Background Music Market to Grow by $ 82.22 mn During 2020-2024 | Industry Analysis, Market Trends, Market Growth, Opportunities, and Forecast | Technavio

Technavio has been monitoring the background music market and it is poised to grow by USD 82.22 mn during 2020-2024, progressing at a CAGR of almost 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment.

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Impact of COVID-19

The COVID-19 pandemic continues to transform the growth of various industries, however, the immediate impact of the outbreak is varied. While a few industries will register a drop in demand, numerous others will continue to remain unscathed and show promising growth opportunities. COVID-19 will have a low impact on the background music market. The market growth in 2020 is likely to increase compared to market growth in 2019.

Frequently Asked Questions:

• What are the major trends in the market?
  
  Increased regulatory pressure to prevent music piracy and copyright infringement is a major trend driving the growth of the market.
• At what rate is the market projected to grow?
  
  The market will accelerate at a CAGR of almost 5% and the incremental growth of the market is anticipated to be $ 82.22 mn.
• Who are the top players in the market?
  
  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 some of the major market participants.
• What is the key market driver?
  
  The demand for BGM in the retail sector is one of the major factors driving the market.
• How big is the Europe market?
  
  The Europe region will contribute to 38% of the market share.

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View market snapshot before purchasing

The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. 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 some of the major market participants. The demand for BGM in the retail sector will offer immense growth opportunities. In a bid to help players strengthen their market foothold, this background music market forecast report provides a detailed analysis of the leading market vendors. The report also empowers industry honchos with information on the competitive landscape and insights into the different product offerings offered by various companies.

Technavio's custom research reports offer detailed insights on the impact of COVID-19 at an industry level, a regional level, and subsequent supply chain operations. This customized report will also help clients keep up with new product launches in direct & indirect COVID-19 related markets, upcoming vaccines and pipeline analysis, and significant developments in vendor operations and government regulations.

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

To learn more about the global trends impacting the future of market research, download a free sample: https://www.technavio.com/talk-to-us?report=IRTNTR40481

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 the 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 

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Technavio is a leading global technology research and advisory company. Their research and analysis focuses 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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