LONDON--(BUSINESS WIRE)--Oct 26, 2020--

Technavio has been monitoring the background music market, operating under the consumer discretionary industry. The latest report on the background music market, 2020-2024 estimates it to register an incremental growth of by USD 82.22 mn, at a CAGR of almost 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

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Technavio has announced its latest market research report titled Global Background Music Market 2020-2024 (Graphic: Business Wire)

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. Almotech Ltd., AMI Entertainment Network LLC, Imagesound Ltd., Mood Media Corp., NSM Music, PlayNetwork Inc., Qsic Pty Ltd., Rockbot Inc., Sirius XM Holdings Inc., and SOUNDMACHINE are among some of the major market participants.

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The growing use of background music in public spaces coupled with the growth of the retail sector has been instrumental in driving the growth of the market. In addition, background music is proven to influence engagement with the environment. This will fuel the growth of background music from the retail industry.

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Background Music Market 2020-2024: Segmentation

Background Music Market is segmented as below:

• End-user
  • Hospitality
  • Retail
  • Commercial Buildings
  • Public Infrastructure
  • Others
• Geographic Landscape
  • APAC
  • Europe
  • MEA
  • North America
  • South America

Based on geographic segmentation, over 38% of the market’s growth originated from Europe during the forecast period. In addition, the hospitality segment led the growth under the end-user segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the background music market size.

Background Music Market 2020-2024: Scope

Technavio presents a detailed picture of the market by the way of study, synthesis, and summation of data from multiple sources. The background music market report covers the following areas:

• Background Music Market Size
• Background Music Market Trends
• Background Music Market Industry Analysis

This study identifies increased regulatory pressure to prevent music piracy and copyright infringement as one of the prime reasons driving the Background Music Market growth during the next few years.

Technavio suggests three forecast scenarios (optimistic, probable, and pessimistic) considering the impact of COVID-19. Technavio’s in-depth research has direct and indirect COVID-19 impacted market research reports.

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Background Music Market 2020-2024: Key Highlights

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will assist background music market growth during the next five years
• Estimation of the background music market size and its contribution to the parent market
• Predictions on upcoming trends and changes in consumer behavior
• The growth of the background music market
• Analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of background music market vendors

Table of Contents:

Executive Summary

• Market Overview

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2019
• Market outlook: Forecast for 2019 - 2024

Five Forces Analysis

• Five Forces Summary
• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by End-user

• Market segments
• Comparison by End-user placement
• Hospitality - Market size and forecast 2019-2024
• Retail - Market size and forecast 2019-2024
• Commercial buildings - Market size and forecast 2019-2024
• Public infrastructure - Market size and forecast 2019-2024
• Others - Market size and forecast 2019-2024
• Market opportunity by End-user

Customer Landscape

• Overview

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• North America - Market size and forecast 2019-2024
• Europe - Market size and forecast 2019-2024
• APAC - Market size and forecast 2019-2024
• South America - Market size and forecast 2019-2024
• MEA - Market size and forecast 2019-2024
• Key leading countries
• Market opportunity by geography

Drivers, Challenges, and Trends

• Market drivers
• Volume driver - Demand led growth
• Volume driver - Supply led growth
• Volume driver - External factors
• Volume driver - Demand shift in adjacent markets
• Price driver - Inflation
• Price driver - Shift from lower to higher-priced units
• Market challenges
• Market trends

Vendor Landscape

• Overview
• Vendor landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Almotech Ltd.
• AMI Entertainment Network LLC
• Imagesound Ltd.
• Mood Media Corp.
• NSM Music
• PlayNetwork Inc.
• Qsic Pty Ltd.
• Rockbot Inc.
• Sirius XM Holdings Inc.
• SOUNDMACHINE

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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KEYWORD:

INDUSTRY KEYWORD: MUSIC ENTERTAINMENT

SOURCE: Technavio Research

Copyright Business Wire 2020.

PUB: 10/26/2020 07:00 PM/DISC: 10/26/2020 07:01 PM

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