A new report from Astute Analytica examines the Online Music Education Market for the period 2021-2027, providing a comprehensive review of the industry. In 2020, the global Online Music Education Market is valued at US$ 130.7 Mn. The market is forecast to grow at a CAGR of 18.4% during the forecast period from 2021-2027. Based on various market determinants the market is estimated to record a revenue of US$ 421.9 Mn by the end of the year 2027. Year-on-Year growth of the global online music education market is expected to be around 15% in the year 2020- a growth from 13.8% in 2019.
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Among four major instruments including Piano, Guitar, Banjo and Violin, Piano holds the highest market share of 38% of the global online music education market. The market valued for piano is around US$ 44.7 million in 2020 followed by Guitar at second. In 2020, there were approximately 5.10 Mn users globally in the online music education market with highest number of users from North America.
An in-depth review of the Online Music Education Market is provided, considering all the major trends and the market dynamics. Additionally, the Online Music Education Market report offers key market statistics, including market size, key trends, and growth prospects for key market players.
Drivers and restraints:
The digitalization of the education industry has prompted the adoption of e-learning solutions that allows students to learn at their own pace. The increased digital content creation for the education sector, coupled with the high adoption of smart and connected devices has aided the growth of the online music education market worldwide. Digitalization of music education brings pre-existing and new privacy concerns. Audio-video-based online music classes through the Internet that merely defined authentication and confidentiality requirements for secure Internet communication increase privacy issues.
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Recent developments in the Global Online Music Education market:
- In May 2021, MusicGurus, UK-based company launch Song Studies with KT Tunstall. The course includes online video sharing the tips, tricks and offers two-hour learning including insights into the processes that make these songs standout musically and lyrically and many more.
- In April 2021, Yousician raised around US$ 28 million to more effective music education. With the online platform or app, company will provide an interactive, gamified approach to learning guitar, piano, ukulele, bass or singing along with a standard syllabus.
Opportunities and trends:
Artificial Intelligence is in line to become the next big learning tool, making music education and creation easier with AI bots and AR-based technology. For instance, smart AI bots can compose their own albums, while other intelligent applications allow users to experiment with the composition and production of music. Various colleges like Berklee and Juilliard are also moving towards online music education enforcing MOOCs. Adoption of innovative marketing and positioning strategies by various companies is the most recent trend in the market.
Market analysis requires careful attention to the following:
- Market Analysis: To make this section robust, we help you identify industry size, growth rates, drivers, challenges, major players, and market forecasts and emerging trends.
- Competitive Analysis: Understanding your competition is critical to your success. This section includes an analysis of your key competitors, their products / services, their differentiators, and market shares.
- Target Market and Customers: Identifying and prioritizing specific target markets are another key part of your industry analysis where research is crucial. You need to think about demographics and buying behaviors of your customers? How can you best reach them? What kinds of challenges do they have? How do they like to be marketed?
Competitiveness Industry concentration – This is a measure of the number of firms in an industry and the size of the predominant firms in the industry. It indicates the nature of the competition. Identify the most important players in the industry. What percent of the market is controlled by the largest companies (for example, the four largest firms)? What is the market share of each major firm? What is the number of firms over a certain size? Is there a dominant industry leader? Who is it?
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The goal of a study report is to provide the reader with useful information and facilitate business decisions. The company provides a range of business insight and consulting services to help clients make business decisions and attain sustainable growth in the marketplace.
In this report, market key trends are discussed such as technological advancement and increased competition. Additionally, identify any new technology or arising needs. Also included are five basic forces that could influence the competitive environment: whether new entrants threaten the industry, whether suppliers have bargaining power, whether buyers have bargaining power, and if substitute products or services are available.
Several companies, regions, and industries from around the world are compared along with their locations and applications. Additionally, the study will facilitate new market participants’ ability to evaluate the potential of the market. Additionally, the review examines products, trends, and opportunities that are expected to impact this market over the forecast period. The upcoming Online Music Education Market is predicted to show significant growth potential, according to a market trend analysis.
Covid-19 Impact on the global Online Music Education Market
The Covid-19 virus was discovered in December and has caused health problems in nearly every country. The World Health Organization has declared it a public health emergency. A significant global impact is already being felt by Coronavirus disease (Covid-19) on the Online Music Education Market, and this impact will continue into 2021. The Covid-19 outbreak has caused a state of emergency declarations in more than 40 countries. As a result, flights have been canceled, travel bans are in effect, restaurants have closed, events are restricted, business confidence is decreasing, and uncertainty about the future.
Regional Analysis: The Global Online Music Education Market
The report consists of regions in the Asia Pacific, Europe, North America, Middle East & Africa, and South America. This report analyzes major economies at the country level for the United States, Germany, UK, Japan, China, India, United Arab Emirates, South Korea, South Africa, and Brazil. Various segments of the market in this report are dynamic and differentiate from other segments in a variety of ways, which is demonstrated by the regional and country-level analyses contained herein.
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Key Players: The Global Online Music Education Market
This report provides an overview of some of the leading market players. This study explores the importance of collaboration on the market at competitive levels.
The prominent players in the Global Online Music Education Market are 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.
Aim of the Report: The Global Online Music Education Market
The global Online Music Education Market is segmented on the basis of instrument type, session type, organizer type, and learner type:
By Instrument Type
- Music History
By Session Type
By Organiser Type
- Music studios/academy
By Learner Type
- Professional Musicians
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What are the key findings of the report?
- This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
- The report offers the current state of the market and future prospects for various geographical regions.
- This report provides both qualitative and quantitative information about the competitive landscape of the market.
- Combined with Porter’s Five Forces analysis, it serves as SWOT analysis and competitive landscape analysis.
- It provides an in-depth analysis of the market, highlighting its growth rates and opportunities for growth.
- Thanks for reading this article; you can also get individual chapter-wise sections or region-wise report versions like North America, Europe, or Asia.
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