Global Background Music Market 2023-2027
Technavio has been monitoring the background music market and it is poised to grow by $421.73 mn during 2023-2027, accelerating at a CAGR of 7.69% during the forecast period. Our report on the background music market provides a holistic analysis, market size and forecast, trends, growth drivers, and challenges, as well as vendor analysis covering around 25 vendors.
The report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment. The market is driven by demand for BGM in the retail sector, growing use of BGM in public spaces, and increased regulatory pressure to prevent music piracy and copyright infringement.
Technavio's background music market is segmented as below:
By Product Type
- Commercial buildings
- Public infrastructure
By Geographical Landscape
- North America
- Middle East and Africa
- South America
This study identifies the growth of music subscription services as one of the prime reasons driving the background music market growth during the next few years. Also, the availability of advanced music-mixing systems and the introduction of the music modernization act will lead to sizable demand in the market.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources by an analysis of key parameters. Our report on the background music market covers the following areas:
- Background music market sizing
- Background music market forecast
- Background music market industry analysis
Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading background music market vendors that include Almotech Media Solutions, AMI Entertainment Network LLC, Auracle Sound Ltd., Brandtrack Inc., CMRRA SODRAC Inc., Heartbeats International AB, HIBOU MUSIC LIBRARY, Imagesound Group, Liberty Media Corp., Mood Media Corp., Open Ear Music Ltd., Qsic Pty Ltd., Rockbot Inc., SOUNDMACHINE, Soundreef, Soundtrack Your Brand Sweden AB, Stingray Media Group., TouchTunes Music Corp., USEA Pte Ltd. , and Xenox Music and Media B.V.. Also, the background music market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage all forthcoming growth opportunities.
The study was conducted using an objective combination of primary and secondary information including inputs from key participants in the industry. The report contains a comprehensive market and vendor landscape in addition to an analysis of the key vendors.
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources through an analysis of key parameters such as profit, pricing, competition, and promotions. It presents various market facets by identifying the key industry influencers. The data presented is comprehensive, reliable, and a result of extensive primary and secondary research. Technavio's market research reports provide a complete competitive landscape and an in-depth vendor selection methodology and analysis using qualitative and quantitative research to forecast accurate market growth.