaming and How to Navigate
- Recommendation on Key Winning Strategies
North America leads with more than 40% share in the global market for cloud music streaming. North America has also been a pioneer in the adoption of music services, which provides the region with an edge over other regions.
Presence of key market players such as
- Amazon.com Inc.
- Apple Inc.
- Google LLC
- Pandora Media Inc.
is one of the primary factors driving the market in the region.
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Top companies in the cloud music streaming market are acquiring start-ups working on cloud-based music services to strengthen their product capabilities.
- Spotify launched its service in 13 new markets in the Middle East and North Africa, with a fully Arabic user experience, offering music fans the best of international and local music, and a wealth of locally-curated playlists, such as Oriental Chill Vibes and Arabic EDM, among others.
- Amazon launched Amazon Prime Music, an ad-free music streaming service available exclusively for Prime members. The service includes features such as unlimited offline downloads and voice controlled search with Amazon’s personal assistant software – Alexa.
Key Market Segments in Cloud Music Streaming Industry Research
- Cloud Music Download
- Cloud Music Streaming Subscription
- Ad-based Cloud Music Streaming
- Cloud Music Streaming in Smartphones
- Cloud Music Streaming in Laptops
- Cloud Music Streaming in Tablets
- Cloud Music Streaming in Cars
- Cloud Enabled Stereo Systems
- End Use
- Cloud Music Streaming for Individual Use
- Cloud Music Streaming for Commercial Use
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More Valuable Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the cloud music streaming market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031.
The study divulges essential insights on the market on the basis of type (cloud music download, cloud music streaming subscriptions, and ad-based cloud music streaming), application (smartphones, laptops, tablets, cars, and cloud-enabled stereo systems), and end use (individual and commercial), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
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