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Background Music Market Registers an Incremental growth of $ 82.22 Million during 2020-2024 | Technavio


Technavio has been monitoring the background music market, operating under the consumer discretionary industry. The latest report on the background music market, 2020-2024 estimates it to register an incremental growth of by USD 82.22 mn, at a CAGR of almost 5% during the forecast period. The report offers an up-to-date analysis regarding the current market scenario, the latest trends and drivers, and the overall market environment.

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The market is fragmented, and the degree of fragmentation will accelerate during the forecast period. Competitors have to focus on differentiating their product offerings with unique value propositions to strengthen their foothold in the market. Market vendors also have to leverage on the existing growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments. 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 among some of the major market participants.

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The growing use of background music in public spaces coupled with the growth of the retail sector has been instrumental in driving the growth of the market. In addition, background music is proven to influence engagement with the environment. This will fuel the growth of background music from the retail industry.

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Background Music Market 2020-2024: Segmentation

Background Music Market is segmented as below:

Based on geographic segmentation, over 38% of the market's growth originated from Europe during the forecast period. In addition, the hospitality segment led the growth under the end-user segment. This report provides an accurate prediction of the contribution of all the segments to the growth of the background music market size.

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:

This study identifies 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

Table of Contents:

Executive Summary

Market Landscape

Market Sizing

Five Forces Analysis

Market Segmentation by End-user

Customer Landscape

Geographic Landscape

Drivers, Challenges, and Trends

Vendor Landscape

Vendor Analysis

Appendix

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focus 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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News published on 26 october 2020 at 19:05 and distributed by: