Generative AI Music Market USD 2.6 Billion by 2032

The global Generative AI in Music Market size accounted for USD 229 million in 2022 and growth is estimated to accelerate at a CAGR of 28.6%, registering an incremental revenue of USD 2.6 billion by 2032. The generative AI in music is dependent on deep learning and analyzing large amounts of data. In the current era of digitalization, artists are more inclined towards online presence and creating visually captivating content to achieve success and popularity.

Key Takeaway:

By component, the software segment generated the largest revenue share of 55% in 2022.

By type, the GANs segment has dominated the market, accounting for the largest global revenue of 41% in 2022.

By Application, the mastering music segment dominated the market, with the largest market revenue share of 30% in 2022.

In 2022, North America dominated the market with the highest revenue share of 35%.

Asia Pacific region is expected to grow at a significant CAGR from 2023-2032.

The generative AI music tools help generate music faster and more affordably compared to traditional use. The standard business process for creating music requires more time, effort, and costs. Thus, the artists and music generators in the market are adopting generative AI music synthesizers for effective business.

Factors affecting the growth of generative AI in music market

Several factors can affect the growth of generative AI in music market. Some of these factors include:

Increasing use in the composition of music: Companies in the music market are introducing various AI tools for the composition of music and remix music that allows consumers to construct their own rhythms.

Increasing use in music generation from texts: The artists in music industries prefer generative AI tools in music generation. Generative AI tools are more efficient than traditional music generation because they are cost-effective and also save time. Google researchers have introduced MusicLM, which is an AI model that can generate high-fidelity music from the text.

Top Trends in Global Generative AI in Music Market

The traditional music generation is replacing with generative AI music tools. The demand for generative AI music tools is increasing in music mastering among the younger generation. AI audio/video generator tools producer market companies are focusing on providing cost-effective and high-quality services to meet high consumer demand. AI is starting to play an important role in the music industry because it allows musicians to generate music from texts with low costs and within less time. The artist is shifting towards generative AI tools to gain popularity in the music industry.

Market Growth

Authentic artists have launched a wide variety of AI-powered virtual artists that provide fresh music experiences. In 2021, audio-on-demand streaming services such as Spotify generated the highest revenue in the United States. The artists in the music industry are using generative AI music tools for good-quality music generation. Increasing adoption of smartphones and rising numbers of mobile music apps are driving the demand for generative AI in music. Generative AI has opened up new opportunities for generating new sounds and rhythms. The increasing applications of generative AI in music in the music industry are driving the market growth.

Regional Analysis

The generative AI in music market was dominated by North America, which acquired the most significant revenue share of 35% in 2022. The United States is also home to some popular music festivals, including Bonnaroo, Coachella, and Lollapalooza. Thus the music industry plays a vital role in the regional growth of the market. With technological advancements and artificial intelligence, the music industry is expected to show lucrative growth in the forecast period. The music industry in North America accounted for 28.8 billion in 2021 due to the emergence of music companies such as Spotify. However, the Asia Pacific region is expected to grow at the fastest CAGR during the forecast period due to the revolution in the music industry because of the generative AI.

Competitive Landscape

Several key companies in generative AI in music market focus on technological advancements in AI tools to provide better services. Also, companies are adopting marketing strategies such as merging and acquisition to stay competitive in the market. Several major key players in generative AI in music market include Shutterstock Inc., Aiva Technologies SARL., Soulful, Ecrett music, Boomy Corporation, OpenAI, Amadeus Code, etc.

Market Drivers

The growth of the market is propelled by increasing listening habits in the younger generation. Many AI music tools are available in the market that supports both beginner and seasoned musicians in creating their own music. Thus, the demand for generative AI music tools is increasing, hence driving the market. Increasing adoption of smartphone and technological advancements is mainly driving the growth of global generative AI in music market. In addition, the music industry's introduction of technological advancements, such as the Internet of Things (IoT), deep learning, and machine learning, is fueling the market growth.

Market Restraints

Generative AI in music may not always be able to produce high-quality outputs. The generated outputs also may contain some errors that have a negative impact on market growth. The cyber-attacks and consumer data privacy issues are increasing due to a lack of data, overly complex models, and poor training expected to hamper market growth during the forecast period.

Market Opportunities

The demand for generating music from texts has opened up new avenues of creativity for musicians and non-musicians. Increasing applications of generative AI in music composition of music, music mastering, streaming music, and making of new sounds are expected to drive the market during the forecast period. Rapidly increasing adoption of smartphones and the introduction to the internet of things(IoT) are anticipated to create lucrative growth opportunities in the market. The technological advancements in the music industry bought new innovations in the music industry expected to drive the market in the forecast period.

