Online Music Education Market Size Expected To Reach $ 421.9 Million By 2027 | CAGR: 18.4%
NEW DELHI, December 16, 2021 / PRNewswire / – According to a study by Astute Analytica, the Global Online Music Education Market is expected to grow at a CAGR of 18.4% during the forecast period 2021-2027. The size of the market was 130.74 million US dollars in 2020 and based on various market determinants, the market is expected to register a turnover of US $ 421.9 million by the end of the year 2027. In 2020, there were approximately 5.10 million users worldwide in the online music education market with the highest number of users of North America.
Request a sample report: https://www.astuteanalytica.com/request-sample/online-music-education-market
Learning or teaching music on online platforms is known as online music education. These online music lessons use platforms like authorized websites, apps, live video conferencing and others. The application of technology in the field of music education has advanced and helped mainly in the field of distance education.
The year-over-year growth of the global online music education market is expected to be around 15% in 2020, up from 13.8% in 2019. The market has seen lucrative opportunities during the COVID pandemic -19 with emerging IT companies and their integrated service offerings with the education sector. Schools are the major organizers of online music education so the segment has a 39.8% market share in recent times followed closely by Academy of Music / Studios with a market value of $ 48.4 million in 2020. The music studio / academy segment is expected to register the highest CAGR of 20.1% during 2021-2027. Therefore, increasing adoption of various online music learning by music studios / academies to better meet student demand will drive this market growth.
Exclusive discount offer on this research report: https://www.astuteanalytica.com/request-sample/online-music-education-market
Among four major instruments, including piano, guitar, banjo, and violin, the piano holds the highest 38% market share of the global online music education market. This growth is mainly due to the growing demand from students. The valued market for the piano is approximately US $ 44.7 million in 2020 followed by Guitar in second. Guitar Instrument Types segment is expected to grow at the fastest CAGR of 19.0% during the forecast period owing to its optimizable performance in various forms of music like remix, pop and many more .
The group sessions segment is estimated to hold the highest market share during the forecast period. Group session type dominated the market with around 79.3% market share in 2020, with a market valued at $ 103.7 million in 2020. As a rule, schools and universities offer group sessions to capture a large number of students at the same time, which will be easy for the tutor to teach. However, the solo session is estimated to project the highest CAGR of 19.9%, mainly due to the fact that students prefer to have sessions personalized for them.
Conductors and restraints: The digitization of the education sector has prompted the adoption of e-learning solutions that allow students to learn at their own pace. The increase in the creation of digital content for the education sector, coupled with the high adoption of smart and connected devices, has contributed to the growth of the online music education market globally. In addition, the growing adoption of smart devices and the increasing penetration of the internet around the world have paved the way for the integration of digital education among students. The digitization of music education brings pre-existing and new privacy concerns. Online audio-video music lessons via the Internet that simply set the authentication and privacy requirements for secure Internet communication increase the privacy concerns. This is expected to pose a major threat to the growth and adoption of the online music education industry during the forecast period. In addition, online education with high student engagement through e-learning systems is more prone to cyber attacks.
Opportunities and trends: Artificial intelligence is poised to become the next great learning tool, making music education and creation easier through AI bots and AR-based technology. For example, intelligent AI robots can compose their own albums, while other intelligent applications allow users to experiment with composing and producing music. Augmented reality (AR) assisted musical instrument learning is also growing rapidly in the online music education market. AR-based education is still in its early stages, but the potential of AR has caught the attention of researchers and education practitioners, thereby increasing the growth of the global market. Emerging trends in Massive Open Online Course (MOOC) assessments and their application to support student learning and achievement are gaining popularity in online music education. Various colleges like Berklee and Juilliard are also moving towards online music education by applying MOOCs. The adoption of innovative marketing and positioning strategies by various companies is the most recent trend in the market.
Market players and recent developments
The cumulative market share of the five main players is close to 44.4%, resulting in weak competition in the market. Berklee College of Music, The Juilliard school, Lessonface, Moosiko, MusicGurus, AAFT School, VIP Peilian, Skoove, Lessonface.com, Point Blank, Tonara, Yousician, Coursera, Musitechnic, Udemy, TrueFire and TakeLessons are some of the major players in the market.
Recent Developments in the Global Online Music Education Market:
In May 2021, MusicGurus, UK-based company, launches Song Studies with KT Tunstall. The course includes an online video sharing tips, tricks and offers a two-hour learning experience, including an overview of the processes that make these songs stand out musically and lyrically and many more.
In April 2021, Yousician grew up around US $ 28 million to a more effective musical education. With the platform or online application, the company will offer an interactive and fun approach to learning guitar, piano, ukulele, bass or vocals with a standard program.
In March 2021, TakeLessons Inc. has launched a new subscription site for beginner, intermediate and skilled musicians. It offers virtual music and craft classes, among other content by registering for classes that they will take from their homes.
Market segmentation overview
The online music education market is segmented on the basis of type, instrument type, session type, organizer type, learner type, and region.
By type of instrument
History of music
By session type
By type of organizer
Music studios / academy
By type of learner
Do you have a specific question or requirement? Don’t hesitate to ask our industry experts at: https://www.astuteanalytica.com/request-sample/online-music-education-market
Find more research reports on Information technology industry by Astute Analytica
Global smart airports market By infrastructure (terminal devices, communication system, control of passengers, cargo and baggage on the ground, air / ground traffic control, security system, others (navigation, landing aids, digital display, management software) airport)); By solution (terminal side, air side, city side); By application (main application, commercial applications); By services (intelligent transportation and parking services, intelligent retail, hospitality and entertainment services, intelligent workspace services, intelligent airport processes, intelligent business-to-business services); By airport model (airport 2.0, airport 3.0, airport 4.0); By airport size (small, medium, large); By Airport Operation (Commercial Service Airport, Freight Services Airport, General Aviation Airports) – Industry Dynamics, Market Size, Opportunity and Forecast to 2027
About Astute Analytica
Astute Analytica is a global analytics and consulting company that has built a solid reputation in a short period of time, thanks to the tangible results we have delivered to our clients. We pride ourselves on generating unmatched, in-depth, and incredibly accurate estimates and projections for our highly demanding clients across different verticals. We have a long list of satisfied and loyal customers from a wide range including technology, healthcare, chemicals, semiconductors, consumer goods 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 very lucrative opportunities while overcoming fierce challenges, as we analyze for them the complex business environment, existing and emerging opportunities by segment, technology trainings, estimates growth and even the strategic choices available. In short, a complete pack. This is all possible because we have a team of highly skilled, 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, if you decide to engage with us.
BSI Business Park, H-15, Sector-63, Noida- 201301- India
Call: + 1-888 429 6757 (Free number in the United States); + 91-0120- 4251598 (Rest of the world)
E-mail: [email protected]
Follow us: LinkedIn | Twitter
SOURCE Clever Analytica