Online Music Education Market Size, Industry Revenue, Growth
The global online music education market held a market size of US$130.74 million in 2020 and is expected to reach US$421.92 million by 2027. The online music education market is expected to grow at a CAGR of 18.4% over the forecast period.
Online music education is a recent technology in the music education industry. It uses online platforms, computers, and the Internet to teach, guide, and train students. Online music education increases interactivity through the use of videos, audios and graphics. Additionally, children find online learning less intimidating and beneficial since they can ask questions without fear of being judged and can re-read and review lessons anytime via recorded videos and audios. Online music education also allows learners to be trained by highly trained industry professionals from any remote location. On the other hand, teachers can also keep track of their students’ data, timetables and other related videos and clips for training purposes, using this platform. The increased use of mobile devices and the growth of digitalization across the globe has led to a surge in demand for online music education over the past few years. The trend of online education and training is here to stay for years to come.
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Covid-19 has posed a great challenge to the learning industry. Lockdown across the globe has resulted in the slowdown and closure of all learning and training institutes. In this situation, the online platform for music education is a great help for the students as well as the trainers. It allows them to continue their training in remote areas, without being exposed to the spread of the coronavirus. Additionally, growing awareness of various online educations in developing countries is expected to drive the market demand.
A significant number of investments are made by market players to provide additional features to online music education platforms to better meet the demands of their customers.
The continued growth in the number of Internet users across the world is driving the demand for online music education
One of the most significant factors fueling the growth of the online music education market is the growth in the number of internet users. This has led to an increase in the demand for online training. The increasing use of technologies such as digitalization, artificial intelligence has further promoted the growth of the use of online music education to a large extent.
Covid-19 resulting in worldwide lockdown
An increasing number of coronavirus cases across the world has led to a complete lockdown in various countries around the world. The music industry is extremely affected by Covid-19 as it has affected other industries. In this scenario, online music education gives teachers the belief of place and time. Music professionals can train their students in any remote location, anytime. These benefits offered by online music education have led to an increase in demand and are expected to increase over the forecast period.
Lack of awareness about the availability of online music education is hindering the growth of the market
Lack of awareness regarding the existence and usage of online music education in developing countries is one of the most significant factors restraining the growth of the market. Moreover, the trend of online training has just arrived in developing countries like India. There is a lack of knowledge among parents and students regarding the benefits that the online platform can bring to students, which in turn creates an obstacle for the growth of the market.
Overview of segments
The global online music education market is segmented by instrument type, type, session type, organizer type, learner type.
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By device type
The piano segment held the largest share of 34% in 2020. The segment is expected to maintain this dominance during the forecast period. The guitar segment is also expected to grow at the highest rate at a CAGR of 19.2% during the forecast period.
The theoretical segment held the largest share of around 59% in 2020. The segment is expected to maintain this dominance during the forecast period. The music history segment is also expected to grow at the highest rate during the forecast period.
By session type
Based on the type of session, the solo segment is expected to grow at the highest rate during the forecast period.
By type of organizer
Based on the type of organizer, the schools segment is estimated to dominate the education market in the online market, with a share of over 39% in 2020. While the music studios/academies segment is expected to grow at the highest rate of 20.1% over the forecast. period, and is expected to overtake the school segment in terms of market share, by 2023.
By type of learner
The learner type segment was dominated by the amateur sub-segment, with the largest share in 2020, and is expected to maintain this dominance over the forecast period.
On a regional basis, the global online music education market is segmented into North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
Asia-Pacific dominates the global online music education market, in terms of growth rate, over the forecast period. The growing number of internet users in Asia-Pacific countries is one of the most important factors behind this dominance. Furthermore, the growing trend of learning music among young people coupled with the high adoption rate of advanced technologies is expected to support the growth of the market in the Asia-Pacific region. While the North America region is expected to capture the largest market share of 34% in 2020, and is expected to maintain this dominance over the forecast period.
Major players operating in the market include: Berklee College of Music, The Juilliard School, Lessonface.com, Moosiko, MusicGurus, AAFT School, VIP Peilian, Skoove, TakeLessons, Berklee College of Music, Point Blank, Tonara, Yousician, TakeLessons, amongst others.
The top 14 market players captured a cumulative share of nearly 48% in 2020.
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The Global Online Music Education Market report offers insights into the pointers below:
Market Penetration: The research report provides comprehensive market data offered by major players
Market Development: The report offers a detailed analysis of emerging markets and examines penetration in mature segments of the markets.
Market Diversification: The research report offers comprehensive insights into untapped geographies, recent developments, and investments
Competitive Landscape Assessment: Mergers & Acquisitions, Certifications, Product Launches, Market Collaborations have been provided in this research report. Additionally, the report also includes a SWOT analysis of key market players.
The global online music education market report answers questions such as:
What is the market size and forecast of the global online music education market?
What are the inhibiting factors and impact of COVID-19 on the Global Online Music Education Market during the assessment period?
What are the products/segments/applications to invest in during the assessment period in the Global Online Music Education Market?
What are the technology trends in the global online music education market?
What strategies are considered favorable for entering the global online music education market?
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