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.