2023 CEO Investor Day Kia EV sales

Kia Corporation (Kia) today provided an update on its future strategies through the Kia CEO Investor Day event held in Seoul, Korea.

Kia has updated its mid- to long-term business strategy with a focus on electrification. Kia's updated 2030 annual sales target is 4.3 million units, of which 2.38 million units will be electrified vehicles. The financial targets have also been increased to KRW 160 trillion in gross revenue, 16 trillion won in operating profit and 10 percent in operating profit margin.

Kia first unveiled its mid- to long-term strategy entitled 'Plan S' in 2020, which focuses on a pre-emptive transformation towards an EV-focused business and providing customized mobility solutions. Since then, Kia has held a CEO Investor Day every year to present updates on the company's future vision and goals.

During the 2023 CEO Investor Day, Kia announced updated goals and specific details of its business strategy. Kia's 2030 global sales target of 4.3 million units is 34.4 percent higher than its 2023 annual sales target of 3.2 million units. It also plans to become a leading EV brand by raising the proportion of electrified car sales to 55 percent (2.38 million units) in 2030. This is a 7.5 percent (300,000 units) increase from the 2030 target announced in 2022, while the global sales target for electrified vehicles has increased by 15.5 percent (320,000 units).

"In 2021, Kia went through a full-scale transformation of its corporate name, logo, product and design, as well as corporate strategy. As a result, our brand value has improved significantly, helping us to win a number of 'Car of the Year' awards in key markets," said Kia President and CEO Ho Sung Song. "In order to become a Sustainable Mobility Solutions Provider, Kia needs to continue its efforts to strengthen Kia brand identity and establish an innovative and customer-centric business model."

Online Clothing Rental Market to grow USD 3 billion 2021 - 2026

The global online clothing rental market size is estimated to increase by USD 3.00 billion from 2021 to 2026. The market's growth momentum will decelerate at a CAGR of 17.91%. The rising popularity of experiential marketing is a key online clothing rental market trend. In the online clothing rental market, vendors have adopted experiential marketing by including consumer participation in various marketing activities. Online fashion platforms involved in both sales and rental businesses attract more consumers through experiential marketing efforts. Consumers are encouraged to participate in various campaigns like live marketing, participation marketing, loyalty, and event marketing. Furthermore, millennials are the most important target group for experiential marketing efforts. Such factors are expected to propel the online clothing rental market growth during the forecast period.

Vendor Landscape - The global online clothing rental market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer online clothing rental in the market are AARK World Pvt. Ltd, Armoire Style Inc., Dress and Go SA, Front Row, Girl Meets Dress, Glam Corner Pty Ltd., Glamourental, Gwynnie Bee, La Reina Gown, Mine for Nine LLC, My Secret Wardrobe, Rent An Attire, Rent the Runway Inc., Rotaro, Style Lend Inc., Stylease Pvt. Ltd., TheDressBank, Urban Outfitters Inc., Wrapd, and Your secret closet and others.

Segment Overview - Technavio has segmented the market based on end-user (women, men, and children) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The market share growth by the women segment will be significant during the forecast period. Women select attires depending on different occasions like a date, formal meeting, and others. As occasional clothing wear is priced higher, women increasingly prefer renting clothing over purchasing them. Furthermore, dumping unwanted clothing into landfills has a serious environmental impact. There is also a rising number of branded clothing retailers pointing out that there has been a growth in the number of women returning sold items. Additionally, an increasing number of working women, who prefer online shopping for buying apparel due to a hectic lifestyle are driving demand for online luxury apparel.

Geography Overview - By geography, the global online clothing rental market is segmented into APAC, North America, Europe, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global online clothing rental market. APAC is estimated to contribute to 44% of the market's growth during the forecast period. The factors facilitating the growth of the market in the region include the demand for affordable fashion and a wide assortment of fashion goods. Market growth in the APAC region is expected to be faster than the growth of the market in other regions.

Leading Drivers - The growing e-commerce fashion industry is one of the major drivers supporting the online clothing rental market growth. The increasing clothing requirements of consumers are fulfilled through the provision of online rental services. Consumers prefer renting apparel through online platforms because of the availability of a wide product portfolio and the convenience offered by online services. With a large number of existing e-commerce players as well as startups expanding their operations by heavily investing in the online clothing rental business, the global online clothing rental market is expected to grow during the forecast period.

