The report from market research firm TechNavio found that demand for electronic musical instruments has surged due to people’s keen interest in music as a leisure activity.
The rise in discretionary income and free time available has fueled demand for music-related hobbies. The endless stream of new and innovative products with tempting features has consumers wanting to constantly expand their creative capabilities by purchasing the latest music tech products.
Manufacturers have made their products easy for people of all skill levels to learn, understand, and use. Many companies are also using artificial intelligence tools to improve the user experience.
The report predicts that ongoing technological advancement and product innovation will sustain other emerging trends with a positive impact on the industry. TechNavio cites Gibson’s recently launched Dave Mustaine Flying V guitar and Roland’s 50th anniversary concept piano showcased at this year’s CES in Las Vegas that features flying drones as speakers as examples of continued innovation in the space.
The surge in music hardware comes with a hurdle – music production software must scale accordingly. Artists are swapping their physical instruments for all-in-one digital audio workstations like Ableton, FL Studio and Logic Pro.
Computer giants are pouring marketing dollars into competing with tablets and smartphones as handhelds take centerstage in music creation. Laptops and PCs risk obsolescence, forcing companies to revolutionize for creatives on the go.
In a different report, TechNavio predicted the music publishing market will grow by $2.41 billion by 2026. The catalyst for this explosive growth, the report claims, is ravenous demand for EDM among young generations.
