The global live audio streaming market is estimated to account US$ 470.2 Mn in 2018 and is expected to grow at a CAGR of 10.8% during the forecast period 2019 – 2027, to account for US$ 1,166.4 Mn by 2027.
The consumption of digital content has been increasing at an exponential rate from the past decade owing to the increasing penetration of smartphones and easy accessibility to internet to world population. The rising digital transformation in various services, ranging from banking and government services to music services, has been a major factor driving the global transition of customers from traditional solutions to digital ones. The demand for smartphones and other consumer devices is witnessing immense growth in developed as well as developing countries, majorly due to increasing technology advancements and availability of large number of digital services.
In the current scenario, consumer electronic devices are being widely used for accessing digital content of all type, including audio and video. The devices such as smartphones, tablets, and PCs have become an integral part of human lives. Further, the rising disposable income levels and increasing demand for digital content are among the factors driving the growth of live audio streaming services worldwide. The availability of affordable data plans and low-cost smartphones is the major factor that has driven digital content consumption among consumers worldwide.
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Leading Key Players profiles in the market includes, Adobe Inc., Bloomberg L.P, DaCast, Lime Broadcast Group, Lineapp GmBH, Live365, MIXLR Ltd., Muvi LLC, SoundCloud, Spotify Technology S.A, Stream Monster Inc.
In 2018, North America led the global live audio streaming market with more than 30% share, followed by Europe and APAC. North America reports tremendous penetration of smartphones among people, and hence, the consumption of digital streaming services, both audio and video, is also high in this market. With increasing digitalization of various services, consumer behavior is rapidly changing across the world, and they are moving from traditional to digital media. Consumer electronics such as smartphones, tablets, PCs, and wearable have become an integral part of an individual’s lifestyle in recent times, and thus, the implementation of digital services has increased multifold during the past decade. The bolstering demand for smartphones, coupled with easy accessibility of internet connectivity due to low-cost data plans, is fuelling the demand of live audio streaming services in both developed and developing countries.
North America is the economic power house of the world and has continued its legacy for around a century. The regions holds the largest and strongest economy supported by industrial dynamo, thus attracting millions of immigrants looking for better life. Being economically robust the region also attracts several industries to invest their capital in the North American market. Its economic strength also makes it capable of adapting the novel technologies into its ecosystem. This ability of the region enables its businesses to smoothly shift toward the adoption of smartphones is remarkable. The live audio streaming market further capitalizes on the increasing penetration of smartphones in North America.
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Live Audio Streaming Market – Geographic Breakdown, 2018
The report segments the global live audio streaming market as follows:
Global Live Audio Streaming Market – By Component
- Software & Services
Global Live Audio Streaming Market – By Platform
Global Live Audio Streaming Market – By Application
- Music Concerts & Events
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This post was originally published on Industry Updates Daily