Astute Analytica released a new research report on the global Online Music Education Market. The worldwide Online Music Education Market report 2030 is a thorough investigation that examines the current Online Music Education Market trends. The report consists of market definitions, market segmentation, end-use applications, and industry chain analysis. In addition, it offers a succinct overview of the market. The study on the global market offers an overview of the market encompassing the competitive environment, current market developments, and industry trends.
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 anticipated to grow at a CAGR of 18.4% over the forecast period.
The competition study provides information about the major players in the Chinese market in terms of their financials, company profiles, product portfolios, and capacity. Along with the important development trends and sales channel research, the report also offers upstream raw material analysis and downstream demand analysis. The global research study also covers the investment opportunity areas.
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Covid-19 posed a big challenge to the learning industry. Lockdown across the globe has resulted in slowdown and closure of all the learning & training institutes. In this situation, online platform for music education is of great help to the students as well to the trainers. It allows them to continue their trainings in remote areas, without being exposed to coronavirus spread. Furthermore, growing awareness towards various online training in developing countries is expected to drive the market demand.
Significant number of investments are being made by the market players to provide additional features to the online music education platforms in order to serve their client’s requitements in a better way.
Continuous growth in the number of internet users across the globe is driving the demand for online music education
One of the most important factors fuelling the growth of online music education market, is growth in the number of internet users. This has resulted in increased demand for online trainings. Increasing use of technologies such as digitization, artificial intelligence has further promoted to the growth in the usage of online music education to a great extent.
Covid-19 resulting in lockdown across the globe
Growing number of coronavirus cases across the globe has resulted in complete lockdown in various countries across the globe. Music industry is hugely affected by Covid-19 as it has affected other industries. In this scenario, Online music education gives teachers, the convince of place and time. Music professionals can train their students in any remote location, at any given point of time. These advantages offered by online music education has resulted in increased demand, and is expected to grow during the forecast period.
Lack of awareness regarding availability of online music education is restraining the market growth
Lack of awareness regarding the existence and usage of online music education in the developing countries, is one the most important factors retraining the growth of the market. Also, the trend of online training has just arrived in the developing countries like India. There is a lack of knowledge among parents and students, regarding benefits online platform can fetch for students, in turn is creating a hindrance in the market growth.
The global online music education market is segmented instrument type, type, session type, organizer type, learner type.
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By Instrument Type
The piano segment held the largest share of 34% in 2020. The segment is expected to continue this dominance during the forecast period. The guitar segment is also expected to grow at a highest rate i.e., CAGR of 19.2% during the forecast period.
- Music History
The theory segment held the largest share of around 59% in 2020. The segment is expected to continue this dominance during the forecast period. The music history segment is also expected to grow at a highest rate, during the forecast period.
By Session Type
Based on session type, solo segment is forecasted to grow at a highest rate during the forecast period.
By Organizer Type
- Music studios/academy
Based on organizer type, schools’ segment is estimated to dominate the online market education market, with a share of more than 39% in 2020. Whereas, music studio/ academy segment is projected to grow at the highest rate of 20.1% during the forecast period, and is projected to surpass the school segment in terms of market share, by the year 2023.
By Learner Type
- Professional Musicians
The learner type segment was dominated by hobbyists sub-segment, with the largest share in 2020, and is expected to continue this dominance during the forecast period.
On the regional basis, the global online music education market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia-pacific is dominating the global online music education market, in terms of growth rate, during the forecast period. Growing number of internet users in Asia-pacific countries is one of the most important factors, resulting in this dominance. Furthermore, growing trend of music learning among the youngsters, coupled with the high adoption rate of advanced technology is expected to support market growth in Asia-Pacific region. Whereas, North America region is expected to capture the largest market share of 34% in 2020, and is expected to continue this dominance during the forecast period.
Prominent players functioning 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, among others.
The top 14 market players captured a cumulative share of nearly 48% in the year 2020.
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The global online music education market report offers insights on the below pointers:
- Market Penetration: The research report provides comprehensive data on the market offered by the prominent players
- Market Development: The report offers detailed analysis about emerging markets and examines penetration across mature segments of the markets
- Market Diversification: The research report offers comprehensive information about untapped geographies, recent developments, and investments
- Competitive Landscape Assessment: Mergers & acquisitions, certifications, product launches, collaborations in the market have been provided in this research report. In addition, the report also includes a SWOT analysis of the leading 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?
- Which are the products/segments/applications to invest in over 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 favourable for entering the global online music education market?
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