The demand for original music to fuel the games and entertainment sectors is one major factor driving a compound annual growth rate (CAGR) of 28.6% in the generative AI music market, a segment some analysts expect will reach $2.6 billion USD worldwide by 2032.
AI music composers are set for remarkable growth, and today, North American companies hold the largest market share at 35%. That market is currently valued at $229 million USD, according to analysts from Market.us, and is poised to grow exponentially over the next decade.
AI music composer software like Soundraw.io, AIVA, and Jukedeck are attractive to professional composers and non-musicians alike, and accounted for 55% of the market in 2022.
AI music composers can quickly generate musical compositions and iterate through different variations with ease, saving time and effort for composers who might otherwise have to spend hours or even days creating new pieces of music. They can work collaboratively with human composers, allowing them to generate new ideas and explore possibilities that can lead to more interesting, innovative compositions.
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They can generate unique and complex musical structures and combinations of instruments that might not have been previously considered, inspiring human composers to new heights of their own. AI composers can generate consistent quality music pieces, as they don’t experience fatigue, emotions or biases that may affect human composers. This can be especially useful for creating soundtracks and background music for media and entertainment industry.
AI music composers can also make music creation more accessible to people who might not have formal musical training or expertise. They can provide a starting point for novice composers or people who want to experiment with creating their own music.
Key Trends Driving AI Music Composer Market Growth
Using generative AI in music composition is now accepted in the entertainment and gaming industries, where the need for original music composition is great.
The report also notes that mastering music was the leading application segment, accounting for 30% of 2022 revenue.
Companies entering the market will want to explore their options in Asia-Pacific markets, where the anticipated CAGR is high and experts expect to see substantial growth.
As AI-generated music emerges as an entirely new genre, there will be copyright questions and concerns to consider. Consumers are also coming to expect AI personalization options in their music recommendations.
Regarding the underlying technology, generative AI music composers are separated into three segments: Generative Adversarial Networks (GANs), AR-CNNS, and transformer-based models. In the GAN model, a generator and a critic compete to improve the output. GAN was the dominant segment in 2022, accounting for 41% of the market.
Learn more in the full 248-page report from Market.us.
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