Major challenges - Inventory management is one of the primary challenges hindering the online clothing rental market growth. When there is a high demand for a particular type of clothing, and enough supply is not readily available to them, vendors face stock-outs. A high-speed reverse logistics system is needed to complete product returns. Then, the returns need to be closely inspected in terms of damages so that the respective customer could be held responsible for the damages. Hence, vendors must maintain a track of SKUs for clothing under different stages like new items, older items, damaged items, and return items for laundry services. Timely replacements of older clothing items with new items must be checked regularly by the vendors. Therefore, a weak inventory management system might affect the overall business of vendors operating in the global online clothing rental market.

The King of Luxury Goods

As one of the most successful business leaders in the world, Bernard Arnault is an inspirational example of what hard work and ambition can accomplish. The CEO of LVMH Moet Hennessy Louis Vuitton (LVMH), Arnault, has overseen an incredible transformation of the company that has seen it become the world's largest luxury goods conglomerate. As a young entrepreneur, Arnault founded LVMH in 1984 after acquiring a majority stake in the wine and spirits company, Moet Hennessy. He quickly broadened the company's scope by adding additional luxury brands such as Louis Vuitton, Christian Dior, and Bulgari to the portfolio.

Through his leadership, LVMH has become a global powerhouse with a portfolio of more than 70 luxury brands and revenues in excess of $50 billion. But Arnault’s success has not been limited to LVMH. He has also been a major force in the art world, establishing the world’s largest private art museum, the Fondation Louis Vuitton, in 2014. He has been an active philanthropist, donating to causes such as the fight against cancer and environmental protection. Arnault’s success has been recognized by organizations such as the Financial Times, which named him one of the top business leaders of the past 25 years. Forbes currently ranks him as the richest person in the world in 2023.

At the helm of LVMH, Arnault has proven himself to be a master business strategist. He combines a deep understanding of luxury brands with a commitment to innovation and customer experience. Arnault has overseen numerous acquisitions and investments; these include the purchase of Tiffany & Co. in 2020, as well as the launch of new products and services, such as the LVMH Watch and Jewelry division in 2019. Arnault’s leadership of LVMH has been an inspiration to many. It testifies to the power of ambition and hard work. His success has been a major factor in the explosion of the luxury market. Yes, his legacy will be felt for years.

Under Arnault’s leadership, LVMH has become the world’s largest luxury goods company. It is a leader in the global luxury market. With over 70 brands, LVMH is the world’s largest producer of luxury goods. The goods include fashion and accessories, perfume, wines and spirits, watches and jewellery. In addition, the company has diversified its business by investing in companies such as Dior, Sephora, and Apple. As CEO, Arnault has been lauded for his innovative approach to business and vision for the future. He is well known for pushing the boundaries of luxury, creating unique experiences for customers and staying ahead of the competition. He has also been credited with creating the concept of “luxury populism,”. The concept allows customers to experience luxury without having to pay the full price.

Undoubtedly, Arnault’s leadership has been integral to LVMH’s success. Under his direction, the company has grown to become the world’s largest luxury goods company, with retail locations in more than 70 countries. In addition, the company has diversified its portfolio by investing in various industries, including technology and hospitality. As noted earlier, Arnault has received numerous awards and accolades. He was adorned "Person of the Year" by the Financial Times in 2020. He was celebrated as “Businessman of the Decade” by The Wall Street Journal in 2011. He has been recognized for his philanthropy, including a 2018 donation of $225 million to restore Notre Dame Cathedral.

Truly speaking, Bernard Arnault is a highly successful leader and an inspiring example for business professionals. His story has been an inspiration for many reminds us that hard work and dedication can pay off. LVMH's success stands as a testament to his leadership and vision. Interestingly, the world's largest luxury goods company in 2023 is a far cry from what it was in the past. Gone are the days of small, family-run businesses. The luxury goods industry has evolved into a multi-billion-dollar global enterprise driven by innovation, technology, and design. Today's luxury goods industry is dominated by a handful of industry giants such as LVMH, Kering, and Richemont. These companies have become trendsetters and industry leaders as they strive to create the best in luxury goods. They are constantly innovating and creating new designs, materials, and products that redefine the luxury goods market.

The world's largest luxury goods company in 2023 is a reflection of the changing industry. For example, LVMH has become a leader in the luxury goods industry, creating products that are both luxurious and sustainable. Kering and Richemont are also making a name for themselves in the industry by offering unique and innovative designs. Brands like LVMH and Kering are making sustainability a key focus of their businesses, with an emphasis on reducing environmental impact and creating high-quality, sustainable products.

The largest luxury goods companies are embracing technology to create better customer experiences. As such, companies like LVMH and Kering are investing heavily in technology to create an online presence for their brands and increase their customer engagement. They are also focusing on creating mobile apps that allow customers to shop and browse wherever they are.