The digital audio workstation market size is expected to grow from USD 2.0 billion in 2018 to USD 3.1 billion by 2023, at a Compound Annual Growth Rate (CAGR) of 9.2% during the forecast period. Key factors driving the digital audio workstation market include the increased focus on digitization of instruments and increased adoption of cloud in the music industry to enhance the music production process.
The major vendors offering digital audio workstation 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). The study includes an in-depth competitive analysis of the key players in the digital audio workstation market, along with their company profiles, recent developments, and key market strategies. Market players have embraced different strategies to expand their global presence and increase their market shares. New product launches and upgrades and partnerships, agreements, and collaborations have been the most dominating strategies adopted by the major players, which helped them innovate their offerings and expand their audience.
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Apple is one of the major players in the DAW market. The company offers two solutions for this market: GarageBand and Logic Pro X. It caters to a huge client base in the media & entertainment industry with these offerings. Apple is focusing on enhancing these solutions and has recently released major updates for both solutions. It continuously takes efforts to bring cutting-edge technology to these offerings to help its professional clients produce the best quality music. GarageBand was recently upgraded with the latest sound library feature, which enables professionals to preview and download new Apple-designed sounds and instruments inside the app. Logic Pro X was upgraded with smart tempo and powerful effect plugins, which will enable users to manage tempo through all content with advanced tempo detection technology. Apple’s constant technology upgrades and user-friendly features make GarageBand and Logic Pro X stand out in the market.
Avid is one of the largest solution providers to the media & entertainment industry. The company offers a robust portfolio of video and audio products and solutions. Apart from products and solutions, it also caters its client base with professional services, including consulting, project management, and project engineering. The company provides its award-winning technology to various end users, such as filmmakers, sound engineers and mixers, and professional musicians. It provides software as well hardware for music production. Avid serves its clientele in the DAW market with its digital audio workstation. The company focuses on expanding its presence in the market through agreements and partnerships. It also emphasizes on continuously improving its digital audio workstation with cutting-edge technology. The company focuses on increasing its client base by offering them the best technologies and helping them enhance their workflows to produce better quality music.
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
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