Global online music education market to reach $421.9 million…

(MENAFN-EIN Presswire)

CHICAGO, USA, October 4, 2022 // — Astute Analytica reports that the size was US$130.7 million in 2020 and is expected to reach US$421.9 million by 2027 recording a growth rate compound annual compound (CAGR) of 18.4% over the forecast period from 2022 to 2027.

Online music education is the process of teaching and learning music through online platforms, including authorized websites, apps, live video conferencing, etc. , and their enhanced service offerings.

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Segmental overview
Online music education market, by type of organizer
Schools are the main contributors to online music education, and therefore the main organizer of ownership. Schools held a 39.8% share in 2021, followed by music academies/studios, which recorded a value of US$48.4 million in 2021 and are expected to grow at the highest CAGR of 20.1%.
Online music education, by instrument

The instrument segment is sub-segmented into piano, guitar, banjo, and violin, with piano leading with the highest market share of 38%. As of February 2022, there were nearly 37 million pianists worldwide and approximately 21 million people in the United States playing the piano. The piano segment held a value of US$44.7 million in 2021, while the guitar held second place. In the coming years, the guitar segment is expected to grow at the highest growth rate of 19%, driven by the optimizable performance of guitars suitable for different types of music including remix, pop, etc.

Online music education, by type of session
On the basis of session type, the global online music education market has witnessed excellent growth owing to the huge contribution of the group session segment, which held a share of 79.3% in 2021. music education institutes prefer to give group sessions in order to form a band. students at a time. In the coming years, the solo session is expected to project the highest CAGR of 19.9% ​​due to the growing demand for personalized sessions.

Online music education, by type
Based on Type, the theoretical type segment was leading with the highest market share of 57.1% in 2021, owing to high demand from educational institutions such as schools, universities, etc. . Meanwhile, the music history segment will register a CAGR of 19.2% due to the growing demand to know more about the history of each type or genre of music.

Factors influencing the market

Drivers:
Digitization is gaining prominence in the education sector due to the growing adoption of e-learning solutions. As a result, the global online music education market is expected to grow significantly. Moreover, the adoption of smart and connected devices for education has registered a significant increase after the COVID-19 pandemic. Various organizations have started offering free courses with the aim of helping music enthusiasts acquire adequate knowledge at home. For example, Skoove, one of the prominent leaders in the online music education industry, has created some of its premium content for people. The beginner piano lesson, with nearly 25 songs, has been made free for children. Additionally, the company has started offering Skoove Premium to teachers and educational institutions for free.

With the advent of the internet, learning music is now at your fingertips. People don’t need to travel to distant places to learn music and find the best music teachers online. Various platforms, such as Masterclass, Coursera, Lynda, etc., offer online music education from top professionals. These advantages determine the scope of the overall market.

Constraints:
Data security is one of the major constraints likely to hinder the growth of the online music education market. In addition, sharing data over the Internet increases the risk of cyberattacks.

Opportunities and trends:
Artificial intelligence is gaining vital importance and transforming the global view of the education sector. Music development has become easier through the use of technologies such as AI robots. Intelligent AI robots allow musicians to develop their own albums. Also, various prominent music institutions like Berklee and Juilliard are gradually moving towards online music education implementing MOOCs. For example, in March 2022, Berklee lifted the lid on its independent recording and production major. The college has made a constant effort to help students produce professional quality music anywhere with their personal music production toolkit.

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Market players and recent developments
Some of the major players in the global online music education market include Yousician, Berklee College of Music, Moosiko, Skoove, MusicGurus, Tonara, Lessonface, VIP Peilian, The Juilliard School, Point Blank, AAFT School, Lessonface.com, Musitechnic , Udemy, TrueFire, TakeLessons, Coursera and others. Industry players are increasing their online offerings by recognizing the reach of online music education. For example, MusicGurus, an online learning platform, completed song studies with KT Tunstall in May 2020. The course incorporates tips and tricks and also offers two-hour learning. Additionally, TakeLessons Inc. lifted the veil on its new subscription site in March 2021, designed for beginner, intermediate, and skilled musicians.

Market segmentation
By device type
Piano
Guitar
Banjo
Violin
Other

By type
music history
Musicology
The theory
Others

By session type
Solo
Band

By type of organizer
Schools
Music studios/academy
Professionals

By type of learner
Beginners
Amateurs
Professional musicians

By region
North America
United States
Canada
Mexico

Europe
Great Britain
Germany
France
Spain
Russia

Asia Pacific
China
India
Japan
Australia and New Zealand
ASEAN
Rest of Asia-Pacific

Middle East and Africa (MEA)
United Arab Emirates
Saudi Arabia
South Africa
Rest of MEA

South America
Brazil
Argentina
Rest of South America

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About Astute Analytica
Astute Analytica is a global analytics and consulting company that has built a solid reputation in a short time, thanks to the tangible results we have delivered to our clients. We pride ourselves on generating unrivaled, thorough and incredibly accurate estimates and projections for our highly demanding clients spread across different verticals. We have a long list of satisfied and repeat customers from a wide range including Technology, Healthcare, Chemicals, Semiconductors, FMCG and many more. These satisfied customers come to us from all over the world. They are able to make well-calibrated decisions and take advantage of highly lucrative opportunities while overcoming fierce challenges, all because we analyze for them the complex business environment, existing and emerging opportunities by segment, technology formations , growth estimates and even the strategic choices available. . In short, a complete package. All of this is possible because we have a team of highly qualified, knowledgeable and experienced professionals including business analysts, economists, consultants and technology experts. In our list of priorities, you, our patron, come first. You can be sure of the best cost-effective and value-added package from us, should you decide to engage with us.

Aamir Beg
Clever analysis
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