According to a new market research report published by Credence Research “Digital Audio Workstation Market (by Component Type – Software and Services; by Type – Editing, Mixing and Recording; by Deployment Model – On-premises and Cloud; by Operating System Type – MAC, Windows, Android and Linux; by End-user – Songwriters & Production Teams, Educational Institutes, Professional Engineers and Mixers, Artists, Electronic Musicians, Music Studios and Others) – Growth, Future Prospects, and Competitive Analysis, 2019 - 2027”, the global digital audio workstation market set to hit the market value of US$ 4.52 Bn in 2027 and expected to witness significant CAGR of 8.5% throughout the forecast period from 2019 to 2027.
Technological advancements in the music industry have unleashed phenomenon in application of Digital Audio Workstation (DAW) among artists for the tasks of composing, recording, mixing and mastering in music. Computer based DAW is an electronic system which comprises basic components such as audio interface, computer, digital audio editor software, input device, designed for recording, editing and playing back digital audio.
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Similarly, the region headquarters number of major market players such as, Apple Inc., Acoustica, Inc., Adobe Inc., MOTU, Inc., Avid Technology, Cakewalk, Inc. and PreSonus Audio Electronics, Inc. among others. Further, Asia Pacific digital audio workstation market initiated to grow with significant pace chiefly due to rapidly growing musical industry.
Major players in the digital audio workstation market include Apple Inc., Acoustica, Inc., Adobe Inc., MOTU, Inc., Avid Technology, Cakewalk, Inc., PreSonus Audio Electronics, Inc., Ableton Live, Native Instruments GmbH, Steinberg Media Technologies GmbH, and MAGIX among others. Software and service providers constantly aiming for technological advancement to improve the value proposition of offerings. For instance, in June 2019, Apple Inc., introduced the advanced version of DAW software to meet the capabilities of Mac Pro. Similarly, in May 2019, Avid Technology announced the launch of Pro Tools for users working on large number of track environment. Advanced software delivers 50% more audio tracks compared to previous one.