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Digital Audio Workstation Market to Expand with Significant CAGR by 2023

The report "Digital Audio Workstation Market by Type (Recording, Editing, Mixing), End User (Professional/Audio Engineers and Mixers, Electronic Musicians, Music Studios), Component, Deployment Model, Operating Systems, and Region - Global Forecast to 2023", The digital audio workstation market size is expected to grow from USD 2.0 billion in 2018 to USD 3.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period. The key factors driving the digital audio workstation market include the growing focus on digitization of instruments and increasing adoption of cloud-based digital audio workstations in the music industry to enhance the music production process

The study includes an in-depth competitive analysis of the key players in the digital audio workstation market, along with their company profiles, recent developments, and key market strategies. Market players have embraced different strategies to expand their global presence and increase their market shares.

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Implementation and consulting services subsegment is estimated to grow at a higher as compared to the managed services subsegment during the forecast period. This growth is expected to be driven by the increased demand for digital audio workstations across the media & entertainment and education industries. Services are an essential part of the software deployment and execution lifecycle. Services, including consulting, product support, updates, and maintenance, are required at various stages, starting from pre-sales requirement assessment to post-sales product deployment and execution, thus enabling the client to get better return on investment (RoI).

The major vendors offering DAW market globally include Apple (US), Adobe (US), Avid (US), Ableton (Germany), Steinberg (Germany), MOTU (US), Acoustica (US), Presonus (US), Magix (Germany), Native Instruments (Germany), Cakewalk (US), Image-Line (Germany), Bitwig (Germany), Renoise (Germany), and Harrison Audio Consoles (US).

Apple is one of the major players in the DAW market. The company offers two solutions for this market: GarageBand and Logic Pro X. It caters to a huge client base in the media & entertainment industry with these offerings. Apple is focusing on enhancing these solutions and has recently released major updates for both solutions. It continuously takes efforts to bring cutting-edge technology to these offerings to help its professional clients produce the best quality music. GarageBand was recently upgraded with the latest sound library feature, which enables professionals to preview and download new Apple-designed sounds and instruments inside the app. Logic Pro X was upgraded with smart tempo and powerful effect plugins, which will enable users to manage tempo through all content with advanced tempo detection technology.

Avid is one of the largest solution providers to the media & entertainment industry. The company offers a robust portfolio of video and audio products and solutions. Apart from products and solutions, it also caters its client base with professional services, including consulting, project management, and project engineering. The company provides its award-winning technology to various end users, such as filmmakers, sound engineers and mixers, and professional musicians. It provides software as well hardware for music production. Avid serves its clientele in the DAW market with its digital audio workstation. The company focuses on expanding its presence in the market through agreements and partnerships. It also emphasizes on continuously improving its digital audio workstation with cutting-edge technology.

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