The global live audio streaming market is estimated to account to US$ 470.2 Mn in 2018 and is expected to grow at a CAGR of 10.8% during the forecast period 2019 – 2027, to account to US$ 1,166.4 Mn by 2027. The global live audio streaming market is experiencing steady growth in the forecast period. The developed, as well as developing countries, are witnessing immense growth in the demand for smartphones and other consumer electronics majorly due to increasing technological advancements and availability of a large number of companies providing an array of digital services. Currently, users are widely adopting consumer devices on the back of rising disposable income levels, for accessing digital content in the form of audio, video, and so on. Devices such as smartphones, tablets, and PCs have become an integral part of consumers’ lives.
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The rising disposable income levels and increasing demand for digital content are among the factors driving the adoption of live audio streaming services among consumers worldwide. The enhanced digital content consumption among consumers worldwide is also attributed to the availability of affordable data plans and low-cost smartphones, among other factors. A continuous decline in the prices of 4G-enabled android smartphones has been a significant factor fueling the consumption of live audio and video streaming among the countries with low per capita incomes, such as India, Pakistan, Indonesia, and Bangladesh. In addition to this, with the rollout of 3G and 4G services in the various markets, the availability and demand of digital content have increased multifold in the past decade, and this trend is expected to boost the live audio streaming market during 2019-2027. This factor is projected to gain traction in the coming times having a significant impact approaching the live audio streaming market.
Some of the key players operating in the global live audio streaming market include Adobe Inc., Bloomberg L.P, DaCast, Lime Broadcast Group, Lineapp GmBH, Live365, MIXLR Ltd., Muvi LLC, SoundCloud, Spotify Technology S.A, and Stream Monster Inc.
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The live audio streaming market has been segmented based on component, platform, application, and geography. Based on component, the live audio streaming market has been segmented into hardware, and software and services. Live audio streaming software and services are expected to garner the largest share of the overall market throughout the forecast period. Based on the platform, the live audio streaming market has been segmented into the web and mobile. In 2018, the mobile segment contributed a substantial share in the global live audio streaming market. The digital revolution across the globe has changed consumer behavior drastically, which is further fuelling the demand for digital content. The live audio streaming market is further segmented on the basis application into enterprises, radio, music concerts and events, personal, and others.
The overall live audio streaming market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the live audio streaming market. Also, multiple primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the live audio streaming market.
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The research provides answers to the following key questions:
What is the estimated growth rate of the market for the forecast period 2020-2027? What will be the market size during the estimated period?
What are the key driving forces responsible for shaping the fate of the live audio streaming market during the forecast period?
Who are the major market vendors and what are the winning strategies that have helped them occupy a strong foothold in the live audio streaming market?
What are the prominent market trends influencing the development of the live audio streaming market across different regions?
What are the major threats and challenges likely to act as a barrier in the growth of the live audio streaming market?
What are the major opportunities the market leaders can rely on to gain success and profitability?
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