MarketsandMarkets’ report, titled "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 (DAW) market is expected to grow from $2 billion in 2018 to $3.1 billion by 2023, at a CAGR of 9.2% during the forecast period. Factors driving the DAW market include the growing focus on digitization of musical instruments and increasing adoption of cloud-based digital audio workstations in the music industry to enhance the music production process.
The services segment of the Digital Audio Workstation Market is anticipated to grow at a higher CAGR as compared to software segment during the forecast period. Implementation and consulting services subsegment is estimated to grow at a higher as compared to the managed services subsegment during the forecast period.
The professionals/audio engineers and mixers segment are expected to account for the largest market size during the forecast period. The DAW market has been segmented based on type into editing, mixing, and recording. Audio engineers set up and test sound equipment before events, broadcasts, and recordings.
APAC Digital Audio Workstation Market is expected to grow at the highest CAGR during the forecast period. The Digital Audio Workstation Market in Asia Pacific has gained momentum and is expected to grow at the highest rate in this region during the forecast period.
Major vendors offering digital audio workstations 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).
For more details, browse the "Digital Audio Workstation Market" report.